The World Bank (WB) must be careful in making growth projections public about the state of the economy, business leaders said on December 3.

Mahbubur Rahman, president of International Chamber of Commerce-Bangladesh (ICC-B), spelled out his firm stand at the IFC “FIT Initiative” Certificate Award Ceremony and inauguration of the ICC Workshop on ‘International Trade Payment: Management and Options’ at Bangladesh-China Friendship Conference Centre.

Rahman backed the observations made by the finance adviser, Bangladesh Bank governor and business leaders on the WB’s projection that GDP growth would be around 4.8 percent as against the central bank’s projection of 6.2-6.5 percent.

The ICC-B chief urged the BB governor to arrange a formal meeting with the WB together with government policymakers, business leaders and others, to have threadbare discussions on WB vis-à-vis the country’s growth projections.

“We must strongly oppose such kind of a negative public statement without providing relevant facts and figures,” Rahman said.

But Rahman emphasised that the likely impact of the global turmoil must be assessed immediately.

“If the crisis appears elsewhere, it could escalate and abruptly pose serious downside risks to the financial market and the country’s macroeconomic stability.”

Rahman said not only a policy package should be in place, but also specific measures should be taken to support exporters and financial operators.

“It is true that until now the global recession has not hit our exports or wage earners’ remittances but there is no room for complacency,” Rahman said.

Bangladesh Bank Governor Salehuddin Ahmed said the World Bank could have had a discussion with the major stakeholders before publicising such a negative projection.

“Such projection will have a negative impact on people’s perception,” Ahmed said, while he was speaking as the chief guest at the programme.

Mamun Rashid, chairman of ICC Bangladesh Standing Committee on Banking Technique and Practices, said the global financial crisis and the credit crunch had made financial institutions more vigilant in risk management.

“In such difficult times, it is essential that traders maximise their potential and best manage their risks by using the full armory of trade finance products available with the leading international trade finance banks,” Rashid said.

Later, the BB governor awarded certificates to 43 successful participants, those who completed the FIT Initiative programme.

ICC-B Vice President Latifur Rahman and ICC-B Executive Board Member R Maksud Khan were also present.

Meanwhile, ICC-B has initiated yet another important programme for bankers and other professionals dealing with international trade.

The International Trade Finance, in short ‘FIT Initiative’, has been developed by eBusiness School of Ireland (eBSI) with support from the International Finance Corporation (IFC).

FIT Initiative is an e-learning certification programme for international trade finance personnel working either in banks or in companies involved in export and import trade.