It's very unfortunate: Noted Economist Dr Wahiduddin Mahmud,Bangladesh

BANGLADESH NEWS

Noted economist Dr Wahiduddin Mahmud on Saturday said cancellation of loan by the World Bank for Padma bridge project is ‘very unfortunate’ and it would have negative impact on the country’s image.

“Scrapping the funding for the Padma bridge project is the reflection of relation crisis between Bangladesh and donor agencies including World Bank,” he told in an instant reaction after a programme of Environment Olympiad in the capital.

This crisis might have negative impact on this relation in future, he said.

He said the government should not possess such mentality that it must implement the project at any cost and accepting any condition considering its election pledge.

Although the WB has cancelled the agreement, the government should investigate the whole matter in a transparent and fair manner, Wahiduddin, also a former adviser to the caretaker government, opined.

“The government should inform people the actual matter, what documents the government has in its hands, what evidence it has regarding Canadian government’s findings on the World Bank’s corruption allegation in the project,” Prof Wahiduddin said.

He also added the government should come up with its statement with transparency and inform the world regarding handover of corruption evidence to government by the World Bank and Canadian government.

Wahiduddin said soft loan is a must for implementing such mega projects.

“That’s why the government should assess the negative impacts if the bridge is constructed taking loan assistance with high interest rate from foreign countries,” he said.

“It is important to evaluate whether construction of the bridge with high interest rate would be a burden for people in the long run," he said.

Margin of profit and risk of loss should also take into cognizance before receiving high interest rate loan, he further said.