LDCs deserve better representation in int'l financial organisations: PM
Tuesday, 19 January 2010
FE Report
Prime Minister Sheikh Hasina has demanded better representation of the least developed countries in the international financial institutions (IFIs).
The IFIs include International Monetary Fund, World Bank and Asian Development Bank.
The LDCs need to receive overseas development assistance (ODA) speedily for mitigating the impact of world financial crisis and the rich nations should fulfill their commitments, she said at the inaugural ceremony of the high-level Asia Pacific policy dialogue on the Brussels Programme of Action for the LDCs at a city hotel Monday.
Brussels Programme was announced to achieve LDC progress in attaining the Millennium Development Goals and sustainable development.
The Bangladesh government and UN Economic and Social Commission for Asia and the Pacific (ESCAP) jointly organised the three-day programme for the preparation of 2011-20 Brussels Programme. Turkey is going to host the 4th UN Conference on the LDCs in 2011.
Hasina said the Istanbul conference does need to focus on two key challenges, good governance and corruption control.
The prime minister said ODA of 0.2 per cent of developed countries' GNI remains merely a target.
Insufficient technical assistance has hardly improved LDCs' ability to trade and the access to developed market has remained unfulfilled, she said.
The LDCs did not have inspiring achievements in the last decade even after declaration of Brussels Programme of Action for 2001-10, said the prime minister.
"Though many LDCs had carried out socio-economic reforms, those were not matched by international support,"
"During the last decade GDP growth remained uneven due to rising commodity prices, obstacles to free movement of people, hindrance to free trade and global warming," the prime minister said.
LDCs' export earning declined and remittance stagnated but the poor countries are not responsible for that, she said adding, "In the Istanbul Action Programme LDCs must address these systemic issues in a holistic manner."
Climate change is a serious challenge to food security that threatens LDCs including Bangladesh, Hasina said.
"Funds pledged at CoP 15 at Copenhagen by developed countries last December needs to be disbursed immediately," she said.
Over 20 million people of Bangladesh will be affected due to climate change by 2050, she warned.
Finance minister AMA Muhith said most of the MDGs can be achieved by Bangladesh.
The government faced crisis on two fronts - international and domestic - when it took over the power one year back, he said.
The domestic factors included endemic corruption, poor law and order, high inflation, power shortage and a climate of fear among business circle, he said.
In the international front, global recession dampened the demand in the developed countries but stimulus packages of G-20 helped the world to get out of the crisis, Mr Muhith said.
The minister lamented that the rich countries cared little about the commitment it made under the Brussels programme.
"In the last nine years the LDCs received only a fraction of the funds committed."
The minister hoped that Dhaka would be declared as development capital of the world, Mr Muhith said.
Executive secretary of the ESCAP Dr Noeleen Heyzer said the first decade of the 21st century was mired with multiple development crisis.
"The development was very slow even though many LDCs invested wisely in social sectors," she said.
The poor countries are facing a new form of inequality as poverty is growing and support to agriculture is declining, she added.
"The reduction in the support results in the increase in rural indebtedness," Dr Heyzer said adding, "Foreign financial aid flow was insufficient for needs in 2008-09 fiscal."
The ESCAP official said there is a need to enhance regional economic cooperation to increase capacity and production and for development in infrastructure.
Secretary of Economic Relations Division (ERD) Mosharraf Hossain Bhuiyan said Bangladesh along with other LDCs has sought duty-free and quota-free market access to rich countries.
Prime Minister Sheikh Hasina has demanded better representation of the least developed countries in the international financial institutions (IFIs).
The IFIs include International Monetary Fund, World Bank and Asian Development Bank.
The LDCs need to receive overseas development assistance (ODA) speedily for mitigating the impact of world financial crisis and the rich nations should fulfill their commitments, she said at the inaugural ceremony of the high-level Asia Pacific policy dialogue on the Brussels Programme of Action for the LDCs at a city hotel Monday.
Brussels Programme was announced to achieve LDC progress in attaining the Millennium Development Goals and sustainable development.
The Bangladesh government and UN Economic and Social Commission for Asia and the Pacific (ESCAP) jointly organised the three-day programme for the preparation of 2011-20 Brussels Programme. Turkey is going to host the 4th UN Conference on the LDCs in 2011.
Hasina said the Istanbul conference does need to focus on two key challenges, good governance and corruption control.
The prime minister said ODA of 0.2 per cent of developed countries' GNI remains merely a target.
Insufficient technical assistance has hardly improved LDCs' ability to trade and the access to developed market has remained unfulfilled, she said.
The LDCs did not have inspiring achievements in the last decade even after declaration of Brussels Programme of Action for 2001-10, said the prime minister.
"Though many LDCs had carried out socio-economic reforms, those were not matched by international support,"
"During the last decade GDP growth remained uneven due to rising commodity prices, obstacles to free movement of people, hindrance to free trade and global warming," the prime minister said.
LDCs' export earning declined and remittance stagnated but the poor countries are not responsible for that, she said adding, "In the Istanbul Action Programme LDCs must address these systemic issues in a holistic manner."
Climate change is a serious challenge to food security that threatens LDCs including Bangladesh, Hasina said.
"Funds pledged at CoP 15 at Copenhagen by developed countries last December needs to be disbursed immediately," she said.
Over 20 million people of Bangladesh will be affected due to climate change by 2050, she warned.
Finance minister AMA Muhith said most of the MDGs can be achieved by Bangladesh.
The government faced crisis on two fronts - international and domestic - when it took over the power one year back, he said.
The domestic factors included endemic corruption, poor law and order, high inflation, power shortage and a climate of fear among business circle, he said.
In the international front, global recession dampened the demand in the developed countries but stimulus packages of G-20 helped the world to get out of the crisis, Mr Muhith said.
The minister lamented that the rich countries cared little about the commitment it made under the Brussels programme.
"In the last nine years the LDCs received only a fraction of the funds committed."
The minister hoped that Dhaka would be declared as development capital of the world, Mr Muhith said.
Executive secretary of the ESCAP Dr Noeleen Heyzer said the first decade of the 21st century was mired with multiple development crisis.
"The development was very slow even though many LDCs invested wisely in social sectors," she said.
The poor countries are facing a new form of inequality as poverty is growing and support to agriculture is declining, she added.
"The reduction in the support results in the increase in rural indebtedness," Dr Heyzer said adding, "Foreign financial aid flow was insufficient for needs in 2008-09 fiscal."
The ESCAP official said there is a need to enhance regional economic cooperation to increase capacity and production and for development in infrastructure.
Secretary of Economic Relations Division (ERD) Mosharraf Hossain Bhuiyan said Bangladesh along with other LDCs has sought duty-free and quota-free market access to rich countries.