Gov’t eyes smooth transition to LDC graduation
The National Government is preparing for a smooth transition towards graduating from the Least Developed Countries (LDC) category to a Developing Country.
Presentations made by the Permanent Secretary of the Ministry of National Planning and Development Coordination (MNPDC), Susan Sulu and her counterpart from the Ministry of Foreign Affairs and External Trade (MFAET) Collin Beck, acknowledged this during a meeting with officials from the government’s Policy Implementation, Monitoring and Evaluation Unit (PIMEU) this week.
According to the MFAET and MNPDC, the immediate task of the country will be to prepare a smooth transition strategy to drive the process forward.
Meanwhile, the Government is undertaking further analysis and using recent results of a few studies on the socio- economic impacts of COVID-19 to guide discussion on the issue of LDC graduation as well as further inform the smooth transition strategy.
The smooth transition strategy should also outline the direction to ensure the transition builds from existing plans and strategies, bridge gaps within economic growth sectors that would also contribute to improve the social sectors of the country.
It also should be more innovative to accommodate changes of the new normal brought about by the COVID-19 pandemic.
This is to provide equitable and sustainable development, with full ownership and leadership of the process by the country.
The achievement of this strategy will be viewed as the successful culmination and implementation of the national development strategy 2016-2035 objectives as well as maintaining momentum on key development indicators for sustainable development.
Speaking during the presentation, Permanent Secretary Sulu emphasised that “In light of the negative socio economic impacts of covid 19, ensuring a smooth transition process towards LDC graduation and sustaining positive progress in our development trajectory is paramount”.
PS MFAET Mr. Beck stated, the government is already putting in structures and polices to ensure the country transition out of its LDC status smoothly by 2024. It has concluded a number of trade arrangements , broaden its bilateral and multilateral partnership triggering off a number of national infrastructure projects, boosting the productive sector, and currently working on delivery of the government’s redirection Policy.
According to the government, , whilst graduating from LDC status represents a positive step in development, it will also bring challenges such as negotiating trade preferences and development financing and technical assistance.
On the other hand, the country would be more positively viewed by international investors, leading to increased access to international private finance for both public and private sectors.
The Democratic Coalition Government for Advancement is fully committed to the successful implementation and delivery of its policy priorities in the interest of economic empowerment and national stability.