Bangladesh launches pro-poor economic project

Bangladesh launches pro-poor economic project

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Bangladesh to work on pro-poor policies to meet Millennium Development Goals.

In order to formulate pro-poor economic policies, Bangladesh government introduced a project by the name of Support to Inclusive and Sustainable Planning (SSIP) Project on September 14, 2014. Worth $4.7 million, the scheme is to be implemented within the time frame of June 2013 to December 2016.

Bangladesh pro-poor economic policies

The United Nations Development Programme (UNDP) will provide a part of the designated sum, amounting to $2.2 million. Apart from the above, the scheme will also receive $300,000 from the UN Department of Economic and Social Affairs and $200,000 from the UN Poverty and Environment Initiative, while the remaining sum of $2 million will be mobilized later. 

The said project aims to redevelop and improve the capacity of national planners at the General Economics Division (GED) of the planning commission, the finance ministry, Bangladesh Bank and Bangladesh Bureau of Statistics. Its goal is to also build pro-poor economic models, strengthen inclusive and sustainable development plans, while also achieving the country’s Millennium Development Goals.

The project will provide technical assistance in the formation of the country’s Seventh Five-Year Plan as well. 

Currently, Bangladesh is in dire need for regulatory reforms in terms of labour and industrial laws. The country needs to not only work on its persistent challenges, but also enhance the overall income status of the country for it to be at par with other developing nations.

Photo Credits: Worldbank