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Reforms to continue to achieve 7pc growth

Finance Ministry report for donors says

By Shahriar Karim
Legal and Institutional reforms in economic, administrative. political and judicial fronts are essential but will take time to Implement, since democratic governments are complex and difficult.
Tn|s was stated in a Finance Ministry report prepared for the next donors' meeting, known as "Paris Meeting which will be held in Paris on April 3-4.
The Finance Ministry's economic advisory branch pre-
pared the 16-page report and sent it to the Economic Relation Department and Planning Commission. The department is preparing the government re port that will be submitted at the meeting in Paris.
The report discussed the gov ernment's macro environment plans for 1999-2000. macro economic management, poverty alleviation programmes, eco nomic analysis, good governance and institutional capacity building.
The report concluded the economy is stabilising, given the figures of growth, savings and investment, inflation, revenue and government expend! ture and forex reserves.
The report stated the 1998 flood had negative impact on the economy.
The Finance Ministry said Bangladesh has become a model lor other developing countries in this sector. The ministry provided statistics of the loan distributed by Grameen Bank and Palli Karma Shahayak Foundation, as well as the Ioans provided by commercial banks to different NGOs.
The report said the government goal is to achieve 7 per cent growth and 21.3 per cent savings in the third year of the fifth five year plan (1999-2000). The government will continue to implement infrastructural reforms to achieve this goal.
However, a senior official from the ERD said it will be difficult to woo the donors by saying we would continue to reform in different sectors unless we show some results.
Frederick Temple, country director of the World Bank, said governance, institutional development. transparency, poverty alleviation strategy, aid situation and reforms pro-gramme would top the agenda of the Paris meeting.
The ministry stated in the report financial and banking reform is a continuous process taking place in conformity with the time and circumstances.
The report also mentioned that steps have been taken to re-form the financial sector, some of which are in the process of implementation.
The report also mentioned a technical project, funded by the World Bank, that will help restructure the commercial banks.
Another World Bank project will reform the country's central bank. The cabinet is considering a proposal to upgrade the status of the central bank's governor to that of Comptroller and Auditor General, the report said.