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Saifur for more aid, market access

WB-IMF meet begins in Washington

UNB, Dhaka
Finance and Planning Minister M Saifur Rahman, has urged the developed nations to give exports from low-income countries necessary market access apd to execute recent initiatives for increasing aid to avert ncwpcrilsbcingspawncd in poverty.
He also urged the donor community to set up a newfinancing facility to help the low-income countries absorb the rising oil-price shocks.
"Any failure to do so would expose the world community tp new challenges and risks," he said addressing the plenary session of the 2005 Bank-Fund Annual Meetings in Washington on Sunday.
according to a message received in Dhaka yesterday.
"Lack of availability of needed assistance will not only be a major roadblock to MDGs but will also create new challenges for the developing countries to sustain domestic support to accelerate the pace of reforms," he cautioned.
Saifur, who is also the governor for Bangladesh of the Boards of Governors ofWorld Bank Group and IMF, welcomed the recent initiatives for increasing aid commitments, providing debt relief, introducing innovative sources of development financing, and improving the quality of aid and its effectiveness.
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He expected that the additional commitment of aid should be directed to the poorcountricson the basis of their actual needs, demonstrated utilLsation performance and improved governance. "No amount of aid is likely to deliver poverty reduction without sound institutions and governance in a country," hecategoricallysaid.
The minister pointed out that aid alone is not the panacea for poverty reduction and recalled the Monterrey Consensus that recognised trade as the engine ofgrowth.
He said the common goals set by the world leaders through the consensus rekindled hopes of a better life forabout three billion poorof the world who earn less than two dollars a day. "Insecurity of livelihood and lives of these poor people emerge as a tlireat to peace and security any-wherein the world."
The Monterrey Consensus and wide-ranging participatory process in developing PRSP have popularised MDGs throughout the developingworld. "But we are for away from the set goals," Saifur said, emphasising that it was high time to act together to deliver on these promises to meet the growing aspi-rationofthepoor.
About the continued improvement of policies and governance by many developing countries, he mentioned that faster reduction of
income poverty is a formidable task without stronger economic growth led by sizeable investment in infrastructure and capacity building.
He referred to the devastating impact of oil-price hike on the economy of low-income countries and said macroeconomic balance and poverty- reduction strategies of these countries have been thrown outofgear.
The finance minister apprised the meeting of Bangladesh's achievement of over 5.5 percent annual growth despite all this adversity. Bangladesh made Impressive gains in human development rallying the country to the category of medium developed countries in the Human Development Index, he said.
"As part of governance improvement, Bangladesh has been implementing a series of institutional reforms In almost all sectors to minimize waste and inefficiencies and curb corruption," he told the donors.
Bangladesh Ambassador to the United States Shamser M Chowdhury, World Bank Alternate Director Zakir Ahmed Khan, Bangladesh Bank Governor Salehuddin /Mimed, ERD Secretary Ismail Zabihullah and Finance Secretary Siddiqur Rahman Choudhury were among the members of Bangladesh delegation to the meetings. <