WB to provide $100m to ensure food security
Monday, 21 July 2008
The World Bank (WB) would provide $100m to Bangladesh in the first phase as budgetary support to help the country build food security, reports UNB.
The assurance came Sunday after a meeting between the visiting WB Vice-President (VP) for South Asia Isabel Guerrero and Finance Adviser Mirza Azizul Islam at Planning Commission.
WB Country Director Xian Zhu told reporters that they would provide the said amount in the first phase, which would be increased further in phases.
Isabel Guerrero also assured to increase their assistance in different sectors of the country this year. Referring to Bangladesh's success in achieving the Millennium Development Goals, the WB vice-president said Bangladesh is in a good position to move forward.
The finance adviser said they mainly discussed three challenges - climate change, global food price hike and food security.
He also said they sought WB's assistance in reducing the rate of budget deficiency along with aid from WB's Food Crisis Respond Fund to ensure food security.
Isabel Guerrero Sunday concluded a two-day visit to Bangladesh, her first visit to the country as WB VP for South Asia, a position she commenced on July 2, 2008.
During her visit, Guerrero met with Chief Adviser Dr Fakhruddin Ahmed and Finance Adviser Dr AB Mirza M Azizul Islam to discuss the WB's programmes here and how they can help the country address the shocks of rising commodity prices, particularly of oil, food and fertiliser.
"The rise in food prices, and particularly of rice, has really hit the poor people in Bangladesh," Guerrero said. "I am heartened by the government's efforts to help the farmers achieve a bumper Boro harvest and to protect the poor from food price inflation, and we remain deeply committed to help them overcome this urgent challenge."
Given the declining availability of land for agricultural uses, she also emphasised the critical need for increasing agricultural productivity in the medium-term in order to enhance food security in Bangladesh.
The WB is currently preparing an operation under the World Bank's Food Crisis Response Programme (FCRP), focusing on fiscal issues, social protection, and agriculture, she said.
The Bank is also conducting a household level survey to directly gauge the impact of food price increases on the poor in Bangladesh.
With the Chief Adviser and Finance Adviser, Guerrero also discussed key development priorities including infrastructure, human development, climate change, and the government's governance programme. Guerrero lauded the government, for its commitment to economic policy reforms and its anti-corruption drive.
The assurance came Sunday after a meeting between the visiting WB Vice-President (VP) for South Asia Isabel Guerrero and Finance Adviser Mirza Azizul Islam at Planning Commission.
WB Country Director Xian Zhu told reporters that they would provide the said amount in the first phase, which would be increased further in phases.
Isabel Guerrero also assured to increase their assistance in different sectors of the country this year. Referring to Bangladesh's success in achieving the Millennium Development Goals, the WB vice-president said Bangladesh is in a good position to move forward.
The finance adviser said they mainly discussed three challenges - climate change, global food price hike and food security.
He also said they sought WB's assistance in reducing the rate of budget deficiency along with aid from WB's Food Crisis Respond Fund to ensure food security.
Isabel Guerrero Sunday concluded a two-day visit to Bangladesh, her first visit to the country as WB VP for South Asia, a position she commenced on July 2, 2008.
During her visit, Guerrero met with Chief Adviser Dr Fakhruddin Ahmed and Finance Adviser Dr AB Mirza M Azizul Islam to discuss the WB's programmes here and how they can help the country address the shocks of rising commodity prices, particularly of oil, food and fertiliser.
"The rise in food prices, and particularly of rice, has really hit the poor people in Bangladesh," Guerrero said. "I am heartened by the government's efforts to help the farmers achieve a bumper Boro harvest and to protect the poor from food price inflation, and we remain deeply committed to help them overcome this urgent challenge."
Given the declining availability of land for agricultural uses, she also emphasised the critical need for increasing agricultural productivity in the medium-term in order to enhance food security in Bangladesh.
The WB is currently preparing an operation under the World Bank's Food Crisis Response Programme (FCRP), focusing on fiscal issues, social protection, and agriculture, she said.
The Bank is also conducting a household level survey to directly gauge the impact of food price increases on the poor in Bangladesh.
With the Chief Adviser and Finance Adviser, Guerrero also discussed key development priorities including infrastructure, human development, climate change, and the government's governance programme. Guerrero lauded the government, for its commitment to economic policy reforms and its anti-corruption drive.