Taskforce to carry out regulatory reforms, bolster BBBF: Muhith

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FE Report
Finance Minister AMA Muhith said Sunday the government will form a 'taskforce' to bring about the proposed regulatory reforms and also strengthen the Bangladesh Better Business forum (BBBF).
"Since the Regulatory Reforms Commission (RRC) will no longer exist, we are going to constitute a taskforce to carry out the proposed reforms initiative," Mr Muhith said.
The past caretaker government formed a 17-member RRC for updating the centuries-old rules and regulations of the country to
infuse dynamism into governance, administration and the economy, but its chairman Dr. Akbar Ali Khan resigned recently.
The finance minister also unveiled the government's plan to restructure existing public-private BBBF, which began its journey in 2007 for improving the country's business environment.
The finance minister was talking to newsmen after a meeting with a delegation of the International Finance Corporation (IFC), led by its visiting Vice President of Business Advisory Service Rachel Kyte, at the secretariat.
When his attention was drawn to the IFC's suggestions on the government's reforms initiative, Mr Muhith said: "We want regulatory reforms but in a different way."
About the IFC delegation's meeting, the finance minister said the Corporation has expressed its intention to raise support for the government's Public Private Partnership (PPP) initiative.
The IFC, the World Bank's private-sector lender, also wants to enhance its assistance for promotion of the country's agro-based and light engineering sectors, Mr Muhith said.
"About the PPP initiative, I have requested the IFC team to extend its support for social sector along with communications and energy sectors," Mr Muhith informed newsmen.
He went on: "The Corporation is willing to raise its support for Bangladesh in the filed of international trading, but we need to enhance our bank guarantee to this effect."
Responding to a question, the finance minister said a draft PPP guideline has already been prepared and is now under scrutiny.
Terming the meeting 'successful', Mr Rachel Kyte said: "We have discussed some issues relating to the continuation of the IFC's cooperation in the promotion of PPP besides power and small and medium enterprise (SME) sectors of Bangladesh."
The IFC also wants to extend its support for bringing about the ongoing regulatory reforms and development of future bond market of Bangladesh, she told newsmen.
Responding to query, the IFC Vice President expressed the Corporation's willingness to help Bangladesh develop its power sector, especially under the proposed PPP initiative.