IFC bill placed at JS

A bill was placed in parliament seeking scrapping of the "International Finance Corporation Ordinance, 1976" and creation of greater scope for the IFC to play a role in developing the country's private sector giving legality to its previous activities.

Continuation of the organisation in the country was also sought in the bill.

Finance Minister AMA Muhith placed the bill titled "International Finance Corporation Bill, 2015" which was sent to the parliamentary standing committee concerned for further scrutiny. The committee was asked to submit its report within 20 days.

The ordinance, promulgated in 1976 during Ziaur Rahman's regime, was annulled by a court.

The court in a verdict scrapped the fifth and sixth amendments to the constitution. According to the verdict, all the ordinances and laws will be scrapped as well.

The "International Finance Corporation Ordinance, 1976" also turned ineffective after the court's verdict.

After scrapping the "International Finance Corporation Ordinance, 1976", the president on January 21, 2013 promulgated another ordinance for continuation of the activities of the IFC, an organisation of the World Bank Group, as parliament was not in sitting.