The interim government has decided to form a high-powered committee to oversee potential challenges on the country鈥檚 path to graduating from the least developed country to a developing one in November 2026.
The decision was made at a meeting on the transition, chaired by chief adviser Professor Muhammad Yunus at the Chief Adviser鈥檚 Office at Tejgaon in the capital Dhaka on Tuesday.
Following the meeting, at a press briefing at the Foreign Service Academy in the capital, special assistant to the finance ministry Anisuzzaman Chowdhury said, 鈥榃e have no other option now but to graduate, and today鈥檚 meeting held intense discussions on the issue and identified possible challenges.鈥�
He said that the meeting discussed the potential pressure of graduation on the country鈥檚 private sector and employment.
To navigate the potential challenges, a high-powered committee will remain engaged in constant monitoring, he said.
鈥楾he committee will not only include government officials but also international experts and private sector representatives,鈥� Anisuzzaman said.
He believes that Bangladesh has enough strength to overcome the challenges of LDC graduation and that businesses have nothing to worry about, as many countries, including the European Union, have promised to continue offering duty-free and quota-free market access for Bangladeshi goods after graduation.
Anisuzzaman said that lack of good governance and poor institutional capacity were key challenges for Bangladesh, as these issues increased the cost of doing business in the country.
He expressed hope that the issues would be resolved, as the interim government had taken several initiatives to improve governance and strengthen institutions.
Anisuzzaman said that once Bangladesh was graduated to a developing country, the unavailability of foreign loans at concessional rates would not significantly affect it, as the government had taken initiatives to mobilise domestic resources.
Regarding the urgency of free trade agreement negotiations with other countries and securing GSP plus facilities in the EU, he said that discussions on trade agreements were underway with several countries, and the government would seek out competent officials to establish a dedicated body 鈥� similar to the United States Trade Representative or the Japan External Trade Organisation 鈥� to lead trade negotiations.
At the press conference, chief adviser鈥檚 press secretary Shafiqul Alam said that the decision regarding Bangladesh鈥檚 LDC graduation in November 2026 was finalised at the meeting.
He said that the chief adviser had instructed all concerned to move ahead at full speed in this regard.
