Bangladesh will need to make substantial progress on domestic reforms aimed at addressing its deep-rooted structural weaknesses if it is to get a three-year extension to the timeline of its graduation from the least-developed country category, said the UN Committee for Development Policy.“The Committee is of the view that an extension of the preparatory period by the General Assembly would be appropriate, provided that, during this period, Bangladesh advances significantly on domestic reforms aimed at addressing its persistent structural vulnerabilities,” it said in its assessment report.The report was handed over to the government earlier this month and the finance ministry held a meeting on it. Finance Minister Amir Khosru Mahmud Chowdhury asked all ministries to submit plans for preparatory reforms in the case Bangladesh’s graduation is delayed until November 24, 2029.
Priority areas for capacity-building would include domestic resource mobilisation for macroeconomic stabilisation and creating necessary fiscal space, as well as building trade negotiation capacity for ensuring effective market access, the report said.
