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Govt to go all out for more WB aid

Rejaul Karim Byron
A high-powered government team is going to hold a special meeting with the World Bank (WB) on June 22-23 to seek more assistance for different sectors including power, education, agriculture and infrastructure, especially Padma Bridge.
The donor agency earlier promised $300 million for die construction of the bridge, but the government will seek more assistance for the gigantic project worth $ 1.80 billion.
The three-member team led by Dr Moshiur Rahman, the prime minister’s finance and planning adviser, left Dhaka yesterday for Washington to hold meetings with different level officials ofWB at its headquarters.
However finance ministry officials said the WB might raise a number of issues at the meetings such as amendment to the Public Procurement Act (PPA), privatisation policy and tax protection rate in the coming budget.
Around 50 percent of the foreign assistance Bangladesh receives every year comes from the WB. supporting a big pan of its annual budget.
Bangladesh got $2.06 billion in total foreign aid in fiscal 2007-08, which is the highest since the independence of the country. But in the first nine months of the current fiscal year (2008-09) the foreign aid flow was 2 percent lower compared to the same period a year earlier.
The country has set a target of getting $2.23 billion, of which $1.3 billion from the WB. in foreign aid in the next fiscal year to implement the big annual development programme (ADP).
The government is scheduled to start work of six-kilometre-long Padma Bridge next fiscal year and hopes to complete the work by 2014 -15.
Japan has already completed detailed review of the bridge. Although the Asian Development Bank, Japan and Islamic Development Bank have assured assistance for the project, there will remain a big crunch that has compelled the government to seek more assistance from the WB.
Officials said the next fiscal year's budget might come up in the discussion at Washington. However the safety net programmes taken in the budget may be lauded.
The WB has been asking the country for the last few years to cut down the tax protection rate, which came down to 21 percent in the current fiscal year.
In the four-tier duty slab for the next fiscal year, the 7 percent rate for industrial raw materials has'been reduced to 5 percent. However a 5 percent regulatory duty has been slapped on finished products, which would be added to the 25 percent duty slab on the imported goods to protect local industry. As a result the overall tax protection rate may be 22-23 percent.
The government has taken initiatives to amend some articles of PPA and the WB Dhaka office has raised an objection to six proposed amendments.
On privatisation issue, the government has shifted from the policy of the earlier government. The finance minister in his budget speech said the government would not privatise any organisation in the next fiscal year.