Bangladesh, Nepal & Lao PDR to get ‘Developing’ Country Status
On 24 November 2021, the UN General Assembly has adopted a resolution for Graduation of Bangladesh, the Lao People’s Democratic Republic and Nepal from the least developed country category.
- 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.
- The Committee for Development Policy (CDP) is mandated by the General Assembly (GA) and the Economic and Social Council (ECOSOC) to review the list of LDCs every three years and to make recommendations on the inclusion and graduation of eligible countries using the following criteria:
- Human Assets
- Economic and Environmental Vulnerability
Graduation Thresholds: 2021 Triennial Review
Impact of Graduation: Double Edged
- Pros: Certain preferential provisions in export, provision of subsidy to agriculture and infant industries and access to climate finance are likely to cease after transition from LDC.
- Cons: Enhanced confidence of international financial bodies, improved credit rating and higher FDI are expected to benefit after the transition period is completed.
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