The United Nations Committee for Development Policy (CDP) has advisable the commencement of Bangladesh from the class of Least Developed Country (LDC). Bangladesh has fulfilled the eligibility standards by way of per capita revenue, human property and financial and environmental vulnerability. This is the second consecutive time since 2018 that the CDP has made the advice for Bangladesh for commencement from the LDC class. Myanmar and Lao PDR additionally met the factors for the 2nd time.
Bangladesh will get time as much as 2026 to organize for the transition to the standing of a growing nation. Usually, international locations are given three years for transition however this yr as a result of Corona pandemic, Bangladesh has been given 5 years for the method. On the opposite hand, enhanced confidence of worldwide monetary our bodies, improved credit standing and better FDI is anticipated to profit Bangladesh after the transition interval is accomplished.
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About the United Nations Committee for Development Policy:
- The CDP decides on the LDC standing of a rustic based mostly on three criteria- per capita revenue, a human property index and an financial vulnerability index. A rustic should obtain at the very least two of the three standards at two consecutive triennial evaluations to be thought of for commencement.
- Graduation from LDC has a double-edged impression on international locations. On the one hand, sure preferential provisions in export, provision of subsidy to agriculture and toddler industries and entry to local weather finance are prone to stop after transitioning from LDC.
Important takeaways for all aggressive exams:
- Prime Minister of Bangladesh: Sheikh Hasina; Capital: Dhaka; Currency: Taka.
- President of Bangladesh: Abdul Hamid.
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