Finance Minister spends busy time at World Bank and IMF

USA NEWS: A high level Bangladesh delegation headed by the  Finance Minister is visiting Washington DC from September 23- 25 to attend the World Bank Annual Meetings, International Monetary Fund Committee (IMFC) meetings and the Development Committee (DC) meetings. The delegation includes Economic Affairs Advisor to the Hon’ble Prime Minister, the Governor of the Bangladesh Bank, ERD Secretary and Finance Division Secretary. During the visit, the Bangladesh delegation has met key World Bank and IMF officials. The Finance Minister has also spoken on important issues of global concern.

The Commonwealth Finance Ministers meetings adopted a common and effective strategy of the Commonwealth countries for the upcoming High Level Form (HFL4) in aid effectiveness to be held in Busan, South Korea in December 2011. The meeting also adopted a proposal to enhance south-south cooperation for economic development among the member countries.

In the Bank-Fund opening session, Robert Zoellick, President, World Bank and Madame Christine Lagarde, Managing Director of IMF submitted reports to the Governors of World Bank . The World Bank President in his report termed gender equality as ‘smart economics’ and focused on the positive impacts it is going to bring about. He called for democratization of development by ensuring transparency, effectiveness and accountability in governance. The Managing Director of the IMF pledged to continue on the commitments of her predecessor to remain engaged in helping the countries both big and small to overcome balance of payment and debt difficulties.

The Sixth Bali Roundtable Dialogue engaged on the work of the committees of the Green Climate Fund and its architecture. The delegates emphasized on the need for putting up resources in the proposed GCF kitty. They emphasized that the promises of Cancun should get substantive shape in Durban, South Africa in setting up a GCF and releasing of funds from the donor countries.

In his bilateral meeting with the Islamic Development Bank, the Finance Minister and the President, IDB expressed satisfaction at IDB’s current level of engagement with Bangladesh. The IDB president said that the IDB will go ahead to build the Padma Bridge approach road . He also committed his full support for co-financing Shikalbaha Power Plant.

The Bangladesh Finance Minister also had a bilateral meeting with the Indian Finance Minister. In this meeting, the Bangladesh Finance Minister proposed a new initiative of holding a meeting of SAARC finance ministers to discuss fiscal and monetary issues and ensuring greater engagement and cooperation among the member countries. They expressed satisfaction on the progress of the Indian Line of Credit.

The Finance Minister also met with the Managing Director of the World Bank Shri Mulyani Indrawati and discussed ongoing programs of the World Bank under its current portfolio and how Bangladesh can benefit from the current World Bank initiatives of its new financing instrument and focus of Gender Equality. The Bangladesh Finance Minister expressed happiness for receiving the largest IDA allocation in the last fiscal year and also for an estimated high allocation of resources for Bangladesh in the 16^th IDA replenishment. The Finance Minister also discussed on the issue of a possible budget support under the framework of PRSC.