Bangladesh still needs foreign aid: Mirza Aziz

Bangladesh still needs foreign aid for the country's development and to meet the requirements of foreign investment and foreign currency, according to former adviser to the caretaker government AB Mirza Azizul Islam.

"Some would say that Bangladesh doesn't need foreign aid anymore as our exports and remittances increase, but that is an exaggeration. Bangladesh still needs foreign aid," he said while speaking at a memorial meeting on recently departed economist Prof Nurul Islam on Monday.

The Centre for Policy Dialogue (CPD) organised the meeting titled "Thoughts of Professor Nurul Islam and Contemporary Bangladesh Economy" at its office in the capital.

Quoting from Professor Islam's book, Mirza Aziz said, "In spite of the relative decline in the importance of foreign aid as a source of investment and foreign exchange resources, it is still significant enough to call for a strategy of appropriate management of the foreign aid."

However, he also mentioned that it is not always desirable when donors or lending agencies impose different conditions, including institutional reforms, for foreign aid.

He also discussed the much-talked-about loan from the International Monetary Fund (IMF) and its advice, recommendations and conditions.

CPD Executive Director Fahmida Khatun delivered the welcome address at the meeting, while Distinguished Fellow Dr Debapriya Bhattacharya moderated the discussion.

While speaking at the meeting, Professor Rehman Sobhan, a friend of Professor Nurul Islam, said that Mr Islam was an excellent argumentative economist who combined theories and empirical works.

Former Bangladesh Bank governor Dr Mohammed Farashuddin said Professor Islam was neither in the left camp nor the right, which is why Sheikh Mujibur Rahman liked him and appointed him to the Planning Commission.

Among others, the discussion was addressed by Ambassador Dr Toufiq Ali, former permanent representative of Bangladesh to the WTO and UN Agencies; Professor Mustafizur Rahman, distinguished fellow, Centre for Policy Dialogue (CPD); Dr Rushidan Islam Rahman, executive chairperson, Centre for Development and Employment Research and former research director, Bangladesh Institute of Development Studies (BIDS); Dr Quazi Shahabuddin, former director general, BIDS; Dr Roumeen Islam, senior economic advisor, International Finance Corporation (IFC) and daughter of Professor Nurul Islam.

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