BANGLADESH PM SEEKS IMF AID FOR ECONOMIC DEVELOPMENT

Prime Minister Sheikh Hasina on Tuesday sought cooperation and assistance from the International Monetary Fund (IMF) to achieve the desired economic growth and development in Bangladesh.

The PM made the appeal when the director for Asia and the Pacific Department of the IMF, Anoop Singh, called on her at Ganabhaban.

Hasina said the present government assumed power to improve the economic fate of the country as well as its people.

She said that her government is committed to raise the economic condition of the country and working hard to achieve the objective.

In this regard, she mentioned that when her government came to power, the inflation rate was above double digit, but it is now much lower.

Press Secretary to the Prime Minister Abul Kalam Azad briefed reporters after the meeting.

The Prime Minister said that the GDP growth target for the last fiscal year was 5.5 percent, but the government was able to exceed the target.

She also mentioned that the present government has been able to mobilize more revenue and expressed her firm commitment to continue the uptrend in revenue collection in the future.

Hasina said that her government has been putting equal importance on public and private sectors for the welfare of the country. But she admitted that electricity and gas crisis is the main hurdle to boosting the economic activities of the country significantly.

The government is working with utmost sincerity to improve the power and gas situation of the country, she said, adding that the present government is not to be blamed for the sorry plight in the two sectors.

During the five years of BNP-Jamaat rule and two years of caretaker government, no initiative was taken to resolve the power and gas problems.

The PM informed the IMF director that on Monday her government approved the draft Power and Energy Quick Supply (special provision) Bill 2010 so that the government could take quick decision on power and energy production and supply as the existing laws are not effective enough to quickly formulate and implement development projects for increasing production and supply of electricity.

The government has taken up various projects including installation of power plants on rental, quick rental and also on captive power basis.

Besides, various projects have been taken up for repairing the existing power plants, increasing use of renewable energy and saving of energy.

The proposed bill has 14 clauses under which the government will depend on digital systems including use of e-mail and websites to end all official process to install new power plants on urgent basis. It will remain effective for the next two years.

Hasina also said that her government is working round the clock to develop the railways and waterways, construct the Padma Bridge, deep seaport, establish strong regional cooperation, improve healthcare and ensure food security.

Recalling her initiative to improve the private sector in the country during her previous tenure (1996-2001), she said that at that time she opened up insurance and telecommunication sectors to the private sector and the people are now deriving the benefits.

IMF director for Asia and the Pacific Department Anoop Singh praised the Prime Minister for her pragmatic and strong leadership.

He said the foreign direct investment policy of the country is very good and attractive.

He mentioned that the foreign investors are encouraged by this policy and the FDI is increasing day by day in the country.

The IMF official assured to extend allout cooperation to Bangladesh for the economic uplift of the country.

He said Bangladesh had done a very good job in the last two years during the global economic meltdown and managed to escape the great disaster of the crisis, which is very rare.

Finance Secretary Dr Mohammad Tareq and Prime Ministers special assistant Abdus Sobhan Golap were, among others, present during the meeting.