Dhaka: Finance Minister AMA Muhith on Monday revealed the country’s development partners had termed the government's 7th Five Year Plan (2016-20) ambitious, at the same time they had endorsed the vision put forward in it during the two-day Bangladesh Development Forum, 2015.  

‘They have issued caution on some issues, but finally the development partners have endorsed our visions in the Plan (7th FYP),’ Muhith said at a post BDF 2015 press conference held at the Bangabandhu International Conference Center (BICC).

The finance minister also told reporters the development partners suggested greater investment in the energy sector and not relying so much on external assistance.

The two-day BDF ended today with the government and the development partners pledging to build greater partnership in achieving the goals of 7th FYP and the UN’s newly declared Sustainable Development Goals, or SDGs.

ERD Senior Secretary Mohammad Mejbahuddin and Local Consultative Group co-chair and Head of Mission of USAID Janina Jaruzelski were present at the briefing.

The Finance Minister said that during the two-day meet, the development partners pointed out some challenges lying before the government like huge investment deficit in infrastructure, and the need to increase allocations in human resource development and skills development.

‘If we could overcome such challenges, then we would be able to achieve 8 percent growth by FY20 and it's not an ambitious target. We shall be close to 7 percent growth this year and achieving 8 percent growth by FY20 would not be a big challenge,’ he added.

In order to lock in such a growth trajectory, Muhith said that there is a need for big strides towards devolution of power to local governments in the divisions and districts, as it is not possible for Dhaka to ensure overall development for the country's 16 crore people.

‘There is no other way except devolution of power, and there is a need for mentally preparing for it. Physical preparation is not a big problem,’ he added.

The veteran Minister said that the government is yet to decide on how to deal with some mega projects as there is a need for extra budgetary resources for those.

‘We'll get fund for those from ADB and partners like AIIB, but there is a need for separate items like capital investment in the next year's budget,’ he said.

Asked whether the government is expecting funds from the China-led AIIB soon, Muhith said that the AIIB would open for business in the next month while their first board meeting would be held in January.

‘After that they would be ready to accept projects.’

Muhith said that there was no specific discussion on the political stability of the country during the BDF, 2015. ‘What has been appreciated at the moment is the political climate of cooperation,’ he said.  

He told another questioner that the development partners have made various commitments of providing Overseas Development Assistance (ODA), but it was not discussed how much of the commitments would be matched with money.

‘We have not directly sought fund. We've given an estimate of what should be the investment level of the country. On that basis, we think that we need 9.6 percent of external financing out of the overall resources.’

The Finance Minister said that the government has told the development partners that it is not money that they are asking for, rather they are asking for strategic partnership and certain other ancillary facilities.

Muhith also opined that if the US government allows duty- and quota-free of access of Bangladeshi products to their market, it would be a great service to Bangladesh.

In a prompt response, USAID Head of Mission Janina Jaruzelski said that she would pass on this message to the US ambassador to Dhaka.

About the possible infrastructure investments in the coming years, Muhith said, ‘I don't want to speculate, you'll find out in the next budget.’

USAID Head of Mission and LCG co-chair Jaruzelski said that the development partners stand ready to support Bangladesh in its efforts to work on the SDGs and the 7th FYP, as well as to strive to achieve Vision 2021.

Terming the Vision 2021 agenda as ‘ambitious’, she said, ‘It requires work. But, if the right choices are made and hard efforts are made by everyone in partnership and collaboration, then it's a worthy goal,’

The LCG co-chair, from the development partners’ perspective, also identified four key areas which need greater attention by the Bangladesh government. These are skills development, quality education, nutrition, and full participation of Bangladeshi girls and women in all aspects of economic activity and society.

‘To achieve Vision 2021, Bangladesh needs to have the entire team playing as a team. Some 50 percent of the population can't be left behind, everyone needs to participate,’ she opined.

ERD Senior Secretary Mohammad Mejbahuddin said all the partners have admitted that Bangladesh requires a lot of investment in the coming days alongside more emphasis on private sector and PPP.