New PRSP for next 3 yrs to be ready by June

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The government is expected to finalise a new poverty reduction strategy paper (PRSP) for the next three years by June 30 next, targeting 7.2 per cent GDP growth in the final year (2010-11) of its implementation, an official said.

"We've prepared the draft of the PRSP. Now we will hold discussions with different private sector stakeholders for finalising the document by the end of next month," a senior official of the planning ministry said.

"The draft strategy paper has been framed targeting 6.7, 7.0 and 7.2 per cent GDP growth in FY09, FY10 and FY11 respectively.

The government prepared its first PRSP titled, "Unlocking the Potentials: National Strategy for Accelerating Poverty Reduction (NSAPR)", for the period between FY05 and FY07 scraping its conventional five-year development plan with the basic objective of reducing poverty by half as outlined in the UN Millennium Development Goals (MDGs).

Implementation period of the first three-year strategy paper ended in FY07. Then the government prepared an extended version of the PRSP for FY08.

The planning ministry official said: "We will have two consultation sessions on June 01 and 02 next with representatives from civil society, non-governmental organisations (NGOs), media, and university teachers. Later, we will sit with donors for getting their opinion on the draft PRSP before its finalisation."

The draft PRSP said: "The government's medium-term macroeconomic framework has been developed against the backdrop of increased global uncertainty and the sharp increase that have occurred in recent months in the international market prices of oil and basic food commodities."

"Taking into account the less favourable and more uncertain global economic outlook a macroeconomic forecast for Bangladesh is developed for FY09-11..