Let Bangladesh be top recipient of IDA credit for nine more years

WASHINGTON D.C, Oct 10: Bangladesh is interested to receive the highest amount of credit for nine more years from the International Development Association (IDA), the soft lending arm of the World Bank, to expedite poverty reduction process, Finance Minister AMA Muhith said here yesterday.
"The impact of IDA assistance has been very well in the case of Bangladesh. Here, IDA has a big role in poverty reduction," he told a media briefing, following conclusion of the three-day annual meetings of the World Bank (WB) and International Monetary Fund (IMF).
"So, a festival celebrating the success achieved on poverty reduction can be held in Bangladesh," he said, adding: "We want to stay as the largest recipient of IDA credit for nine more years."
Encouraged by the recent successes, Bangladesh wants to expedite the rate of its poverty reduction and achieve the Sustainable Development Goal-1 (SDG-1) -- reducing extreme poverty below 3 per cent -- much ahead of the global target by 2030.
It also wants to graduate from the lower middle income country to middle-income one by 2021.  
Bangladesh already remains at the top of the list of the IDA credit recipient countries, with a total commitment of nearly US$ 24 billion in IDA support for Bangladesh so far.
Asked about his expectation from the WB as its President Dr. Jim Yong Kim is scheduled to visit Bangladesh next week, Mr Muhith said Dr Kim selected Bangladesh because the country deserves the honour in view of its success in poverty reduction.
"Bangladesh is the recipient of the largest volume of IDA credit and it has achieved success, no failure," he said, replying to a question.
The WB president has praised Bangladesh for its recent achievement in poverty reduction. He is scheduled to arrive in Dhaka on October 17 on a two-day visit to Bangladesh and see for himself the ongoing poverty reduction programmes in the country.   
Replying to another question, the finance minister said the IMF has brought changes in its policy and transformed it into an organisation working for development and growth from its previous role as a regulatory body.
"Now, there is no difference in the role of the IMF and the World Bank. The duo is now working together on growth and development," he said, terming it as a major policy shift in the global economic front.
"If growth takes place in poor countries, the developed nations would somehow get the benefit out of it. So, now they are looking towards development and growth in poor countries," he added.
Mr Muhith said the voice of poor nations in the IMF and the World Bank activities now being heard more than before. "And, nowadays, the policies are being prepared by taking our interests into consideration."
"We're getting the benefit due to the policy changes. We are growing rapidly," he said, adding that Bangladesh took 45 years to reach the present level of development as compared to 200 years needed in cases of Britain, France and some other developed countries.
[email protected]