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WB toughens stance onVRS funds

Reiaul Karim Byron
The World Bank (WB) has informed the government that it would cancel the allocation of money for Voluntary Retirement Scheme (VRS) if the excess manpower in industrial units were not retrenched.
Citing the observation of a Bank mission, WB Acting Country Director Robert L Floyd in a letter, sent last month to the finance ministry, said the mission may cancel a part of the undisbursed VRS money.
"Given that there is still a sizeable amount of undisbursed VRS money under EGBMP (Enterprise Growth and Bank Modernisation Project) and only 18 months remain before the project closes, the mission is of the opinion that part of the undisbursed VRS money should be cancelled," Floyd said.
The WB senior official has called upon the government to let the donor agency know by August 30 about its stance regarding the VRS programme. If the government fails to do so, the Bank may transfer the money to other components ofthe project, he said.
However finance ministry high officials said the government has no plan to retrench staff or privatise any more state-owned enterprises (SOEs) due to the global recession, and the message will be conveyed to the WB soon.
The EGBMP was initiated in 2004 and the total outlay by two donors was $338 million - the WB financed $250 million and the UK Department for International Development (DFID) $88 million.
Ofthe amount, the allocation for VRS programme was $245 million.
The WB mission in June conducted a detailed review of the EGBMP, whose tenure will expire next year. Under the WB reform programme of the SOEs, around 50,000 people lost jobs and more than $200 million was spent for them in line with the VRS.
Under the programme, Adamjee Jute Mills and Chittagong Steel Mills were shut down. Works for turning the two mills into export processing zones are going on. Chittagong Steel Mills has been turned into Karnaphuli EPZ. About 1.5 lakh new jobs will be created once Adamjee and Karnaphuli EPZs go into full operation, the WB mission in its evaluation report said.
The WB official said: "Within a short span some new firms have already become operational in the two zones with new industrial employment, and limited exports have started. "
The report said about 70 industrial units are going to be set up in Adamjee EPZ. So far 153 plots have been made ready and handed over to 35 new private investors.
Some entrepreneurs have completed construction works and already are in production, and others are going to join the band soon.
Once Adamjee EPZ becomes fully operational, it will create direct employment for about 70,000 people, the report said.
Karnaphuli EPZ, once fully developed, will have 210 plots. So far 100 plots have been readied and 73 plots have been allotted to 14 new industries. These 14 industries are expected to generate 24,000 new jobs, added the report.
The number of employment will be over 50,000 if the EPZ goes into full operation.
Under the EGBMP, Chittagong Chemical Complex (CCC) and Khulna Newsprint Mills (KNM) were also shut down. The WB mission was earlier informed that the government has decided not to go for refurbishment programme of Khulna Newsprint Mills due to a lack of investors' interest in the potential industrial park in that area.
The mission said it feels that both the CCC and KNM should be dropped from financing under the EGBMP.