Dr S Hafeez Rahman is the director general of Asian Development Bank's South Asia Department (SARD), a post that has never been held by a South Asian. SARD that covers Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lanka is ADB's largest department.

Dr Rahman, who retires today from ADB after serving the organisation for nearly 20 years, was involved in a number of landmark ADB operations, including resumption of the Bank's operations in Vietnam in 1994 and Afghanistan in 20022003. He initiated ADB's assistance to Kazakhstan in 1995 in the aftermath of the collapse of the Soviet Union.

He also played a big role in ADB's stabilisation and recovery assistance to the countries hardest hit by the 1997-1998 Asian financial crisis. Dr Rahman also served as ADB's country director in Nepal during the turbulent times of civil conflict.

Prior to joining ADB, Dr Rahman worked with Bangladesh Institute of Development Studies (BIDS) and was a member of several government, regional, and international expert panels and committees. Recently, he spoke to The Daily Star on a wide range of issues -- from foreign aid to development activities, Bangladesh's economic problems at the moment, the Padma Bridge and his retirement plans -- at ADB's Dhaka office.

Development requires certain changes in mindset; there is no tomorrow in development because needs are increasing every day, Rahman said. “It must be today or yesterday. You have to reform your institutions if things are not happening today or yesterday.”

Rahman said institutions in Bangladesh are lagging seriously in project management, supervision, coordination and project approvals.

“They (institutions) need quick reforms in order to be able to focus on development,” he said.

Foreign aid is needed for many countries and it can very useful if it is used efficiently, he said. There are examples of more efficient uses of aid -- it gives you the breathing space and time unlike a commercial bank, he added.

Rahman focused on efficient aid utilisation as Bangladesh is not getting the funds promised by development partners worth over $13 billion, even though the economy is passing through a difficult time.

“You have to have the mechanism…if you are too slow, it ends up wasting resource,” Rahman said.

He cited examples of how things would get difficult for unnecessary delays in implementation. “If a drinking water project's implementation period is 5 years and if one takes 7-8 or 9 years to execute it, the amount of water you produce would be inadequate.”

He also emphasised partnerships between the public and private sector in taking development issues seriously.

“The most important indicator for a country that can be set to take development seriously is when everybody in the government and private sector starts believing that time is money and we have to be efficient.”

According to him, Bangladesh needs to show urgency that it needs foreign aid. But showing urgency is not enough, the government has to carry out reforms quickly to use aid effectively and speed up development works, he added.

He cited India's example of portfolio management that has improved significantly in the past few years. ADB disburses $2 billion in foreign aid to India annually out of a promise of $3 billion.

“It happens when the government is serious,” said Rahman. “But even 5-6 years ago, India was similar to Bangladesh in aid utilisation.”

On Bangladesh's bottlenecks in aid utilisation, he said the Economic Relations Division (ERD) knows what the problem is.

Rahman advised the government to form a coordinating body or cell that would identify bottlenecks and accordingly, take action. He said Indonesia had formed such a body in the mid 90s to accelerate development works. The body met only top ministers before taking a decision, he added.

The conditions set by donors are much-talked issues in recipient countries, said the ADG DG. He also focused on this point and said these are very common to any lender, whether it is a commercial bank or World Bank or ADB.

“We are accountable to the shareholders. Donors put taxpayers' money and we have to make sure that every dollar is spent efficiently,” Rahman said.

There are other advantages to getting involved with the donors, he said.

“Donors bring the best international practices (from design to supervision), which is the beauty of borrowing from them.”

He however said Bangladesh has improved a lot in aid utilisation than what it was 10 years ago.

The ADB top official said the Bangladesh economy has been doing well until recent months. He said the problems came from fuel import payments. But it is manageable by coordinating fiscal and monetary policies. He also said high inflation is posing a big challenge for Bangladesh.

On the Padma Bridge, Rahman said ADB has already invested in the project by conducting detailed design of the bridge. “It's a difficult issue; one has to wait till the investigation report comes.”

After a long career in ADB and other organisations in and outside Bangladesh, Rahman now thinks of his retirement. He wants to engage in research and analysis on development issues.

The Daily Star/Bangladesh/ 5th April 2012

The National Board of Revenue (NBR) has asked all scheduled banks to send information on bank accounts and other transactions of Destiny 2000 Ltd and its sister concerns within seven days.

NBR, the tax department, also sought account details of all directors of Destiny 2000 Ltd and its nine other sister concerns, NBR sources said.

“We have asked banks to furnish information on all types of accounts of these firms and their directors to see if the company has evaded tax or flouted any rules,” sources added.

The move comes two days after the NBR called for the tax files of Destiny and its sister concerns from the field offices to examine any possible tax dodging by the company.

Talking to daily sun Executive Director of Bangladesh Bank SM Monirujjaman said all concerned agencies like NBR, ACC are working to find out involvement of Destiny in illegal acts.

“We have already submitted report to the line ministries regarding Destiny,” Monirujjaman said adding if concerned agencies or ministries seek any support from Bangladesh Bank, then they are ready to provide those.”

Managing Director of NCC Bank Nurul Amin yesterday told daily sun that they received the letter from NBR. The bank has no business, financial transactions with Destiny 2000 Ltd and there is no account of Managing Director or directors of Destiny with the bank.

Daily Sun/Bangladesh/ 5th April 2012

AB Bank Limited’s Chairman M Wahidul Haque said the bank intends to widen its share of investments in commerce and industry of the country with a view to strengthening its role in national development.

He further said the bank has plans to provide the customers with new and innovative services in the near future.

M Wahidul Haque was addressing a press conference in a city hotel yesterday on the eve of the bank’s 30th anniversary, said a press release.

AB Bank started its commercial operation back in 1982 as the first private commercial bank in Bangladesh and according to the bank authority, has achieved the customers’ satisfaction over the years.

The bank’s chairman on behalf of all specially thanked and expressed gratitude to M Morshed Khan and his family for “their visionary and bold step to establish the bank.”

The directors and managing director M Fazlur Rahman, deputy managing directors Shamim A. Chaudhury, Badrul H Khan and Ahsan Afzal were also present at the function.

AB Bank’s chairman said: “Given the world economy, the bank will step forward by creating newer opportunities for itself with its unique features and stature, meeting domestic-demands and aligning with the government policy and programs for economic development.”

The bank is conducting its operation considering the interest of the shareholders and depositors as its key focus, he added.

Daily Sun/Bangladesh/ 5th April 2012

Citibank, NA Banglad- esh has observed the seventh 'Global Comm- unity Day' to mark citi’s 200th anniversary with a commitment to serve the society.

Bangladesh is the first country out of the 18 markets where Citi operates in the Asia Pacific region to start Citi’s volunteer initiatives this year, said a press release.

In this regard, Citi Bangladesh volunteers lashed out their initiatives by organising a movie show for more than 200 underprivileged children.

Daily Sun/Bangladesh/ 5th April 2012

Md Mahbub-ul-Alam, Deputy Managing Director of Islami Bank Bangladesh Limited addressing a workshop on "Regulatory Issues on Import Trading" organised by the Bank's Foreign Trade Operations Division in the city recently.

Financial Express/Bangladesh/ 4th April 2012