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Time for diplomacy

Govt plans to talk with key countries, donors before seeking WB review of Padma pullout decision

Rejaul Karim Byron
Dhaka plans to launch diplomatic efforts with the US, the UK and India and talks with key development
partners before proposing that the World Bank reconsider the Padma bridge financing.
The government wants to makeDiplomacy
FROM PAGE 1
said a top official source yesterday.
The cabinet meeting on Monday decided to discuss the issue with the three countries and ADB, Jica and IDB and initiate sending the proposal to the global lender if the situation improves.
The government also aims to ensure that the project co-financiers do not back off in case of a negative response from the WB again, the source added.
"ADB, Jica, IDB, the US, the UK and India have shown their interest [in helping resolve the issuel. We will take their advice [before seeking a WB review],” Finance Minister AMA Muhith said yesterday.
"Of course, they have asked the WB to settle the issue quickly," he told the press at the Cabinet Division of the secretariat after his meeting with deputy commissioners.
"The US, the UK and India asked the WB to work out the issue. They did that on different occasions," he said. "I have to request them to look at it."
When journalists mentioned Sunday's cabinet decision not to request the WB for a review, the minister said, "We've decided not to make the proposal for the time being. We will monitor the situation."
A finance ministry official said the government was delaying making the proposal to the WB because a further refusal would mean further embarrassment.
"The government will first discuss the issue through various diplomatic channels. The process has already been initiated. Later, it will proceed to make a proposal to the WB."
The government is focused on convincing the Asian Development Bank (ADB), Japan International Cooperation Agency (Jica) and Islamic Development Bank (IDB) to honour their funding commitments.
Besides, it would seek additional funding from them to construct the 6.2km bridge.
If the government finally moves to build the bridge with its own money, it will require a lot of foreign currency. Eighty percent of Tk 15,000 crore for the main bridge construction and 60 percent of Tk 6,000 crore for river training will have to be met by foreign currency, said the ministry official.
The World Bank has cancelled its $1.2 billion credit for the Padma bridge construction on graft alle-g a t i o n s involving Bangladeshi officials.
Of the co-financiers, IDB and Jica have not yet followed suit while the ADB said it was “unable” to finance the project.
Muhith said yesterday that apart from the WB, no co-financer had cancelled their funding. "We are hopeful that others will stay."
"We are ready to construct the bridge with our own feed, but I think we might not have to do it alone.”
However, the minister said the government had already allocated this fiscal year's funds for the project. "We may have to provide s o m e m o re m o n e y."
sure the proposal for the country's largest ever infrastructure project does not get brushed aside again,