The New Nation - Internet Edition

bdnews24.com, Dhaka

Finance Adviser AB Mirza Azizul Islam has said that millennium development goals (MDG) would not be reached if donor countries fail to keep their ODA pledges.

"Millennium development goals will remain mostly unrealised in many countries unless official development assistance reaches the promised 0.7 percent of donor countries' GDP by 2015," Azizul told the World Bank-International Monetary Fund annual meeting 2007 in Washington. "MDGs won't be achieved by 2015 unless the developed world disburses its pledged assistance to developing countries," he said in a statement, released Tuesday by Bangladesh Embassy in Washington.

The adviser said aid must be disbursed on a predictable basis.

The finance adviser stressed that aid would be made more effective if a developing country's ownership of development strategies was increased.

According to a WB estimate, the number of people in extreme poverty will fail to decline by half by 2015. It will only decrease by a quarter.

The United Nations MDG target was to halve poverty between 1990 and 2015.

Donor countries promised to assist developing countries to achieve the MDGs by giving them 0.7 percent of their GDP.

But most donors failed to uphold their pledge.

The adviser expressed his concern with the effects of increasing globalisation.

"The most important [concern] relates to the implications of climate change," Azizul said.

He said adapting to climate change should be guided by the objectives of developing countries.

Azizul, a former top bureaucrat, demanded an increase in developing countries' participation in the decision making process of the WB and IMF.

He said: "The work done so far on this issue is far from adequate". The adviser appraised the WB-IMF annual meeting on the development work of the present government.

He said the government was in the process of separating the judiciary from the executive.

He said the government had succeeded in creating an independent Anticorruption Commission and a strong Election Commission.

Some 184 member countries attended the meeting.

DSE ex. chairman dies

Aminul Islam Khan, Managing Director of National Investment and Finance Company Limited and ex. Chairman of Dhaka Stock Exchange Limited breathed his last on Monday night at Mt. Elizabeth Hospital in Singapore, says a press release. He was suffering from old age complication. He was 80. He left behind wife, two sons, two daughters and a host of relatives to pine for his death. The dead body was flown to Dhaka on Tuesday for burial while the qulkhwani was held on Wednesday.

Meanwhile, DSE President Md. Abdullah Bokhari and Chief Executive Officer Salahuddin Ahmad Khan has condoled the death of late Aminul Islam and sent message of deep sympathy to the bereaved family.

UNB, Rajshahi

Poor people, who took micro credit from non-government organizations here, are being exploited as NGOs doing brisk business in the name of providing credit. Sources said different NGOs - BRAC, ASA, Grameen Bank and Caritas - disbursed micro credit among poor people in all the nine upazilas in the name of alleviating poverty.

But the borrowers are facing problems as they are being forced to pay high interest on loan, resulting in worsening of their economic condition.

Many recipients have to sell their belongings for repayment of loan every week and many of them are taking loans from oone NGOs to repay the loan of another.

NGOs provide loans among people but they do not monitor in which sector the money is being spent. They only care about collection of borrowed money and its interest, alleged local people. A borrower is to pay Tk 1,000 in interest against a loan of Tk 10,000, they said.

A borrower, Lokman of Ratugram village in Durgapur upazila, lamented that he has been passing his days in great distress as, he had to sell his only piece of agricultural land to repay the loan he received from an NGO.

Local people alleged that poverty alleviation programme of NGOs proved a hoax, as it did not bring about any welfare to the borrowers.

UNB, Dhaka

Foreign Affairs Adviser Dr. Iftekhar Ahmed Chowdhury on Wednesday said that the government wanted to reach the benefits of globalization to the doorsteps of the people.

He said this while unveiling the cover of a set of books titled "Bishwa Banijya Chukti Mala" (World Trade Treaties) at a function at the CIRDAP auditorium. Speaking as the chief guest, Dr Iftekhar Chowdhury said these books would help us tremendously in deriving benefits of the globalization.

Dr. Debapriya Bhattacharya, Ambassador-designate of Bangladesh's Permanent Mission in Geneva, also spoke as special guest at the function, chaired by Shirin Akhter, president of Karmojibi Nari, an organisation for working women.

