JS clears International Finance Corporation Bill-2015

A bill titled 'International Finance Corporation Bill-2015', was passed in the Jatiya Sangsad (parliament) seeking to scrap the 'International Finance Corporation Ordinance, 1976' and create greater scope for the IFC to play a role in developing the country's private sector, give legality to its previous activities and seeking continuation of the organization in the country. The Ordinance, promulgated in 1976 during Ziaur Rahman's regime, was annulled by the court. The court in a verdict scrapped the fifth and sixth amendments to the constitution. According to the verdict, all the ordinances and laws will stand scrapped as well. The 'International Finance Corporation Ordinance, 1976' also turned ineffective after the court's verdict.
After scrapping the  'International Finance Corporation Ordinance, 1976', the President on January 21, 2013 promulgated another Ordinance for the continuation of the activities of the IFC, an organisation of the World Bank Group, as Parliament was not in session. Finance Minister AMA Muhith piloted the Bill and it was passed by voice vote, according to a news agency.
- biplab