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WB to review its approach to Dhaka

Says it is worried over slide in governance but still hopeful about Padma bridge financing

Staff Correspondent
The World Bank yesterday said it is worried about a slide in the quality of governance in Bangladesh over the last two years.
The lender will also take a stricter 'fi-
nancing strategy' for Bangladesh mainly due to frustration that arose out of a lack of transparency and corruption allegations mainly in the Padma bridge project.
Ellen Goldstein, the WB country director for Bangladesh and Nepal, said, "We are worried about the last two years' deterioration in the governance in Bangladesh.”
The recent corruption problems in the WB projects have prompted the lender's senior management to question its overall engagement in Bangladesh, said Goldstein.
“Should we do business in Bangladesh?”
She was speaking at a meeting organised by American Chamber of Commerce (AmCham) in Bangladesh at Ruposhi Bangla Hotel.
Goldstein, however, said they did not yet shelve the Padma bridge project and is talking with the government on the issue.
“I remain hopeful, very hopeful about the Padma bridge,” she said.
In a presentation --Development with integrity: addressing the governance challenges in Bangladesh — the WB official said the governance situation is very poor in Bangladesh although the country is improving gradually in various indicators of governance.
She also criticised the
government's huge borrowing from private financial institutions.
“Structural reforms have been very slow. A lot could be done in the areas such as investment climate.”
She said there are problems in the independence and efficiency of regulations for telecoms and securities sectors.
On the recent political developments, she said: "There are uncertainties in political environment and pressure on the media; non-governmental actors are worrisome."
Goldstein said a WB team in February reviewed the risks, safeguards and strategies of the WB projects in Bangladesh to help address the governance challenges in the country.
The team has developed a new approach to address the fraud and corruption risks in the WB projects.
The lender will now take safeguard measures to manage risks and enhance fiduciary controls to protect its resources.
The WB will also strengthen systems for good governance and fighting corruption, and promote transparency and domestic accountability
mechanisms, she said.
Goldstein also said the WB is going to introduce independent auditors for its projects.
However, she praised the budgeting process in Bangladesh, saying policybased budgeting, predictability in budget execution, accounting and reporting, external scrutiny and audits have improved hugely over the past few years.
The government has reduced public audit backlogs by 96 percent, she said.
Bangladesh has a remarkable track record in terms of development, Goldstein said, adding that growth is accelerated consistently and poverty has been reduced.
"Social welfare indicators have also improved."
However, she opposed the amendment to the public procurement rules that took place in2010.
The rules are the best in South Asia, except the amendment, she added.
Aftab ul Islam, president of AmCham, requested the government to take seriously the issues raised by the WB on the Padma bridge project and make practical efforts.