The New Nation - Internet Edition

UNB, Dhaka

Finance and Planning Adviser Dr Mirza Azizul Islam Sunday urged the developed countries not to protect their markets from exports of Bangladesh in the backdrop of the global financial crisis that took a turn to recession.

"Make sure that access of our products is not restricted," he told Canadian High Commissioner to Bangladesh Robert McDougall at a meeting at the Planning Ministry.

The Adviser informed the reporters about his call to the developed countries like Canada as the Canadian HC wanted to know what he should convey to the Canadian Ministry of Finance about the need of Bangladesh in the backdrop of the recession.

Dr Aziz also called upon the developed countries to continue with the present level of bilateral Official Development Assistance (ODA) and to accelerate it further to 0.7 percent of their respective GDP. At present, the developed countries provide 0.35 percent of their GDP as development assistance.

The Finance Adviser's call to the developed countries came on apprehension that the bilateral ODA might be affected, if not multilateral ones, as the developed countries are already experiencing recession.

He said that the commitment from the multilateral development partners, mainly from ADB and the World Bank's International Development Association (IDA), for this fiscal year have been better while they have increased their programmes recently. "I don't see any problem of foreign aid (from multilateral agencies) during the fiscal 2008-09."

Local experts apprehend that the country's exports, foreign aid, remittance and the economy as a whole would be affected if the global financial crisis is prolonged.

"Our economy won't be affected much if the crisis does not linger beyond 2009," Dr Aziz told the Canadian envoy. He, however, said the real impact would depend on how much the crisis deepens and how long it continues.

He said Bangladesh has so far remained out of the affect of the global crisis due to its strong macroeconomic fundamental, moderate growth, comfortable foreign exchange reserve and inflation at a level less than the neighbouring countries.

The Finance Adviser said exports of readymade garments are unlikely to be affected much as he was given to understand by the officials as well as the RMG entrepreneurs while remittance inflow could become a little slow, but would not be affected much.

"The Middle East is unlikely to recruit new workers in this situation, but they're not terminating the workers," he said.