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This report was prepared for the PRSP Implementation Forum (November 15-17), in Dhaka, Bangladesh. It covers recent macroeconomic developments and draws on recent and ongoing World Bank research and analysis undertaken in the areas of Governance, Finance and Trade, Public Administration, Infrastructure and Human Development. The report notes that Bangladesh has some impressive and sustained socio-economic trends - which outperform many South Asian and other developing countries, but formidable challenges remain notably on governance issues. However, the Government is beginning to implement a broad-based reform program to tackle governance issues, with donor support and in the area of economic management, it has maintained macroeconomic stability and pushed forward the structural reform agenda despite a difficult political environment. These efforts have produced relatively favorable development outcomes. The report specifically details Bangladesh's progress on the governance agenda, including actions to improve transparency and public expenditure efficiency, responsiveness, revenue mobilization, anti-corruption, and the justice system reform. It also focuses on progress in reducing governance impediments to improve investment climate and empowering the poor. Besides describing preliminary PRSP implementation measures, the report spotlights the country's export growth and competitiveness.
The report reviews recent economic developments, showing economic growth continues to its path, and, aided by global economic recovery, export growth remains strong. The forex market has been stable since the national currency (taka) was floated in by the end-May 2003. The fiscal stance for FY04 remains expansionary, but within prudent limits, and without straining fiscal sustainability, whereas the monetary policy stance - tightened considerably last summer to facilitate exchange rate liberalization - is becoming increasingly adaptable, in recognition of the favorable macro-financial conditions, seemingly on a prudent course. Higher growth in the 1990s also translated into sharper declines in income poverty. Notwithstanding the impressive gains thus far, the magnitude of remaining development challenges is enormous. In June 2003, the Government adopted its first ever medium-term macroeconomic framework, which underpins its poverty reduction strategy, and should contribute to high growth, and fast-paced poverty reduction. The path of the fiscal policy in the medium-term framework, is consistent with Bangladesh's reform needs, and public debt sustainability. And, despite recent deterioration, the public debt stock appears sustainable. However, Bangladesh remains vulnerable to the scheduled phase out of the Multi-Fiber Arrangement (MFA) quotas from January 2005. The report estimates GDP growth rates would be needed if the stated poverty reduction objectives are to be achieved, and, analytical work suggests that higher growth is likely to come mainly from productivity increases. Regarding the agenda for human development it is indicated that with good foundations already built, Bangladesh should now move swiftly with the second generation reforms needed to further improve human development. These entail complementing increased social spending with significant improvements in the institutional framework for service delivery, as specified in the Interim Poverty Reduction Strategy Paper, with increased efforts to promote decentralization.
This book highlights strategies for poverty reduction in developing countries, with emphasis on the power of the market mechanism and vigor of the private sector, focusing ODA on a few longer term challenges and leveraging advances in technology to the fullest, and underlining the importance of human rights and security.
Poverty has been identified as one of the world’s biggest problems. The international community recognises that reducing global poverty is one of the major development challenges of the twenty-first century. The problem of poverty is particularly severe in Bangladesh, where a variety of poverty alleviation initiatives have been tried. The most recent one involves Public Private Partnerships (PPPs), which are collaborations between partners in different sectors. PPPs are assumed to be effective for reducing poverty as they are seen to optimise the use of scarce resources, promote economic growth, and enhance efficiency. The Government of Bangladesh has recognised the use of PPPs as an innovative and effective approach for poverty alleviation in Bangladesh. Partnership for Development addresses this major policy issue by examining the novel arrangements of PPPs to determine how this approach can assist in alleviating poverty. This book explores different PPP arrangements for poverty alleviation in Bangladesh and evaluates their performance and effects. It identifies opportunities and constraints affecting these PPPs. It utilises the multiple-case study methodology, examining two cases, namely, the Income Generation for Vulnerable Group Development (IGVGD) and Rural Micro Credit (RMC) PPPs that have been introduced in Bangladesh as poverty alleviation measures. The book also identifies the rationale, features and mechanisms of the IGVGD and RMC PPPs using interviews with key persons who were involved in the policy making, and in the design and implementation of the PPPs. Different stakeholders were asked about the effects of the PPPs and suggestions for their improvement. The beneficiaries were also asked about the economic and social changes to their lives as a result of the PPPs. A model of PPPs for poverty alleviation is developed from the literature on the subject and then used to analyse the data from the Bangladesh case studies.
This 2005 Article IV Consultation highlights that since the last Article IV Consultation, Bangladesh’s economy has continued to expand, supported by a stable macroeconomic environment and progress in implementing structural reforms, broadly in line with the recommendations made by the IMF Executive Board. Good progress has been made in strengthening the banking system. Bangladesh Bank has raised minimum capital requirements, taken steps to reduce insider lending, and improved the institutional framework for the prudential supervision of the financial system.
Erudite and topical, this well balanced treatment, with essays from world renowned contributors including the former President of Ireland – Mary Robinson, Jagdish Bhagwati and Nobel prize winner Joseph Stiglitz, considers the forces that propel globalization and those that resist it. Local and regional experiences from Bangladesh, China, India, Latin America and the Middle East are analyzed along with some of globalization’s most potent risks. Giving voice to sophisticated and illustrative reasoning, The Future of Globalization offers useful insights into the extraordinary human achievement brought about by increasing international economic integration, interdependence and interconnectedness, and shows how this has been a powerful force for the progress of humankind. The contributors take stock of the debate on globalization and explore ways to make globalization more beneficial for individuals, communities and countries, as well as ways to reduce its insufficiencies and mitigate the risks it faces. This book will benefit all students of economics, political science and international relations, among others, and is useful to courses that focus on globalization and its impacts.