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World Bank pats Dhaka for poverty alleviation policy

Star Report
Die World Bank has predicted success in Bangladesh's poverty alleviation efforts In the coming years, albeit in a cautious tone.
The Internationa) Bank for Reconstruction and Development UBRD), popularly known as World Bank, in Its Annual Report released globally yesterday said: If growth In the economy takes place, as envisaged, poverty Is likely to de
cllne tn the next few years.” , In Its four-paragraph evaluation of this poor South Asian Nation's economic performance tn the past one year, the Bank stated: "Preliminary evidence Indk-ates that economic activity began to accelerate at the beginning of 1992. Agricultural output (mainly foodgrain) is expected to further expand, while industry In showing signs of recovery ."'
The report sounded somewhat critical of the "traditional" programmes of poverty alleviation, giving a sort of stamp of approval to the new initiatives: "Recent efforts aimed at reducing poverty have focused on reorienting the pattern of public spending that goes to the poor".
"In the past, traditional programme targeted to benefit the poor, such as food-for-
work and vulnerable group-dc-velopment programmes, were expanded when resources permitted; efforts to enhance the developmental effect of these programmes proved to be only marginally successful, however."
Referring to the Introduction of the value added tax and other recent tax reforms, the report said: "A recent evaluation indicates that tax rev-
enues have increased as a result."
In the regional perspective, the Bank said, " .... Performance was noticeably weaker In Bangladesh, Nepal, and Shri Lanka" as far as the growth of gross domestic product (GDP) Is concerned.
The OOP growth averaged 4.8 per cent, with Pakistan performing an "impressive” 6.4 per cent and India's "note-
worthy" 5.3 per cent.
"Except in Shri Lanka, population growth rates remained high during the dec ade (198Os), slowing Increase in per capita incomes."
The WB report said poverty in Bangladesh retreated mod estly" in early 1980s, "but this salutary trend appears to have been halted during 1987-91 by economic slowdown and sue cessive floods and cyclone."
The World Bank said it had completed poverty assessment tn all South Aslan countries, excepting Sri Lanka, which would form its future poverty reduction programme in the region.
The World Bank's net credit disbursement to Bangladesh in the current year 1991-92 stood at 1589 million US dollars.
GDP in Bangladesh, India, and Shri Lanka grew quite rapidly during 1990's as a result of bumper harvests, the World Bank report said. The region's economies suffered from the effects of the oil shock in late 1990 and the political upheavals in the Soviet Union.
Economic growth during. 1980s in these countries including Bangladesh was modest but respectable, the report said.
Although the income remains low, a large number of South Asians— estimated about 560 million people, or half the world's total poor people — live in poverty with inadequate access to basic social services and lack of employment and other Income generating opportunities.
Lack of outward orientation of trade policies, weak financial sectors, res’trlctive labour markets. Inefficient parastatals and constraints on private sector have been mentioned as the major weaknesses In the region’s economies.
In most countries, the structural reform process had been slow and tentative, and the economic and social transformation required for dynamic and sustainable growth remained unrealised.
Meantime, the sustainability of macro economic imbalances increasingly became a major concern. Cutbacks on subsidies and unproductive spendings were typically constrained by political considerations and the difficulty involved in reducing private consumption.