Dhaka: Newly appointed Chief Adviser’s Special Assistant for overseeing the Ministry of Finance, Dr. Anisuzzaman Chowdhury, announced today that the government is deeply reevaluating Bangladesh’s graduation from the Least Developed Country (LDC) status in light of prevailing global and local economic challenges.
According to Bangladesh Sangbad Sangstha, Dr. Anisuzzaman stated that a committee, led by the principal secretary, has been formed to assess the issue of LDC graduation. The committee has already commenced its work, and a decision is expected soon. Bangladesh is scheduled to transition from LDC to a developing nation in November 2026. However, there are concerns among businessmen about losing preferential trade benefits, which could negatively impact businesses.
During the last Ministerial Conference of the World Trade Organization (WTO), ministers agreed to allow graduating LDCs to continue receiving trade benefits for three additional years. Still, these countries will need to negotiate bilaterally to secure these benefits. The European Union will extend the LDC trade benefits for Bangladesh until 2029, offering a three-year grace period. Additionally, countries like Canada, the UK, and Australia will continue to provide these benefits even after Bangladesh’s graduation.
In response to inquiries, Dr. Anisuzzaman emphasized his focus on recovering laundered money and reevaluating the LDC graduation process. He mentioned that if the government decides to apply for a two-year delay in graduation, Bangladesh will need to submit a detailed, credible, and implementable roadmap during the application process.
Dr. Anisuzzaman highlighted that the reevaluation process is comprehensive, with no decisions made yet. He noted that Bangladesh has the right to request reconsideration, but a roadmap must accompany such a request. He also urged citizens to pay taxes as per regulations to contribute to nation-building and access various services. Furthermore, he emphasized the importance of resource mobilization and capital market development.
Regarding the recovery of laundered money, Dr. Anisuzzaman expressed optimism about the process, which involves legal complexities. He mentioned ongoing efforts by the government, with assistance from international agencies, including the World Bank, to recover these funds. Recovering laundered money is crucial, and the government is hopeful of success in this area.