U.N. General Assembly graduates Bangladesh, Nepal to growing international locations bloc

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U.N. General Assembly graduates Bangladesh, Nepal to growing international locations bloc

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U.N. General Assembly graduates Bangladesh, Nepal to growing international locations bloc

The United Nations General Assembly has adopted a historic decision to graduate three nations, together with Bangladesh and Nepal, from the least developed nation (LDC) class to the growing nation grouping, a serious milestone demonstrating the international locations’ vital growth progress.

The U.N. General Assembly (UNGA) adopted the decision at its 76th session. The three international locations that acquired clearance for commencement are Bangladesh, Nepal and the Lao People’s Democratic Republic.

“The U.N. General Assembly has adopted resolution A/76/L.6/Rev.1, Graduation of Bangladesh, the Lao People’s Democratic Republic and Nepal from the least developed country category,” the U.N. said in a statement on Wednesday.

“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,” it said.

“UNGA adopts historic decision to graduate Bangladesh from the LDC class. What higher technique to have a good time the fiftieth anniversary of our independence and the beginning centenary of Bangabandhu! Fulfillment of nationwide aspiration and Prime Minister’s imaginative and prescient 2021,” Rabab Fatima, Bangladesh’s Permanent Representative to the U.N., tweeted on Wednesday.

Ms. Fathima thanked all the Member States, especially the development partners, for their support to reach a consensus for the adoption of the resolution.

“Prime Minister Sheikh Hasina envisioned to transform Bangladesh into a middle-income country by 2021 and a developed country by 2041. She has led us from the front in this exciting journey despite the unprecedented challenges posed by the COVID-19 pandemic,” she was quoted as saying by the bdnews24.com.

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

“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,” A.H.M. Mustafa Kamal, Finance Minister of Bangladesh, was quoted as saying by The Daily Star newspaper on Thursday.

When the U.N. included Bangladesh within the LDC group in 1975, the nation’s poverty fee was 83%. The fee of poverty declined over time and it was 20.5% in 2019-20 earlier than the pandemic devastated jobs and earnings alternatives for a lot of.

Bangladesh is now scheduled to formally turn into a growing nation in 2026 because the U.N. committee really useful that the nation ought to get 5 years, as a substitute of three, to organize for the transition because of the affect of the Covid-19 on its financial system.

The nation has met, for the second time, all of the three eligibility standards for commencement involving per capita earnings, human property index (HAI), and financial and environmental vulnerability index (EVI).

Nepal’s inclusion within the LDC standing occurred in 1971. LDCs are people who undergo from extreme structural impediments to realize sustainable growth.

Membership is revised each three years primarily based on the typical gross nationwide earnings (GDP plus web earnings acquired from abroad); human property (degree of inhabitants undernourished, under-five mortality fee, gross secondary enrolment ratio and grownup literacy fee); and financial vulnerability (reminiscent of inhabitants, remoteness, merchandise export focus, pure disasters, instability of agriculture manufacturing, and instability of products and providers exports, amongst different components).

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U.N. General Assembly graduates Bangladesh, Nepal to growing international locations bloc

U.N. General Assembly graduates Bangladesh, Nepal to growing international locations bloc

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