Written by The Banking Post
The Group of Least Developed Countries (LDCs) has called on the international community to take urgent action on concessional finance, debt relief, climate finance, market access and technology transfer to help the world’s poorest nations achieve the Sustainable Development Goals (SDGs) and ensure a smooth transition from LDC status.
Speaking on behalf of the 44-member LDC Group at the High-Level Segment of the UN Economic and Social Council (ECOSOC) General Debate in New York on Monday, Bangladesh’s Finance and Planning Adviser Dr Rashed Al Mahmud Titumir said rising debt burdens, climate shocks, shrinking fiscal space and declining development assistance were threatening sustainable development.
He warned that progress towards the 2030 Agenda for Sustainable Development remained “alarmingly off track”, with LDCs facing the greatest challenges.
Presenting the group’s priorities, Dr Titumir first called for a substantial increase in predictable and affordable concessional financing to address debt vulnerabilities and support investment in education, healthcare, productive capacity, resilient infrastructure, employment, poverty reduction and social protection.
Second, he urged reforms to the international financial architecture to expand access to concessional resources, introduce debt-suspension mechanisms, ensure sustainable debt solutions and create a more equitable global financing system.
Third, he stressed the need for predictable and accessible climate finance that reflects countries’ vulnerabilities, alongside stronger support for adaptation, resilience, energy transition, the Loss and Damage Fund, clean energy and climate-resilient infrastructure.
Fourth, he called for preserving and expanding market access for LDC exports by reversing protectionist measures and simplifying rules of origin.
Fifth, he urged greater international cooperation to bridge digital and technological gaps through technology transfer, capacity building and digital transformation.
Dr Titumir reaffirmed the LDC Group’s commitment to implementing the 2030 Agenda and the Doha Programme of Action (DPoA), describing them as the key frameworks for sustainable development and successful graduation from LDC status.
He said persistent structural vulnerabilities, worsening climate change, widening digital divides and limited access to affordable finance continued to hinder progress, jeopardising the DPoA’s goal of enabling more countries to achieve sustainable and irreversible graduation by 2031.
He noted that 14 LDCs are currently at different stages of the graduation process and continue to require sustained international support.
Referring to Bangladesh and Nepal, he said both countries had sought a three-year extension of their preparatory period for LDC graduation until November 2029, citing unprecedented political, macroeconomic, environmental and external shocks.
Looking ahead to next year’s Mid-Term Review of the Doha Programme of Action in Doha, Dr Titumir described the meeting as a crucial opportunity to accelerate implementation of global commitments.
“The LDC Group stands ready to work with all partners to ensure that the Mid-Term Review becomes a turning point, one that restores momentum, rebuilds trust and delivers on the promise of sustainable development, leaving no one behind.”
