Bangladesh not fully prepared for LDC graduation: Finance Minister

Finance and Planning Minister Amir Khasru Mahmud Chowdhury has acknowledged that Bangladesh is not yet fully prepared to graduate from the list of least developed countries, given the current economic challenges facing the nation. 

Speaking to reporters after a multilateral consultation meeting at the NEC Conference Room in Sher-e-Banglanagar on Sunday, the minister highlighted several major obstacles, including the burden of foreign and domestic debt, the risks associated with high-interest borrowing, and weaknesses in overall financial management.

The meeting reviewed an independent assessment by the United Nations organisation UN-OHRLLS on the country’s readiness for graduation. 

The minister warned that the ongoing energy crisis and disruptions in the global supply chain could have long-term negative effects on the economy. These impacts would extend beyond the energy sector and affect the availability and prices of daily necessities, including food, thereby increasing inflation.

He noted that fuel prices have risen sharply in many countries around the world, and although Bangladesh has so far managed to keep the situation under control, the government cannot sustain this pressure indefinitely. 

The minister emphasised that the government does not wish to impose sudden additional burdens on the public. 

However, continued heavy spending from government funds would ultimately affect ordinary citizens. 

He called for careful economic decision-making to protect people’s interests while ensuring the long-term stability of the national economy.