The New Nation - Internet Edition

BSS, Washington

The World Bank on Sunday indicated its commitment to provide Bangladesh with US $ 1 billion assistance package by December this year against 7 projects, a record level of financial support for the country.

The indication of commitment came when Finance Adviser Dr AB Mirza Azizul Islam who is in Washington now in connection with the Annual Bank-Fund meetings had a meeting on Sunday with the Bangladesh country Team in the World Bank led by the Vice President, South Asia Region, Isabel Gurrero, according to a release of the Bangladesh Embassy in USA.

They reviewed the assistance package for Bangladesh for the current year and it was decided that 4 projects, namely, Budgetary Support Under Global Food Crisis Response Programme, Siddhirgonj Peaking Power Project, Dhaka Water Supply and Sanitation Project and Emergency 2007 Cyclone Recovery and Restoration Project which have already been negotiated with the government will be approved by the World Bank by the end of December.

This year the World Bank commitment will amount to approximately US $1.3 billion.

During the meeting, Dr Mirza Aziz and Isabel also reviewed the likely projects to be taken up in the next year to utilise World Bank aid envelop amounting to $1.3 billion in the next fiscal.

They also decided that the World Bank will field a project identification mission next month to prepare project proposal in association with the government in light of government's priority.

The World Bank support to the Padma Bridge is also likely to be scaled up.

Earlier, the Finance Adviser delivered a key note speech titled "Economic Policy Reforms in Bangladesh: A retrospective" which was attended by the staff of the World Bank involved in the World Bank Group Operations in Bangladesh as well as representatives of country delegations of different countries attending the Annual Meetings.

In his keynote speech, Dr Mirza Aziz highlighted the progress Bangladesh is making in accelerating growth and poverty reduction as well as attaining other MDGs.

He mentioned that despite food and energy price hike, Bangladesh has successfully managed macro economic stability and all the macro economic indicators are positive and better than many other developing countries including those in the region.

The Adviser also highlighted the reasons for the economic achievement of Bangladesh including the reforms in economic and institutional governance initiated and implemented by the present Caretaker Government.

He opined that all these reforms have produced tangible positive results and hoped that the next elected government would not only sustain these reforms but further strengthen them to accelerate growth and poverty reduction.