Collective global effort needed to build a prosperous world, says Hasina

Supporting poor people through Multilateral Development Banks can lead to a world free from hunger and poverty, PM says

Prime Minister Sheikh Hasina has stressed the need for collective global action to build a prosperous world and believes it can be achieved through the use of multilateral development banks, or MDBs, state news agency BSS reports.

"Let's work together to build a prosperous and poverty and hunger-free world by supporting the poor people through MDBs," the prime minister said in her keynote speech at the ECOSOC panel discussion at the UN Headquarters on Tuesday.

The panel discussion was titled "Development Cooperation: Long-term Resilience and the Role of Multilateral Development Banks" and Hasina gave a pre-recorded video speech.

"I acknowledge the role of ECOSOC in supporting the financing facilities towards successful implementation of the 2030 Agenda," she said.

The world economy is facing challenges due to the impacts of the COVID-19 pandemic and the massive fallout from the war in Ukraine, she said.

"In this complex global context, development cooperation has become very crucial in building the resilience of the vulnerable segment of the global community and addressing the multi-dimensional crises.”

"We strongly believe that MDBs can play an important role in bringing a positive change to the critical global scenario.”

The premier said MDBs will lead to multi-party dialogues that address important global issues and will advance policies that ensure financial support for the achievement of Sustainable Development Goals.

MDBs must play a critical role in promoting global public goods like healthcare, education, and technology, all of which affect sustainable development, Hasina said. They can provide technical assistance and knowledge to developing countries, help them build capacity, and promote development, she said.

"While working towards building resilience in developing countries, we must also admit their ability to explore their full potential. These include financial inequalities, digital divides and development divides. The focus should be on building long-term resilience through sustainable and equitable development," the prime minister said.

The recent rising interest rates and service charges of MDBs are putting developing countries in more difficult positions, Hasina said.

"I would, therefore, like to urge the MDBs to fix a debt management plan which is financially viable and also contributes to the economic development of vulnerable countries," she said.

The current geopolitical crisis, economic uncertainty, and climate change are standing in the way of Bangladesh’s goals of becoming a middle-income country by 2031 and a SMART Bangladesh by 2041, the prime minister said.

"The world community should come forward to help countries like us to overcome the crises. The challenges we face today are multifaceted and require a collective response," she said.

Hasina said the world must take a risk-informed approach that considers multidimensional vulnerability, promotes gender equality, strengthens social protection, and expands concessional lending through MDBs.

"By working together and leveraging the resources and expertise of MDBs, we can make significant progress towards creating a more resilient and prosperous world for generations to come," she said.