Twelve least developed countries (LDCs) are to exit from the group in the next decade. These graduating LDCs are to face financial shocks as they lose access to concessional finance. This was mentioned by Dr Debapriya Bhattacharya, Distinguished Fellow, Centre for Policy Dialogue (CPD) at a session on “International Support Measures (ISMs) for Graduating LDCs”. The session was held in Geneva on 10 October 2019, in the side line of the WTO Pubic Forum. The event was jointly organised by Friedrich-Ebert-Stiftung (FES) and CPD.
Dr Debapriya elaborated the unfolding graduation scenario of the LDCs and the related resource concerns. He focused on the financial flashpoints of these countries due to low level of domestic resource mobilisation and modestly high external debt of these countries.
Dr Debapriya highlighted the need to acquire capacity to access non-traditional forms of finance such as blended finance and climate finance. He further underscored the need for ISMs from the graduating LDCs to ensure their smooth and sustainable transition.
The session was chaired by H E Mr Barrett Salato, Ambassador and Permanent Representative of Solomon Islands to the United Nations Office and other International Organizations. Speakers of the session included H E Perks Clemency Ligoya, Permanent Mission of the Republic of Malawi to the United Nations Office and other international organizations in Geneva, Ambassador Extraordinary and Plenipotentiary Permanent Representative H E Mr Refiloe Litjobo, Permanent Mission of the Kingdom of Lesotho to the United Nations Office and other international Organizations in Geneva, Ambassador and H E Ms Mere Falemaka, Permanent Representative of the Pacific Islands Forum to the WTO in Geneva, Shishir Priyadarshi, Director of Development Division, WTO, Dr Ratnakar Adhikari, Executive Director of the Enhanced Integrated Framework Executive, Secretariat, WTO, Mr Rolf Traeger, Head of LDC, UNCTAD Branch and Mr Charles Gore, former lead author of UNCTAD LDC Report. Delegates from permanent Missions of Bangladesh, Malawi, and Vanuatu also participated in the discussion.