Prime Minister Sheikh Hasina today stressed the need for reorganising international financial mechanism to address the ongoing global economic crisis.
She came up with the importance at a high-level roundtable titled “Towards a Fair International Financial Architecture” in UN headquarters here convened by Spain and the European Council on the sidelines of 78th UNGA session.
The premier also called for reviewing the global credit rating system as the current one has restricted access to the funds for many low- and middle-income countries.
“We agree with the UN Secretary General that the global credit rating system must be reviewed. The current rating system further restricts access to funds for many low- and middle-income countries,” she said.
The limits on their voting rights, quotas, and representation in Multilateral Development Banks (MDBs) and International Financial Institution (IFIs) also undermine their bargaining power, she added.
“We often find international public finances to be costly and out-of-reach. We try to stay clear of high-interest-rate loans to avoid debt distress. Bangladesh has never defaulted on its loan repayment, and we hope to maintain that record,” she continued.বিস্তারিত