Dhaka to seek more WB, IMF funds at Istanbul meet

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FHM Humayan Kabir
Bangladesh will seek extended support from two major lenders --International Monetary Fund and World Bank -- at a crucial meeting in Istanbul next week to recover from the impacts of the global economic meltdown and climate change, officials said.
Finance ministry officials said the lenders will arrange the crucial gathering on October 6-7 to discuss the impact of the global financial plunge particularly on the developing economies and solutions to recover from it.
"Bangladesh will make a strong plea to the global lenders in Istanbul to get soft loans as it has already been hard hit by the impact of the economic recession, mainly created by some developed countries," a senior finance ministry official said.
A high-powered delegation, led by finance minister AMA Muhith, will take part at the meeting.
The central bank governor, secretaries of the finance division and economic relations division (ERD) will accompany Mr. Muhith at the discussion of the annual meeting of the board of governors of World Bank and IMF in the Turkish city of Istanbul.
"The meeting is really important for a developing country like Bangladesh. As the recession has already affected the country's economy, guidelines from this meeting will be very helpful to recover from the slump," ERD secretary M Musharraf Hossain Bhuiyan said.
Though it is the annual Bank-Fund meeting many are waiting for the outcome of the gathering as it will discuss the outlook for the global economy, developments in financial markets and other important issues, he told the FE Friday.
Another finance ministry official said finance minister, who is a governor of the IMF and the World Bank Group boards, will speak at a session of the annual meeting where he will highlight the impact of the global recession, climate change and reform measures.
"Some sideline meetings with the senior executives of the IMF and WB will also be held in Istanbul. Dhaka will seek extended financial support from the major donors to face the impact of the meltdown and the climate change," Mr. Musharraf Bhuiyan said.
The World Bank said this year's meetings will focus on the impact of the financial crisis on developing countries, and solutions to help countries hit hard by the downturns in capital flows, trade, remittances, and tourism.
Governors are expected to discuss the Bank's financial capacity as it continues to meet the demand from countries coping with the economic plunge, the Bank said.
In fiscal 2009, the World Bank Group committed nearly $60 billion to help developing countries, which marked a 54 percent increase over the previous year and a record high.
The Bank said other issues on the agenda include the impact of climate change on developing countries and the World Bank's role against the backdrop of the upcoming climate change negotiations in Copenhagen.
Climate change complicates efforts to reduce poverty in developing countries, but a "climate smart" world is possible if we act now, act together, and act differently, a latest World Development Report by the WB said.
IMF said its development committee will advise the Boards of Governors of the Bank and Fund on critical development issues and on the financial resources required to promote economic development in developing countries.
In the meeting the participants will take a look at how the loan programmes are working and explore ways to help hasten a return to growth, the Fund said at its Road to Istanbul report.