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Stand together to get G20 fund share

Muhith calls upon Asia Pacific countries at workshop on recession

Star Business Report
Finance Minister AMA Muhith yesterday called upon the Asia Pacific countries to raise their voice together to claim their share from a G20 fund created to tackle the fallout of global recession.
He also demanded a proper distribution of the S1.1 trillion fund generated by G20 leaders in April this year to help developing countries and stimulate world trade. Of the fund, developing and poor countries will receive only $50 billion.
The World Bank and the International Monetary Fund are likely to manage the fund.
The minister also expressed dissatisfaction at the poor allocation of $50 billion for the underprivileged countries to deal with the financial crisis that originated in the developed countries.
“There is a group of vulnerable countries and what kind of system should be followed to distribute this fund is very important," Muhith told the inaugural session of a four-day regional workshop on strengthening responses to the global financial crisis in the Asia-Pacific region at Sonargaon hotel in Dhaka.
United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and the Bangladesh Bank jointly organised the programme to work out realistic and viable policy suggestions required for the region to weather the ongoing global recession.
Finance ministry and central bank
officials of 17 Asia Pacific countries, including China, India, Malaysia, Fiji and Russia, are taking part in the workshop.
Muhith also came down heavily on the global financial regulators — IMF and WB -- for their 'sheer failure’ to warn member countries about the recession.
"Early warning system has totally failed. We've to think about restructuring the system," said the minister.
He also urged the participating countries to work together for restructuring the global financial system that he said had failed to give the countries warning before the financial crisis.
The finance minister also felt the necessity to change the global attitude to use resources for trade financing in the
wake of the financial meltdown that has affected trade financing badly.
"Reserves could be used for trade financing such as purchase of fuel, fertiliser and food,” Muhith suggested.
Easy access to trade financing is crucial to absorb financial shock, he said.
The minister however said keeping up the domestic demand is vital to absorb the shock following a decline in demand.
“Creating domestic demand is most obvious to mitigate the impacts of the crisis,” he said.
More spending is needed for social and infrastructure development to keep the domestic demand up amid the crisis, he suggested.
Bangladesh Bank Governor Dr Atiur
Rahman presented a keynote paper at the session chaired by BB Deputy Governor Nazrul Huda. Nagesh Kumar, director of Macroeconomic Policy and Development Division of ESCAP, delivered the address of welcome.
Rahman called upon the regional countries to strengthen cooperation in response to the current crisis.
“To grow intra-regional trade is required to reduce dependence on North American and European markets," he said.
A strong regional bond market can also help channel regional savings into real sectors, he added.
The governor also echoed the finance minister for restructuring the global financial system.