Experts at a seminar observed that the government could seek a deferral of LDC graduation by highlighting macroeconomic vulnerabilities rather than relying on manipulated data.
They suggested that Bangladesh’s request could focus on health and food security concerns, along with other economic fragilities.
The interim government’s chief adviser’s Special Assistant Dr Anisuzzaman Chowdhury said that the private sector should start lobbying through their international partners to defer Bangladesh’s graduation from the least-developed country (LDC) status.
He noted that a final decision on deferral might be taken by the next elected government, but cautioned that the United Nations may not accept arguments solely based on macroeconomic vulnerabilities.
Chowdhury advised businesses to begin lobbying independently, leveraging their strong networks with international buyers.
He made these remarks as the chief guest at a seminar titled “LDC Graduation and Bangladesh’s Preparedness” at the Economic Reporters’ Forum (ERF) auditorium in Dhaka on Saturday.
Policy Exchange Bangladesh Founder and Chairman Dr Mashrur Reaz said Bangladesh is on track to graduate from LDC status, but given the current situation, additional time may be needed.
“After reviewing the data, it appears that Bangladesh is not fully ready for graduation. Our food security remains dependent on imports, while the agriculture sector heavily relies on imported fertilizers and pesticides,” he said.
He cautioned that manipulating data alone would not be sufficient to secure a deferral, stressing that broader macroeconomic vulnerabilities must be presented.
“Health security has also not reached the expected level,” he added.
Reaz noted that Bangladesh’s export dependency differs significantly from that of countries like Laos and Cambodia.
“We are facing an energy crisis driven by import dependence since 2011, and it is not possible to resolve this issue overnight,” he said, referring to Professor Ezaz’s warning of an impending “energy famine” that could act as a double-edged sword for the economy.
He pointed out that the interim government has begun efforts to stabilize forex reserves, which were declining by over $700 million per month during the previous regime.
According to Reaz, Bangladesh ranks 105 in the Global Competitiveness Index, while competing countries are below 60.
The country also needs significant improvement in the Logistics Performance Index and Trade Facilitation Index, he noted.
Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Mohammad Hatem claimed that the graduation decision was based on false information and manipulated parameters.
“During the previous regime, export data was continuously inflated by about $5 billion,” he alleged.
Hatem added that the new government now has an opportunity to delay the graduation process.
“In the chief adviser’s speech, he mentioned that the economy is on life support — and that alone is reason enough to seek a delay,” he said.
Chief Adviser’s Press Secretary Shafiqul Alam attended the event as a special guest.
ERF President Doulat Akter Mala presided over the seminar, while Secretary General Abul Kasem moderated the session.
