Bangladesh pleads for role of LDCs in world economy

DHAKA (Reuters) - Bangladesh pleaded on Sunday for representation of the most poor countries in the future global economic summits for addressing world financial crisis and poverty.

Iftekhar Ahmed Chowdhury, Foreign Adviser (minister) of the interim government of Bangladesh, said a huge chunk of people from the least developed countries were being left out from addressing the global economic crisis.

"Their (LDCs) impediments to development are structural, and unless these are removed by consultations among top global leadership, millions of the world's poorest will continue to suffer," he told reporters.

Chowdhury welcomed the inclusion of developing countries like Brazil, China and India in the G-20 summit that concluded in Washington on Friday.

Bangladesh is the current chairman of the 50 LDCs.

"What you really need to address the issues is ideas, and ideas are not a monopoly of the wealthy nations," Chowdhury said.

"In fact thoughts and concepts like micro-credit and non-formal education emanating from Bangladesh are really changing the world."

He urged that global leaders take note of this fact.

Referring to the current global economic crisis, he said Bangladesh had largely managed to escape its worst affects so far.

"This is because our banking system is indeed better regulated with adequate capital-asset ratio, and our real economy is engaged in sectors that are so far insulated."

Chowdhury, however, felt that Bangladesh should remain ever vigilant with appropriate policy response as and when need arises.

(Reporting by Nizam Ahmed)