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Dr. Yunus on World Bank November 5, 2007

Posted by bdoza in BANGLADESH, Yunus.


Nobel laureate Dr. Muhammad Yunus said that World Bank has failed to achieve the goal of poverty alleviation. This is because of its failure to change its policies with the change of time. To alleviate the poverty first of all World Bank is needed to reform of its structural organization.

World Bank President Robert Zoellick was on a 2 day visit to Bangladesh and had a meeting with Dr.Yunus on 4 November 2007 .

After the meeting Dr. Yunus disclosed to the journalists the above conversation he had with the WB President. He said World Bank has been established 60 years ago. In this long period World had changed a lot but the World Bank didn’t change its policies.

Dr. Yunus also said that the World Bank could not fulfill the objectives for which it was formed. It has adopted, as its functions, to develop the infrastructure, to develop roads and highways. They are doing all these for many a times with stress on this. But to alleviate the poverty one will have to work with the people. He said that he had told WB President, “You have forgotten the common people. But if you cannot attach the people with your work poverty alleviation will not be possible. He said that development program of World Bank is more targeted towards increasing the growth, not towards poverty alleviation. But to eradicate poverty growth should be targeted to the poverty alleviation.

He also added that local country offices should be given the opportunity to work independently and to set its policies according to the need of the individual country.

He criticized the World Bank for not extending enough monetary support to the micro credit finances saying that World Bank give on an average 20 billion US$ as loan in a year but the micro finance organizations only get 1% of the loan where it deserves to get at least 5% .


An ordinary citizen


Ref: Prothom Alo 5/11/07, Photo: Daily Star


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