She criticised mandatory conditions set by donors for loan disbursement and trade barriers imposed on least developed countries (LDCs).

"These barriers cost LDCs $100 billion a year, which is twice the amount they receive in aid from developed nations," she said at the closing of a three-day conference of Bangladesh Economic Association (BEA) yesterday.

BEA organised the high-profile international conference on 'Emerging Global Economic Order and Developing Countries' at Osmani Memorial Hall in Dhaka.

The leader of the opposition termed the existing global economic order 'problematic' because it brings inequality among the developed and developing countries.

"The differences are partly caused by inequalities in the distribution of international income and wealth, in which both international economic order and internal governance system matters," she observed.

Hasina urged the leaders of globalisation to change their mindsets that put bars on the economic growth of the LDCs. "The narrow mindset should be changed to reshape globalisation for realising its full potential."

The opposition leader observed that most governments of the world that make commitments on poverty reduction use their trade policies against the poor, putting different tariff barriers on LDCs' exports.

Hasina blamed mandatory loan conditions of the World Bank and the International Monetary Fund (IMF) that they make while doing advocacy for rapid and indiscriminate liberalisation of the LDC economies.

"As a result of these forced-loan conditions, poor countries have been opening up their economies much more rapidly and indiscriminately than rich nations."

Other speakers at the closing session said Bangladesh needs to adopt an indigenous model for development, aided by strong political will and good governance, to ensure a sound economic development.

"What you need for development is not a well-planned policy but a strong political will," said Nancy Birdsall of Washington-based Center for Global Development.

She said Bangladesh's political leaders do not use their energy towards poverty alleviation or any social issues. "Country's liberalisation policies should be pro-poor."

Birdsall asked Bangladeshi development planners to adopt an indigenous model for development. "Many countries in the world have been able to achieve economic development using their own model," Birdsall said.

Nitin Desai, a visiting fellow of the London School of Economics (LSE), emphasised good governance at all levels to ensure economic development of Bangladesh.

"This is a problem of whole Asian region and all the countries of this area should take steps to remove this barrier," he suggested.

Prof Nurul Islam, former deputy chairman of the Planning Commission, said corruption is deeply rooted in Bangladesh, which increases the costs of doing business and subsequently hinders country's economic growth.

BEA President Dr Quazi Kholiquzzaman Ahmad and General Secretary Prof Abul Barkat jointly presented a paper on Bangladesh in the World Economy --Selected Issues. Sattar Mandol, a professor of agricultural economics at the Bangladesh Agriculture University, also made a presentation agriculture sector.