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Global Meltdown Fallout

Govt seeks $500m more from ADB

Staff Correspondent
Bangladesh has sought additional assistance of $500 million from the Asian Development Bank (ADB) to generate more employment in the country against the backdrop of global economic recession.
"We have requested the ADB president to give us $500 million in addition to the regular assistance we get,” Finance Minister AMA Muhith told newsmen after a meeting with visiting ADB President Haruhiko Kuroda at the finance ministry yesterday.
The ADB president, however, at a press conference, gave an assurance that the ADB will give additional assistance to Bangladesh for dealing with the effects of the economic crisis and for pushing ahead with the country's development programmes.
"This will allow the government to scale up development programmes in response to the crisis, particularly infrastructure investment, while strengthening social safety nets to cushion the impacts on the poor and vulnerable people," Kuroda told the reporters at a city hotel after a meeting with Prime Minister Sheikh Hasina and the minister.
The ADB president announced that ADB is likely to increase its annual assistance package to Bangladesh to an average of $800 million in the next three years, up from $600 million a year during 2006-2008.
ADB plans to tap its counter cyclical support fund for the increased aid for Bangladesh. ADB recently set up a $3 billion countercyclical support facility to help its developing member countries to cope with the global economic crisis and sustain longterm growth.
The finance minister told the reporters that Bangladesh sought additional $500 million assistance from the counter cyclical fund for safety net programme, rural development and employment generation.
Muhith said the ADB has formed a $3.4 billion fund to face economic recession from where Bangladesh sought additional $500 million assis-tance for safety net programme, rural development and employment generation.
Replying to the queries, the finance minister said the ADB president has informed him that they have already received appeal for assistance to the tune of $3 billion from different countries.
The ADB would take decision regarding the share of the fund to be given to Bangladesh after reviewing all the appeals, he said.
Muhith said during the meeting with the ADB president, they discussed power, communications, the Padma bridge project, anticorruption drives and good governance.
Bangladesh Bank Governor Dr Atiur Rahman, Finance Secretary Dr Mohammad Tareque, ERD Secretary Musharraf Hossain Bhuiyan and other high officials were present.
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