Myanmar should graduate from the United Nation-designated least developed country (LDC) status by 2021, at the earliest, a senior minister told Parliament on Tuesday.
Dr Kan Zaw, Union Minister for National Planning and Economic Development, told the 13th session of parliament that after joining the LDC grouping in 1987 Myanmar had already exceeded two out of three criteria for the UN ranking, and should shed the status by fiscal year ending March 31, 2021.
“We would be out of LDC only by (fiscal) 2020/21 at the earliest,” he said, responding to a question from Lower House Member of Parliament U Thein Aung, of the Union Solidarity and Development Party.
Myanmar applied for and was granted LDC status in 1987, a national humiliation that helped to spark the anti-military protests of 1988 that led to the resignation of former strongman U Ne Win and the abandonment of the socialist system.
LDC status allows countries to write off their debt to creditor governments and receive interest-free overseas aid in areas such as health, education, social welfare and development.
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