LDC Challenges Test Global Solidarity: PM’s Adviser

Prime Minister’s Adviser on Finance and Planning Dr Rashed Al Mahmud Titumir on Monday said the challenges confronting the world’s Least Developed Countries (LDCs) are a test of global solidarity and the credibility of the multilateral system, calling for stronger international support to accelerate sustainable development.

Speaking on behalf of the Group of Least Developed Countries during the general debate of the high-level segment of the UN Economic and Social Council (ECOSOC) at the UN General Assembly Hall, Prof Titumir reaffirmed the Group’s commitment to the 2030 Agenda for Sustainable Development and the Doha Programme of Action (DPoA).

"The LDC Group stands ready to work with all partners to ensure that the mid-term review becomes a turning point that restores momentum, rebuilds trust and delivers on the promise of sustainable development, leaving no one behind," he said.

He warned that progress towards the Sustainable Development Goals (SDGs) remains seriously off track, with LDCs facing mounting challenges, including climate change, rising debt burdens, shrinking fiscal space, declining official development assistance, widening digital divides and limited access to affordable financing.

According to the adviser, these challenges threaten both the implementation of the 2030 Agenda and the DPoA's objective of enabling more LDCs to achieve sustainable and irreversible graduation by 2031.

He noted that 14 LDCs are currently at different stages of graduation and continue to require sustained international support. Bangladesh and Nepal have requested a three-year extension of their preparatory period until November 2029 due to political, macroeconomic, environmental and external shocks.

Prof Titumir said the additional time would help graduating countries maintain macroeconomic stability, implement Smooth Transition Strategies and carry out critical reforms.

He described the DPoA Mid-Term Review, scheduled for next year in Doha, as a crucial opportunity to strengthen global partnerships and accelerate implementation of international commitments, urging participation by heads of state, ministers and leaders of international financial institutions.

The adviser also outlined five priority areas for urgent global action.

These include significantly increasing predictable and affordable concessional financing; reforming the international financial architecture to better address the structural vulnerabilities of LDCs; ensuring accessible and adequate climate finance for adaptation, resilience and the Loss and Damage Fund; preserving and expanding market access through development-friendly trade rules; and strengthening international cooperation to bridge digital and technological divides through technology transfer, capacity-building and digital transformation.

He said coordinated global action in these areas would be essential to help LDCs build resilience, expand productive capacity and achieve sustainable development.