Dhaka to explore areas of support in addressing challenges

Dhaka,  Wed,  24 May 2017
Published : 20 Apr 2017, 00:15:23
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Dhaka to explore areas of support in addressing challenges

WB, IMF spring meetings
Mehdi Musharraf Bhuiyan


Bangladesh would explore possible areas of the World Bank (WB) support in addressing its ongoing development challenges during the upcoming spring meetings of the WB and International Monetary Fund, officials have said.

A high-powered Bangladesh delegation, led by Finance Minister A M A Muhith, will take part in the three-day event that begins in Washington DC, USA on Friday.

Other members of the delegation include Bangladesh Bank Governor Fazle Kabir, Alternative Executive Director at the WB M Musharraf Hossain Bhuiyan, Senior Secretary of Finance Division Hedayetullah Al Mamoon and ERD Secretary Kazi Shofiqul Azam.

"Our aim in the meeting will be to highlight Bangladesh's multifaceted achievements in the socioeconomic fields while exploring the avenues where the World Bank can support us in meeting existing challenges," one member of the delegation told the FE.

A day before starting of the spring meeting, the finance minister is scheduled to have a formal meeting with Chief Executive Officer of World Bank Kristalina Georgieva.

On April 22, he is scheduled to take part in the Development Committee Plenary at the WB headquarters. He will also hold a meeting with Executive Vice President and CEO of International Finance Corporation Philippe Le Houerou on the following day.  

Besides, Muhith will also hold a meeting with World Bank's Vice President for South Asian region Annette Dixon.

"During the meeting, the two sides will discuss the progress of various World Bank-funded projects in Bangladesh," sources at the World Bank said.

According to officials, the finance minister will also meet Executive Vice President of Multilateral Investment Guarantee Agency (MIGA) Keiko Honda.

MIGA, which is a member of the World Bank Group, works to promote foreign direct investment (FDI) into developing countries to help support economic growth, reduce poverty and improve people's lives.     

Besides, the Bangladesh delegation will take part in Carbon Pricing Leadership Coalition High Level Assembly of the Climate Action Peer Exchange.

Launched in November 2016 by the World Bank and Moroccan COP22 Presidency, CAPE is a peer exchange platform of ministries of finance and planning whose focus is fiscal policy instruments for implementing the Nationally Determined Contributions (NDCs) -- the climate commitments by member countries.

During the visit, Muhith will also have a meeting with the President of New Development Bank K V Kamath.  

Formerly referred to as the BRICS Development Bank, NDB is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa).

The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in New Delhi and the bank formally started its journey back in 2014.

The finance minister is also set to take part in the Steering Committee Meeting of the Global Partnership for Effective Development Cooperation (GPEDC). Bangladesh is currently the co-chair of the GPEDC along with Germany and Uganda.

The Bangladesh delegation will also take part in a high level meeting on 'Closing the Financing Gap for Water'. In addition, they will also take part in a roundtable hosted by the US Chamber of Commerce.

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