Finance Minister AMA Muhith said Thursday the World Bank's recognition of Bangladesh as LMIC (lower middle-income country) is an indication of the country attaining the capacity of 'standing on its own feet'.
"We have been in the LDC (least developed country) group for the past 40 years. Now we have got a promotion from that stage which can make us proud," the minister told the media after a meeting with visiting Bhutanese finance minister Lyonpo Namgay Dorji at his Secretariat office.
"It's like standing on own feet. We are now doing many things on our own. In many cases, we don't need help from others," Mr Muhith said when his reaction was sought.
The World Bank said on Wednesday its latest estimate of Gross National Income (GNI) per capita continues to show improved economic performance in many low-income countries including Bangladesh becoming lower-middle income country joining those with annual incomes of US$1,046 to $4,125.
Expressing happiness, the finance minister said the recognition from the World Bank is very important since it is a source of money.
He said there is a process for graduating the eligible LDCs to LMIC which the United Nations will start soon. It will take another three years for giving a final judgement in this regard.
Replying to a query, Mr Muhith said despite this recognition, Bangladesh will continue to enjoy various facilities as LDC in global trade in three to four more years. "Bangladesh's recognition as LMIC will depend on the decision of the UN Committee for Development Policy (CDP) whose judgement may not come before 2018/2019."
The minister said presently Bangladesh gets only 1.8 per cent of its gross domestic product (GDP) as global assistance. It was 8.0 per cent of GDP during his last tenure as minister.
He said Bangladesh's progress in social indicators was very good. "We are topping in whole sub-continent at this moment in social indicators as economist Amartya Sen has already said." "There are good reasons to be happy," he added.
Mr Muhith said he had discussions with the Bhutanese minister about importing hydro-power from the Himalayan kingdom. "During my recent visit, the King of Bhutan said they can provide us 1,000 megawatt of electricity if we need."
He said the problem is on transmission of electricity 'which we can do easily now. "We will build transmission line from Neal to India and Bangladesh via Bhutan. A very good environment prevails in this sub-continent now for development."
Both from Nepal and Bhutan, Bangladesh and India can get a lot of hydro power, the minister added.
Mr Muhith said Bangladesh and Bhutan have great potentials for raising trade. Presently, Bangladesh exports goods worth $2.0 million and imports goods worth $34 million from there. Bangladesh's export to Bhutan will now increase due to the newly established connectivity, he said.
The Bhutanese minister said Bhutan was the first country that recognised the independence of Bangladesh in 1971. Since then Bhutan and Bangladesh enjoyed excellent relationship. "We have renewed trade relation between Bangladesh and Bhutan."
He said the sub-continent has been passing through transition period in political front. "Therefore, it is important that the political leaders in the respective countries take the political decision that would benefit not only your country but also the entire sub-continent."
Mr Dorji said developing countries like Bhutan face various economic challenges. Appropriate policy directives are needed for better tomorrow in this region.
"Our GDP is $1.7 billion, very small in size. But we have free education and health system for all," he added.
He said in many cases, Bhutan counts and takes policies based on gross national happiness. "We give more importance to happiness than economic development."
syful-islam@outlook.com
BD attains capacity to stand on own feet, says Muhith
FE Report | Published: July 03, 2015 00:00:00 | Updated: November 30, 2026 06:01:00
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