AFP, Tokyo

The dollar traded mixed in Asian trade on Wednesday, giving up early gains as traders waited for key US housing data ahead of next week's Federal Reserve meeting, dealers said.

The greenback initially firmed from recent falls as speculative players took profits in the foreign exchange market following a continued rebound on Wall Street and an easing of crude oil prices, they said.

But dollar-buying sentiment was shortlived with the US unit slipping back by mid-afternoon.

"The general trend is that of a weaker dollar," said Yosuke Hosokawa, head of forex division at Chuo Mitsui Trust Bank.

The dollar fell to 114.44 yen in Tokyo afternoon trade from 114.79 in New York late Tuesday.

The euro slipped to 1.4252 dollars from 1.4261 and to 163.10 yen from 163.73.

Demand also increased for carry trades, in which investors use the low- costing yen to fund higher-yielding assets elsewhere, Hosokawa said.

Among currencies from nations with high-interest rates, the Australian dollar rose to 103.05 yen from 101.49 and the New Zealand dollar firmed to 86.83 yen from 85.58.

The dollar received support from the latest comments by former Federal Reserve chairman Alan Greenspan playing down the chances of the US economy going into recession, NAB Capital strategist John Kyriakopoulos said.

But the dollar's rise was capped as the market waited ahead of a Federal Open Market Committee meeting starting next Tuesday which is expected to cut interest rates, dealers said.

Investors have already priced in a rate cut, with some expecting the Fed to lower its key fed funds rate for the second straight session by a large 0.50 percentage points from the current 4.75 percent.

The Fed's hefty cut last month helped calm financial markets, which were distressed by a US housing slump in which borrowers with shaky credit histories defaulted on their loans.

The dollar was mixed against other Asian currencies.

It rose to 1.4625 Singapore dollars from 1.4657 a day earlier, to 917.85 South Korean won from 917.60 and to 9,150.0 Indonesian rupiah from 9,125.0.

But it fell to 32.550 Taiwan dollars from 32.581 and to 44.07 Philippine pesos from 44.10.

A two-day long workshop on 'Internal Control Mechanism and Bank Supervision’ began on 22nd October, at IFIC Bank's Academy at Chamber Building, 8th floor, 122-124, Motijheel C/A., Dhaka. Mohammad Abdullah, Deputy Managing Director of the bank opened the workshop and delivered his inaugural speech before the participants.

The main objective of the workshop was to enable the participants to develop knowledge about the guideline:; and procedure of Internal Control Mechanism and Bank Supervision. A total number of 26 Senior Officials (Branch In-Charge/Next to Branch In-Charge) from 26 Branches of the bank attended the workshop. It may be mentioned here that it was the 30th programme of IFIC Bank Academy in the year 2007.

Directors of the workshop were Dr. R. M. Debnath, Senior Executive Vice President and Head of Training and Research, Narayan Chandra Roy, Executive Vice President and Head of Internal Control and Compliance and A.K. Mojibur Rahman, Assistant Vice President.

Mohammad Rafiqul Islam has been appointed as the new Emirates Finance and Administration Manager (FAM) for Bangladesh.

Prior to this appointment, Mr. Islam held the post of Accounts Officer, Singapore Airlines Bangladesh for 12 years.

Since joining Emirates earlier this month, Islam has been very active in introducing new procedures to ensure faster turnaround and make Finance and Admin more efficient.

Hanif Zakaria, Emirates' Area Manager Bangladesh said, "Emirates is proud to have Mohammad Rafiqul Islam in its Bangladesh team. He has proven capabilities and experience.

I am confident that he will bring a fresh perspective to our business operations in Bangladesh, and wish him every The new finance manger said, "I am honoured to lead the Finance and Administration Portfolio in Emirates Bangladesh.

Emirates is an award-winning airline that has set many industry firsts. I look forward to strengthening the airline's systems and procedures using my in-depth knowledge and long years of experience in airline accounting."

Rafiqul Islam started his career with MAAS Travel and Tours, GSA of Continental Airlines, Royal Jordanian and Jet Airways, in 1993 as Accounts Assistant. Thereafter he joined Singapore Airlines, Bangladesh as Accounts Officer in September 1995 and was promoted to Head of the Accounting Unit (HAU) in July 1999.