DHAKA: Bangladesh will get benefit of LDC (least developed countries) for more than four years though the country has achieved a lower middle-income country status.

Finance Minister Abul Maal Abdul Muhith made the observation while talking to reporters at the secretariat in city on Thursday.

Muhith said Bangladesh had target to get out of the list of the least developed countries (LDC) by 2021, but it has achieved the goal in 2015.

The finance minister made the comment in replying to queries of reporters after the World Bank (WB)’s Wednesday recognition for Bangladesh as a lower middle-income country.

However, earlier in the day, the minister held meeting with Bhutan counterpart Namgay Dorji at the secretariat.

Responding to questions from journalists after the meeting, Muhith said, "I am very happy – we did not ask World Bank to reconsider us. They already had it. However, there is a process. The United Nations (UN) will sit shortly regarding the matter. But it will take three years”.

According to the minister, it is important for Bangladesh getting the recognition by the World Bank. “After all, it is the source of money not the UN.”

However, it is one kind of satisfaction, Muhith added.

In response to a question about when Bangladesh to get UN recognition as a lower middle-income country, the minister said, "The UN body will sit…, I think it will take more than three or four years to get the recognition from the world body."

Muhith explained saying, “Middle-income countries have two levels -- higher-middle income and lower middle income. We had a target to become a lower middle-income country. But we have achieved it.”

When asked about Bangladesh would be denied the benefits of LDC, he replied, "This facility will close after three or four years. UN Committee will give its final decision. The decision will not come before 2018-2019”.

BDST: 1632 HRS, JULY 02, 2015
RS/RR