Finalisation of the Poverty Reduction Strategy Paper (PRSP), quick implementation of projects under Annual Development Programme (ADP) and enacting a law on public procurement are under urgent consideration.

Finance and Planning Minister M Saifur Rahman in a meeting with Planning Commission members at his secretariat office yesterday reviewed progress in carrying out the reforms and asked his aides to move in high gear.

"We've discussed the progress of the reform programmes and decided to implement them on priority basis," he told media after the meeting.

He indicated that his meeting with donors during the UN Summit in New York and Bank-Fund Annual Meetings in Washington last month prompted the government to accelerate the reforms.

Saifur said the government will have to transform the Public Procurement Regulation into a Public Procurement Act to get the Development Support Credit (DSC) third phase amounting to US$ 200 million.

He said the meeting decided to submit a bill to this effect to the Cabinet soon, which would be brought to the next session of parliament after the Cabinet approval.

"The World Bank will accept the cabinet approval to release the DSC," he said, apprising the newsmen that the existing procurement regulation would require one or two new issues to incorporate.

Enactment of the law is a new precondition that World Bank imposed on Bangladesh to release the chunk of dollars, which the government now badly needs to replete its coffers of foreign exchange. The country has already met two other preconditions -- duty reduction on the import of over 3,000 items and fuel-price hike.

After a meeting with IMF mission in Bangladesh on September 8, Saifur had expected that the World Bank will disburse the credits on account of raising the prices of fuel oils and reducing import duties.

He had also indicated that Bangladesh would make do with its own resources unless the arm-twisting foreign funding agencies were satisfied with the measures.

The finance minister, however, turned his eyes to the foreign assistance to run the country's economy. "Do you have money?" he replied to a question whether the country needs the foreign funds tied with too many strings.

At present, the country receives Overseas Development Assistance (ODA) worth 2 percent of the country's GDP. "Do you know how much money it constitutes?" the minister made another shot at the reporters.

Replying to another question, Saifur said the country will not face any major fund problem in a critical world scenario if the World Bank releases the DSC.

On PRSP finalisation, he asked officials concerned to hold the National Economic Council (NEC) meeting on October 17/18 to finalise the poverty-reduction document. "We'll have to finalise it quickly."

The steering committee on PRSP finalised the draft on August 16.

He said the meeting also decided to take some 10-12 new projects in the Ecnec, tentatively scheduled for October 22/23, so that the projects could be implemented within this year. Prime Minister Khaleda Zia will have to approve the projects, he added.

The minister said there are some four ongoing projects that will also be revised by the Ecnec on October 25/26 as part of the measures for quick implementation of the development projects.