Muhith expects WB's positive decision

FE Team | Published: September 21, 2012 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
Finance minister AMA Muhith Thursday said the World Bank may review its decision on Padma Bridge loan cancellation soon following a fruitful negotiation held recently between Bangladesh representatives and World Bank (WB) top officials in Washington.
He said the Prime Minister's Economic Affairs Adviser Dr. Mashiur Rahman will be disengaged from any duties relating to the Padma Bridge Project.
"We are expecting a positive decision by World Bank on Padma Bridge Project very soon,' Muhith said at a seminar organised by Bangladesh Women Chamber of Commerce and Industry held at CIRDAP (Centre on Integrated Rural Development in Asia and the Pacific) auditorium as the chief guest.
Asked when he would announce the development on Padma Bridge the minister said he wants to see the news released by the World Bank first.
"We, the government and the WB, have shifted from our earlier stance and reached a positive level during the negotiation," Muhith said.
The Bank wanted to ensure that there would have no single chance of corruption in constructing the bridge.
The government has assured the Bank that it will take all necessary measures to stop all sorts of corruption possibilities relating to the project.
About specific corruption allegations, Muhith said the bank officials explained that they received allegations of corruption.
With regard to taking leave by the Prime Minister's Economic Affairs Adviser, the minister said he does not want to make any personal comment at this moment. But finally, he said, the government representatives assured the Bank officials that Dr. Mashiur would not be engaged in any duties to with the Bridge.
"We don't want to justify the merit of the cases. We promised them that we will take such action so that all possible corruption chances could be stopped at the project. Muhith further explained.
The minister said it takes a long procedure to get a project approved from the Bank and the same long procedure is maintained to revive a cancelled project.
"It is a very tough job to review a decision by the WB as they made the decision by following all necessary procedures," he added.
Muhith appeared irritated about an information released from Bangladesh Embassy in Washington saying that the message should have not been released at this moment.
He said recently the WB president has been changed and the new president has come from a different discipline for which it would take time to make the top officials of the bank understand about the issue.
Explaining about the positive role done by the multilateral agency the minister said the WB has been playing a big role in economic development of the country since independence.
"We have a five per cent budget deficit which we need to meet from external resources. The Bank is the largest contributor to the budget.
He said initiating a project under the WB is a delicate issue where all the people need to comment carefully. He said the bank cancelled the loan for Padma Bridge by giving us some bad name.
Criticising the opposition parties, he said the country's economy has grown three times higher during the last three and a half years.
The opposition parties never see our progress and they don't have courage to admit our economic achievements, he added.