Finance Minister AMA Muhith Saturday was highly critical of the Washington-based World Bank (WB) for its failure to promote many innovative and risky activities in Bangladesh.

"The World Bank is shy of innovations, they don't undertake innovative risky activities including MTBF (medium-term budget framework)," Mr Muhith observed while speaking as chief guest at a seminar on the roadmap for deepening the MTBF in Bangladesh held at a city hotel.

Cabinet Secretary M Musharraf Hossain Bhuiyan attended the inaugural session as special guest while Secretary of the Finance Division Fazle Kabir, WB Country Programme Coordinator for Bangladesh and Nepal Andras Horvai and the additional secretary of the finance division spoke on the occasion.

The secretaries of major line ministries, divisions and other institutions, local and international experts were present in the seminar.

The Finance Minister, however, said two such types of innovative projects -- trade and industrial policy and water resources planning -- were forwarded to the WB in 1981 but they did not take any initiative to implement those.

"They felt shy of those projects," he added.

Mr Muhith claimed that after a few years, he found in a book prepared by the WB that those projects were included in it.

"I contested the WB's book," he added.

Mr Muhith was also critical of the high government officials about their ignorance of the details of MTBF procedures.

"I doubt whether all of you have read the MTBF document," he said terming the document an important text.

News: The Daily Financial Express/Bangladesh/9th-Dec-12

The World Bank (WB) Saturday said it would finance the US$2.9 billion Padma Bridge project only after a full and fair probe by the Anti-Corruption Commission into graft allegations.

"The World Bank will proceed with support for the Padma Bridge only if the Anti-corruption Commission (ACC) launches a full and fair investigation based on evidence of corruption under the project," said Ms Ellen Goldstein, WB country director in a statement.

The WB Dhaka office issued the statement two days after an inconclusive meeting between the independent anti-corruption expert panel of the Washington-based lender and the ACC on the Padma Bridge graft inquiry.

During its second visit to Bangladesh last week, the expert panel noted several unresolved issues and further encouraged the ACC to follow available evidence in determining the scope of its investigation, Ms Goldstein said.

She reconfirmed that the Bank had provided extensive information to the ACC to support such an investigation.

"Following its first visit to Bangladesh, the external panel encouraged the ACC to launch a full and fair investigation based on available evidence and in full accordance with Bangladeshi law," Ms Goldstein said.

ACC sources said they sought more information from the WB external panel during the meeting last week before taking legal action against the persons suspected to have been involved in the Padma Bridge "corruption conspiracy."

The Bangladesh's anti-graft body will review the inquiry report of its investigation team based on the legal provisions of the country as it (team) has found nine persons including ex-communications minister Syed Abul Hossain involved in the Padma Bridge corruption conspiracy.

After the meeting with the WB panel Thursday, ACC legal adviser Advocate Anisul Haque said they had reached a stage through discussions with the panel. People have to wait for a few days for a decision.

Ms Goldstein in her statement said the WB external panel would issue a statement when the ACC completes its review and takes a final decision on the scope of the investigation.

News: The Daily Financial Express/Bangladesh/9th-Dec-12

Ekramul Hoque, Managing Director of Al-Arafah Islami Bank Limited, presides over a view exchange meeting with the branch managers at the bank’s Head Office in Dhaka Saturday.

Al-Arafah Islami Bank Limited recently organised a meeting to exchange views with branch managers of Dahaka region.

Ekramul Hoque, Managing Director of the bank presided over the meeting at the bank’s Head Office in Dhaka Saturday, said a press release.

The meeting discussed various issues relating the overall performance of the bank.

News: The Daily Sun/Bangladesh/9th-Dec-12

Altaf Hossain Sarker, director of Dhaka Bank Limited, inaugurates 70th branch of the Bank at Shahjadpur in Sirajgonj recently.

Dhaka Bank Limited opened its 70th branch with modern banking facilities and online banking at Shahjadpur in Sirajgonj recently.

Altaf Hossain Sarker, former Chairman and Director of the Bank inaugurated the branch as chief guest, said a press release Saturday.

Khondker Fazle Rashid, Managing Director, Emranul Huq, Deputy Managing Director, branch managers and distinguish clients were also present.

News: The Daily Sun/Bangladesh/9th-Dec-12

Continuing its effort to mark its arrival on the global stage, India will provide Rs 112.946 billion to the International Monetary Fund’s New Arrangements to Borrow (NAB) facility. Government on Friday sought Parliamentary approval towards this end.

Last year also India provided over $2 billion to the IMF’s fund to help bailouts in Europe and other parts of the world. As part of efforts to overcome the global financial crisis , in April 2009, the Group of Twenty (G-20 ) industrialized and emerging market economies agreed to increase the resources available to the IMF by up to $500 billion (which would triple the total pre-crisis lending resources of about $250 billion) to support growth in emerging market and developing countries, according to IMF.

IMF said this broad goal was endorsed by the International Monetary and Financial Committee (IMFC) in its April 25, 2009 communique . The increase was made in two steps: First, through bilateral financing from IMF member countries ; Second, by incorporating this financing into an expanded and more flexible NAB. On September 25, 2009 the G-20 announced it had delivered on its promise to contribute over $500 billion to a renewed and expanded NAB, according to the IMF website.

Currently, the fund has sixteen active bilateral loan agreements worth about $200 billion and two active bilateral note purchase agreements for about $60 billion.

—The Economic Times

Forex reserve down

Mumbai: The foreign exchange reserves of the country fell by USD 471.3 million to USD 294.51 billion for the week ending November 30 due to slide in gold reserves and core currency assets, the Reserve Bank said on Friday.

The overall reserves had increased by USD 1.45 billion to USD 294.98 billion in the previous reporting week. For the week ended November 30, the gold reserves slid by USD 386.2 million to USD 27.80 billion, the RBI said.

Similarly, the core foreign currency assets, a major part of the reserves, also dropped by USD 125.7 million to USD 260.01 billion, the central bank said in its weekly statistical supplement. Foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves, the apex bank said.

For the week under review, the special drawing rights (SDRs) were up by USD 26.9 million to USD 4.430 billion, while the country’s reserve position with the IMF was up USD 13.7 million to USD 2.264 billion, the RBI data showed.

News: The Daily Sun/Bangladesh/9th-Dec-12