IFC Helps Bangladesh Implement Mechanism to Make Regulations Efficient, Improving Governance
Dhaka, Bangladesh - IFC, a member of the World Bank Group, is helping Bangladesh adopt the global norm for appraising the potential consequences of government regulations, opening up policymaking to bring more effective governance and a better business climate.
The Bangladesh Investment Climate Fund, managed by IFC, in partnership with the UK Government and the European Union, will build a pool of trainers to help implement the Regulatory Impact Assessment mechanism across the country’s 47 government ministries and agencies.
The Legislative and Parliamentary Affairs Division of the Ministry of Law introduced this evidence-based approach to regulation at a seminar in Dhaka. The mechanism will evaluate every regulation, proposed or amended, based on cost efficiency, and social and environmental impact. The Cabinet Secretary and the Minister of Law attended the launch, along with representatives from all ministries and agencies, civil society, and the private sector.
Shafique Ahmed, Minister of Law, Justice and Parliamentary Affairs, said, “The Regulatory Impact Assessment tool will help us determine whether the benefits of a regulation justify the costs.”
Regulators across the world have been adopting the systemic approach of Regulatory Impact Assessment to appraise the impact of every business and civil law. Adopting the mechanism will help officials in Bangladesh focus on accountability in governance.
Masrur Reaz, IFC Program Manager for Investment Climate, said, “The business community in Bangladesh now has a real opportunity to engage in policymaking. Regulatory Impact Assessment gives the private sector the information needed to make a case for reform.”
IFC works towards a better business climate in Bangladesh. With IFC’s support, the government has enacted the Competition Act to protect the welfare of consumers, established the first arbitration center to settle disputes quickly out of court, and launched the electronic payment of taxes.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.
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