UNB, Dhaka :
The Cabinet on Monday gave the final approval to the draft of ‘The International Finance Corporation Bill, 2015’ subject to the vetting of the Law Ministry to make the existing ordinance (International Finance Corporation Ordinance of 1976) more time-befitting one.
The approval was given at the regular weekly meeting of the Cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.
Briefing reporters after the meeting, Cabinet Secretary M Musharraf Hossain Bhuiyan said the Economic Relations Division (ERD) of the Ministry of Finance placed the draft law after drafting it in Bangla in line with the earlier Cabinet decision of making the ordinances into laws promulgated during the two martial law regimes and drafting those in Bangla following the higher court verdict.
He said the proposed law is aimed at giving a new legal shape to the International Finance Corporation Ordinance of 1976.
Under the proposed law, he said, the fund to be received from the IFC as assistance would be deposited to the consolidated fund of the government while any kind of subscription or payment to the IFC would be made also from its consolidated fund.
The Cabinet Secretary said Bangladesh Bank would be the custodian of all assets of IFC in Bangladesh.
Besides, as per the suggestion of the NBR, a provision has been incorporated so that the officials of IFC could not get any additional undue facilities in the country while enjoying duty-free facility of different commodities for their use.
The Cabinet Secretary said World Bank Group organisations like the International Bank for Reconstruction and Development (IBRD), International Development Agency (IDA) and the International Monetary Fund (IMF) have been operating in Bangladesh under the International Financial Organizations Order of 1972.
The Cabinet also approved in principle the draft of the ‘Bangladesh Rural Development Board Bill, 2015,’ drafting the existing ordinance of 1982 in Bangla as per earlier decision of the Cabinet.
Musharraf Hossain said the Department of Cooperatives issues licenses to the Upazila Central Cooperatives Association to run cooperative activities. But, the BRDB is giving operational support, including providing funds and training, to those societies.
He said a number of cooperative societies run their activities informally with the permission of BRDB.
The proposed law has a provision to bring those societies under a legal framework, he added.
With the expansion of scope of activities, the Law also kept a provision of opening the office of BRDB at divisional level along with the existing ones at national, district and upazila levels.
The Cabinet Secretary said the tenure of the elected members of BRDB has been proposed for one year from the existing three years.
The meeting was also apprised about the visit of Foreign Minister to the USA on February 17-19, 2015 and about the participation of the Foreign Minister at the high-level meeting of the 28th session of the UN Human Rights Council held in Geneva on March 3-7, 2015.
Ministers, state ministers and secretaries concerned were present at the meeting.
The Cabinet on Monday gave the final approval to the draft of ‘The International Finance Corporation Bill, 2015’ subject to the vetting of the Law Ministry to make the existing ordinance (International Finance Corporation Ordinance of 1976) more time-befitting one.
The approval was given at the regular weekly meeting of the Cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.
Briefing reporters after the meeting, Cabinet Secretary M Musharraf Hossain Bhuiyan said the Economic Relations Division (ERD) of the Ministry of Finance placed the draft law after drafting it in Bangla in line with the earlier Cabinet decision of making the ordinances into laws promulgated during the two martial law regimes and drafting those in Bangla following the higher court verdict.
He said the proposed law is aimed at giving a new legal shape to the International Finance Corporation Ordinance of 1976.
Under the proposed law, he said, the fund to be received from the IFC as assistance would be deposited to the consolidated fund of the government while any kind of subscription or payment to the IFC would be made also from its consolidated fund.
The Cabinet Secretary said Bangladesh Bank would be the custodian of all assets of IFC in Bangladesh.
Besides, as per the suggestion of the NBR, a provision has been incorporated so that the officials of IFC could not get any additional undue facilities in the country while enjoying duty-free facility of different commodities for their use.
The Cabinet Secretary said World Bank Group organisations like the International Bank for Reconstruction and Development (IBRD), International Development Agency (IDA) and the International Monetary Fund (IMF) have been operating in Bangladesh under the International Financial Organizations Order of 1972.
The Cabinet also approved in principle the draft of the ‘Bangladesh Rural Development Board Bill, 2015,’ drafting the existing ordinance of 1982 in Bangla as per earlier decision of the Cabinet.
Musharraf Hossain said the Department of Cooperatives issues licenses to the Upazila Central Cooperatives Association to run cooperative activities. But, the BRDB is giving operational support, including providing funds and training, to those societies.
He said a number of cooperative societies run their activities informally with the permission of BRDB.
The proposed law has a provision to bring those societies under a legal framework, he added.
With the expansion of scope of activities, the Law also kept a provision of opening the office of BRDB at divisional level along with the existing ones at national, district and upazila levels.
The Cabinet Secretary said the tenure of the elected members of BRDB has been proposed for one year from the existing three years.
The meeting was also apprised about the visit of Foreign Minister to the USA on February 17-19, 2015 and about the participation of the Foreign Minister at the high-level meeting of the 28th session of the UN Human Rights Council held in Geneva on March 3-7, 2015.
Ministers, state ministers and secretaries concerned were present at the meeting.
