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Home -> Finance -> Full Story

World Bank praises India's Left parties & CMP
Monday, November 22 2004 16:23 Hrs (IST)

London: World Bank has praised the Left parties for their "broad-based vision" on social sector and infrastructure development and said the UPA (United Progressive Alliance) Government's Common Minimum Programme (CMP) was in tune with the Bank's objectives.

"The communist leaders I met were at pains to say that they wanted a broad-based movement to bring services to poor people and the bank contributing to infrastructure," World Bank president James D Wolfensohn said in an interview to a London-based financial daily. "It doesn't seem to be a red flag at all," he said referring to the Left parties, who have strong views on the international multilateral financing agencies.

Wolfensohn, who had a series of meetings with President A P J Abdul Kalam, Prime Minister Manmohan Singh, Deputy Chairman of Planning Commission Montek Singh Ahluwalia and Finance Minister P Chidambaram during his three-day visit to India last week, lauded the policies of the UPA and its thrust on the infrastructure sector.

"Since they (UPA) are projecting that India will have 1.6 billion people by the year 2050, you (India) had better get your infrastructure in place or you are going to have chaos," he said.

During his visit, four ministries: Railways, Power, Roads and Water Resources have together outlined the need for World Bank funding to the tune of $ 19 billion in the coming years, even as Wolfensohn promised $ 9 billion in the next three years.

Wolfensohn was all praise for the CMP, saying, "It was an absolutely first class blue-print."

PTI