Finance minister AMA Muhith Wednesday said micro-credit is not the lone initiatives to cut poverty in Bangladesh.
"The micro-credit has played a key role in Bangladesh to eradicate poverty. But other social-economic development initiatives are also imperative to cut the poverty," he said while speaking at a seminar in Dhaka.
The Palli Karma-Sahayak Foundation organised the seminar on "ENRICH, a new approach to development: a paradigm shift" on the occasion of its 25 years anniversary in Dhaka.
"Bangladesh's poverty is declining at a commendable rate. So, the country is now getting respect from other nations in the world. This development is happening due to role of all the sectors," Muhith said.
He said Bangladesh has been able to avoid the global financial meltdown as the government has supported flourishing the creative works for the development of the country.
"Not only the micro-finance institutions, any individual or any organisation will be getting support of the government for their creative development works," the finance minister said.
Muhith hoped that Bangladesh would be a developing nation within 5-7 years through raising macro-economic development indicators.
He said any certain development model of any non-governmental organizations should not be implemented across the country rather in a certain area or zone.
"I prefer to give opportunities to all the people to create something different which would help development of the country in any of the way. I do not want to restrict creativity of the people that could emerge anytime as a massive development backbone of the country," he added.
PKSF chairman Dr Qazi Kholiquzzaman Ahmad said the PKSF is now practicing the modern micro-credit system in Bangladesh.
Once the interest rate of the micro-credit was 15-35 percent which has now come down to below 27 percent, he said adding the present micro-financing is not only a financial support to a individual it is now a complete package of a family development.
PKSF General Manager Mashiur Rahman and Executive Director of the Wave Foundation Mohashin Ali presented two keynotes at the seminar.
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