The government has formed a committee to review the possibility of deferring the country’s LDC (Least Developed Country) graduation by two years.
The committee will be led by the chief adviser’s principal secretary, Md. Siraj Uddin Miah, while the secretary of the Economic Relations Division, Md. Shahriar Kader Siddiky, will serve as the committee’s member secretary.
Dr. Anisuzzman Chowdhury, the newly appointed special assistant to the chief adviser, confirmed this at a press conference held at the Ministry of Finance’s conference center.
“We will require a comprehensive roadmap that is credible, authentic, and implementable for LDC graduation,” Dr. Anisuzzman Chowdhury said.
He also raised concerns about Bangladesh’s impending graduation from Least Developed Country (LDC) status, arguing that the process is based on an overly optimistic portrayal of economic progress.
Bangladesh is set to transition from LDC to a developing nation in November 2026. However, concerns have been raised by the business community about losing preferential trade benefits, which could impact trade and industries.
At the last Ministerial Conference of the World Trade Organization (WTO), ministers agreed to extend LDC trade benefits for graduating countries by three years.
However, these countries must negotiate individually to secure such advantages. The European Union has already committed to continuing trade benefits for Bangladesh until 2029 through a grace period.
Similarly, Canada, the UK, and Australia are among the nations that have pledged to maintain LDC trade preferences beyond graduation.
Addressing media queries, Anisuzzaman emphasised his focus on both the reevaluation of LDC graduation and the recovery of laundered money. He noted that if Bangladesh decides to request a two-year delay in graduation, the country must submit a well-structured and credible roadmap along with its application.
“We are conducting an in-depth review, and no final decision has been made yet. We have the right to request reconsideration, but we must present a detailed and feasible roadmap,” he explained.
Additionally, he urged citizens to fulfill their tax obligations to support national development and improve public services. “Ensuring resource mobilization and strengthening our capital market are crucial for economic stability,” he added.
Regarding the recovery of laundered money, Anisuzzaman asserted that while the process is complex and involves legal intricacies, the government is actively working on it with assistance from international organizations, including the World Bank.
“Retrieving laundered money is a lengthy but essential process. We are optimistic about our efforts and committed to recovering these funds,” he stated.
Addressing the country’s economic situation, Anisuzzaman noted that while Bangladesh’s GDP growth remains stable, several key sectors are under stress. “The fragility in certain sectors can no longer be ignored,” he cautioned.
Anisuzzaman underscored his commitment to addressing key economic challenges, including strengthening the banking sector and enhancing revenue collection. He expressed concern over the country’s increasing dependence on foreign debt and the stagnation of domestic resource mobilization.
“The tax-to-GDP ratio has fallen from about 12% to below 7%. Mobilizing resources is not easy, but it is essential. I intend to work on developing the capital market as well,” he added.
With international cooperation and strategic policy measures, the government remains hopeful in tackling these pressing economic issues.
Trade bodies, including the Dhaka Chamber of Commerce and Industry (DCCI), have urged the government to postpone the LDC graduation for at least two to three years.
Mr. Chowdhury, however, stated that while it is possible to bring back the laundered money to the country, it is impossible to confirm a specific timeframe for this. He also compared the state of Bangladesh’s economy to the Gaza disaster after the Israeli invasion.
