Update December 13, 2015

Dhaka 5-10 pm, 25-October, 2020

WB chief economist lauds Bangladesh progress

Sumel Sarker

basu

WB chief economist lauds Bangladesh progress

13 December 2015, Nirapad News: World Bank (WB) senior vice-president and also chief economist Kaushik Basu commended the remarkable development progress of Bangladesh while meeting Prime Minister Sheikh Hasina Sunday.

During a call on to the Prime Minister at PMO in city, Kaushik Basu also praised Bangladesh’s efforts to create more and better jobs, a prerequisite for reducing poverty and boosting shared prosperity.

“Creating more higher-skilled jobs was a top priority for Bangladesh. Since 2003, the country was able to create 14 million higher-value jobs and bring more women into the workforce, which lifted millions of people out of poverty,” the WB chief economist said.

As many as 75 percent of the new jobs were created in manufacturing and service sectors, he added.

Basu also said, “But, there is no time for complacency. Bangladesh needs to create 21 million jobs in next 10 years for new entrants in job market. The country needs to address infrastructure bottlenecks, improve business and investment climate and enhance the quality of education and vocational training to create adequate jobs for its youths”.

“I am happy to be back in Bangladesh. The resilience of its people, the innovation and progress in this country has been impressive,” said Basu.

“Bangladesh has made great strides in promoting financial inclusion, and raising agricultural productivity. Indeed, other countries can learn from Bangladesh’s rich experience of reducing poverty and advancing the development agenda.”

Different issues on economic growth of Bangladesh were discussed in the meeting.

After the meeting, Prime Minister’s press secretary Ihsanul Karim briefed the media.

Highlighting country’s successes, PM Sheikh Hasina said the incumbent government sets a target prior to undertake any step.

Focusing on development of rural economy, she said economic development is needed for rural people.

During the time, she also highlighted different projects taken by her government for making a strong rural economy.

“We have advanced in agriculture. We do not need to import food grains,” the premier also said.

PM Hasina went on saying, “Government now is encouraging people for food processing”.

PM’s international affairs adviser Gawher Rizvi, economic affairs adviser Mashiur Rahman, principal secretary Abul Kalam Azad, Economic Relations Division (ERD) senior secretary Mohammad Mezbah Uddin Ahmed and Bangladesh Bank (BB) governor Atiur Rahman.

The visiting WB economist Basu is scheduled to meet senior government officials, including the finance minister and BB governor, among others. He will also meet the private sector leaders and development partners.

Since Bangladesh’s independence, the World Bank has been the country’s largest development partner in terms of volume of financing. The International Development Association (IDA), the World Bank’s fund for the poorest countries, currently supports 36 projects, with a total commitment of over $8.4 billion.

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