Shawdesh desk;

Prime minister Sheikh Hasina on Tuesday stressed the need for collective global efforts for building a prosperous world through Multilateral Development Banks.

‘Let’s work together to build a prosperous and poverty and hunger-free world by supporting the poor people through MDBs,’ she said.

The PM said this in her pre-recorded video keynote speech at the Economic and Social Council panel discussion titled Development Cooperation: Long-term Resilience and the Role of Multilateral Development Banks held at the UN Headquarters in New York in the United States.

‘I acknowledge the role of ECOSOC in supporting the financing facilities towards successful implementation of the 2030 Agenda,’ she said.

The prime minister said the world economy was passing through multiple challenges due to the Covid-19 pandemic and the staggering impacts of the Russia-Ukraine war.

‘At this complex global context, development cooperation has become very crucial in building resilience of the vulnerable segment of the global community and addressing the multi-dimensional crises,’ she said.

‘We strongly believe that MDBs can play an important role in bringing a positive change to the critical global scenario,’ she continued.

The PM said financing from MDBs will foster multi-party dialogues to address pressing global issues and advance policies that will ensure financial support in achieving the SDGs.

This was in accordance with its mandate specified in the 2015 Addis Ababa Action Agenda, she said.

MDBs have to play a critical role in promoting global public goods, such as healthcare, education, and technology. These have a significant impact on sustainable development, she opined.

The PM said that MDBs were uniquely positioned to provide technical assistance and knowledge to developing countries, including LDCs, and help them build capacity and promote sustainable development.

‘While working towards building resilience in developing countries, we must also admit their ability to explore their full potentials. These include financial inequalities, digital divides and development divides. The focus should be on building long-term resilience through sustainable and equitable development,’ she said.

The PM said that they observed that the interest rates and service charges of MDBs were increasing and such measures were pushing the developing countries into further tight spots.

‘I would, therefore, like to urge the MDBs to fix a debt management plan which is financially viable and also contributes to the economic development of vulnerable countries,’ she said.

The PM said that Bangladesh became a lower-middle-income country in 2015 and it is also qualified for graduation from the LDCs to developing country.

‘Our goal is to attain the status of an upper middle-income country by 2031 with the ultimate vision to make a prosperous, developed and knowledge-based SMART Bangladesh by 2041,’ she continued.

But our development journey has been impeded by the current geopolitical crisis, economic uncertainty and climate change impacts, she said.

‘The world community should come forward to help countries like us to overcome the crises. The challenges we face today are multifaceted and require a collective response,’ she said.

The prime minister said the world needs to take a risk-informed approach that considers multidimensional vulnerability, promotes gender equality, strengthens social protection, and expands concessional lending through MDBs.

‘By working together and leveraging the resources and expertise of MDBs, we can make significant progress towards creating a more resilient and prosperous world for generations to come,’ she said.