UN upgrades Nepal, Bangladesh to group of developing nations

Wednesday 01st December 2021 06:10 EST

Dhaka: The UN General Assembly has adopted a historic resolution to graduate three nations, including Bangladesh and Nepal, from the least developed country (LDC) category to the developing country grouping, a major milestone demonstrating the countries’ significant development progress. The UNGA adopted the resolution at its 76th session. The three countries that got clearance for graduation are Bangladesh, Nepal and the Lao People’s Democratic Republic. “The three countries will graduate from the LDC category after an exceptionally extended preparatory period of five years (the standard period is of three years) to enable them to prepare for graduation while planning for a post-Covid-19 recovery and implementing policies and strategies to reverse the economic and social damage incurred by the Covid-19 shock,” the UN said.

“UNGA adopts historic resolution to graduate Bangladesh from the LDC category. What better way to celebrate the 50th anniversary of our independence... Fulfillment of national aspiration and PM’s vision for 2021,” Bangladesh’s permanent representative to the UN Rabab Fatima tweeted.

“This is a historic milestone to the development journey of Bangladesh. This is the reflection of the progress for more than a decade. People of all walks of life are part of this success,” finance minister AHM Mustafa Kamal was quoted as saying.

Currently, there are a total of 46 countries on the LDC list, according to the UN Committee for Development Policy (CDP). According to the UN, per capita income of $1,230 is one of the requirements for transitioning into a developing nation.

comments powered by Disqus

to the free, weekly Asian Voice email newsletter