Citi puts thrust on quality of economic policy institutions
Tuesday, 29 March 2011
Raihan M Chowdhury
Michael J Paulus, Managing Director and Citi Public Sector Group Head - Asia Pacific said Bangladesh has demonstrated progress across the broader economy. "We have a positive outlook on Bangladesh based on signs of progress, and we expect to see significant changes with the integration of fast-moving technology and additional resources", Mr. Paulus told The Financial Express in an interview during his recent visit here. He said that there are significant positives here, and his visit is reflective of Citigroup's thrust on core governance, efficiency and transparency in the public sector of Bangladesh. "Rapid development is not possible overnight but we see a great potential in the growing economy of Bangladesh", he said. He stated that Citigroup is striving to develop long-term partnerships with Bangladeshi public sector entities and also a better and sustained transfer of best global practices among its clients across 140 countries. "We bring our experience, knowledge, range of best practices and would love the opportunity to share our expertise further with Bangladesh", he added. Mr. Paulus is responsible for the relationships with Asian governments, central banks, sovereign and quasi-sovereign entities and select state and local agencies. Prior to his appointment in August 2005, he was Head of UK Investor Foreign Exchange Sales, Fixed Income, Currencies and Commodities at Citigroup, London, where he led a team that provided foreign exchange services to UK asset managers, insurance companies and central banks and monetary authorities. Mr. Paulus joined Citigroup in October 2001 from the U.S. Treasury Department in Washington where he was the Deputy Assistant Secretary for Federal Finance. Mr. Paulus began his career as an economist at the Federal Reserve Bank of New York in 1982. He joined the Fed's Foreign Exchange Desk in July of 1985 and in 1988 was appointed an Officer of the Federal Reserve as well as Manager and Chief Dealer of the Foreign Exchange Desk (which conducts foreign exchange intervention operations on behalf of the U.S. monetary authorities). Following eight years at the Federal Reserve, he moved to the private sector where he focused on developing hedge fund, prime brokerage and asset allocation businesses for several firms. In 1999, Mr. Paulus was asked to join the Clinton Administration as the Deputy Assistant Secretary of Federal Finance at the Treasury Department. His primary responsibility was managing the debt of the U.S. government as well as advising the Secretary of the Treasury and other senior Treasury officials on financial market developments. Mr. Paulus also served as the Vice Chairman, and Acting Chairman, of the Steering Committee of the President's Working Group on Financial Markets. The Bush Administration asked him to remain with the Treasury Department to help with the transition following the 2000 elections. In 2000, he was awarded the U.S. Treasury's Exceptional Service Award. Mr. Paulus is currently a Vice Chairman of the America's Committee of the Hong Kong General Chamber of Commerce. Meanwhile, a recent Citi report said Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, Philippines, Sri Lanka and Vietnam have the most promising (per capita) growth prospects. Willem Buiter, Citi's chief economist and team have analyzed global economic growth prospects as far as 2050 and addressed the key drivers of growth in the report titled 'Global Growth Generators - Moving Beyond Emerging Markets and BRIC'. "As regards per capita income in 2010, Bangladesh ranked 58th, that is last of the countries for which we make forecasts, with per capita income of $1,736 dollars (in PPP terms) in 2010, equivalent to just 4 per cent of the level in the US, and even less at market exchange rates. It is also young and expected to remain so, with the working age population increasing from 93 million in 2010 (or 55 per cent of the total population) to 136 million in 2050 (59 per cent of the population)," the Citi report said.
Michael J Paulus, Managing Director and Citi Public Sector Group Head - Asia Pacific said Bangladesh has demonstrated progress across the broader economy. "We have a positive outlook on Bangladesh based on signs of progress, and we expect to see significant changes with the integration of fast-moving technology and additional resources", Mr. Paulus told The Financial Express in an interview during his recent visit here. He said that there are significant positives here, and his visit is reflective of Citigroup's thrust on core governance, efficiency and transparency in the public sector of Bangladesh. "Rapid development is not possible overnight but we see a great potential in the growing economy of Bangladesh", he said. He stated that Citigroup is striving to develop long-term partnerships with Bangladeshi public sector entities and also a better and sustained transfer of best global practices among its clients across 140 countries. "We bring our experience, knowledge, range of best practices and would love the opportunity to share our expertise further with Bangladesh", he added. Mr. Paulus is responsible for the relationships with Asian governments, central banks, sovereign and quasi-sovereign entities and select state and local agencies. Prior to his appointment in August 2005, he was Head of UK Investor Foreign Exchange Sales, Fixed Income, Currencies and Commodities at Citigroup, London, where he led a team that provided foreign exchange services to UK asset managers, insurance companies and central banks and monetary authorities. Mr. Paulus joined Citigroup in October 2001 from the U.S. Treasury Department in Washington where he was the Deputy Assistant Secretary for Federal Finance. Mr. Paulus began his career as an economist at the Federal Reserve Bank of New York in 1982. He joined the Fed's Foreign Exchange Desk in July of 1985 and in 1988 was appointed an Officer of the Federal Reserve as well as Manager and Chief Dealer of the Foreign Exchange Desk (which conducts foreign exchange intervention operations on behalf of the U.S. monetary authorities). Following eight years at the Federal Reserve, he moved to the private sector where he focused on developing hedge fund, prime brokerage and asset allocation businesses for several firms. In 1999, Mr. Paulus was asked to join the Clinton Administration as the Deputy Assistant Secretary of Federal Finance at the Treasury Department. His primary responsibility was managing the debt of the U.S. government as well as advising the Secretary of the Treasury and other senior Treasury officials on financial market developments. Mr. Paulus also served as the Vice Chairman, and Acting Chairman, of the Steering Committee of the President's Working Group on Financial Markets. The Bush Administration asked him to remain with the Treasury Department to help with the transition following the 2000 elections. In 2000, he was awarded the U.S. Treasury's Exceptional Service Award. Mr. Paulus is currently a Vice Chairman of the America's Committee of the Hong Kong General Chamber of Commerce. Meanwhile, a recent Citi report said Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, Philippines, Sri Lanka and Vietnam have the most promising (per capita) growth prospects. Willem Buiter, Citi's chief economist and team have analyzed global economic growth prospects as far as 2050 and addressed the key drivers of growth in the report titled 'Global Growth Generators - Moving Beyond Emerging Markets and BRIC'. "As regards per capita income in 2010, Bangladesh ranked 58th, that is last of the countries for which we make forecasts, with per capita income of $1,736 dollars (in PPP terms) in 2010, equivalent to just 4 per cent of the level in the US, and even less at market exchange rates. It is also young and expected to remain so, with the working age population increasing from 93 million in 2010 (or 55 per cent of the total population) to 136 million in 2050 (59 per cent of the population)," the Citi report said.