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Saifur for economic reforms to accelerate pace of development
Finance Minister M Saifur Rahman Monday underlined the need for carrying out economic reforms to accelerate the pace of development and build a self-reliant Bangladesh.
Talking to BSS at Zia International Airport on his return from Washington after attending the World Bank-IMF annual conference, Rahman satd we have to go ahead with our economic programmes as we have no other option In the changed global economic scene and belt-tightening aid climate amid worldwide recession-
"We have to face the challenge of development by massive investment in human resource development, education, health, sanitation, environment and infrastructure to boost production, create more and more Jobs and alleviate poverty," he said.
The Finance Minister said the chiefs of the World Bank and IMF had appreciated the macro-economic management
of present government and had assured the minister of all possible cooperation.
Pointing to the outcome of the World Bank-IMF annual conference. Rahman said that for the first time both the Bank and Fund had asked the industrialised countries to ini-liate economic reforms and provide real resources to the developing countries.
He said both the World Bank and IMF had criticized the industrialised countries for not fulfilling their obligations in stimulating world economy to come out of the current recession.
The Bank-Fund conference also asked the industrialised nations to speed up the con-' elusion of the Uruguay Round, he added.
Rahman said that Bangladesh had played a vital role in the annual conference.
The Finance Minister during his stay in Washington also met World Bank President Lewis Preston who assured of
the Bank's continued assistance in the development efforts of Bangladesh and had indicated his desire to intensify it.
The uncertainties in the European monetary system, Rahman said, indicated the necessity of IMF role in the global economy, particularly in regard to maintaining economic stability in the developing world.
During his stay in Washington the Finance Minister had hosted a lunch for the Finance Ministers of the SAARC member countries attending the Bank-Fund meeting and exchanged views on matted of mutual interests.
Rahman said the SAARC Finance Ministers had appreciated the initiatives of Bang ladesh to moot the idea of the SAARC and also the idea of holding SAARC Finance Ministers' meeting at the time of the World Bank-IMF annual conference.
The SAARC Finance Minis-
ters decided to hold regular meetings to foster closer economic cooperation and strengthen understanding of regional and global economic issues for mutual benefit, he added.
The Finance Minister also met the state department officials, who had appreciated the macro-economic management of the democratic government of Bangladesh and assured him of greater cooperation for the overall development of the country.
Pointing to the currency crisis in the Western world, differences over the exchange rates between the United Kingdom and Germany and clashes of viewpoints over European integration. Rahman said they had to undergo the painful path of economic reforms. /
•"We have to go ahead with our economic reform programmes for the economic emancipation of the people of the country," he added.