Bangladesh on track to development despite economic challenges: Finance minister
Ifad wants to work jointly with the government for the development of rural areas, its country director says
Finance Minister Abul Hassan Mahmood Ali has said Bangladesh is on the track to recovery and is slowly but steadily returning to the trajectory of development despite facing some economic challenges.
The finance minister made the remarks to reporters after a meeting with Arnoud Hameleers, country director of the International Fund for Agricultural Development (Ifad), at his office in the Secretariat in Dhaka yesterday.
The finance minister said Bangladesh is currently performing well, but it has not yet come out of its problems. "Bangladesh is on an upward trajectory. The view of some people that the country has gone bankrupt or will go bankrupt is not correct. Bangladesh has not gone bankrupt. A country of this size will not go bankrupt."
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He further said, "There is a crisis, but it is slowly abating. The formation of a new cabinet does not mean that everything will be fixed overnight. It will take time. Bangladesh, which is a country of possibilities, is back on track."
Arnoud Hameleers said Ifad wants to work jointly with the government for the development of rural areas.
Ifad has so far invested $2.1 billion in various projects in Bangladesh, he said, adding that currently, seven projects are ongoing. "There are many more opportunities to work. Ifad wants to work specifically on innovation and climate change mitigation in the agriculture sector. There have been discussions on how to further increase investment in these areas in the future."
Ifad wants to help Bangladesh connect to the international market and set up a value chain system, Arnoud Hameleers said.
The finance minister said Bangladeshi farmers are doing very well. "However, there are also many problems. Marketing is one of the problems. Products go to middlemen and intermediaries before they reach Dhaka. We are trying to figure out how to change this. Ifad is cooperating in this regard."
There are many other partner organisations besides Ifad who extended their cooperation, he said, adding that the government will work with all of them to take ideas and financial cooperation.
Earlier, the French government's special envoy for climate affairs, Stephen Crozat, paid a courtesy call on the finance minister. At that time, he mentioned that Bangladesh has been provided with 100 million euros in assistance, including loans and grants, to combat the risks of climate change.
The Japanese ambassador to Bangladesh, Iwama Kiminori, also paid a courtesy call on the finance minister. During the meeting, the ambassador pledged Japan's continued support for Bangladesh's economic development.
