Malaysia, World Bank finalizing office support requirements

Malaysia and the World Bank Group are finalizing the Office Support Agreement, comprising provisions on programs and activities, staffing and funding needs, for the setting up of the bank's office in the capital.

The progress was discussed during a bilateral meeting between Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah with World Bank Group senior executives led by its Regional Vice-President for East Asia and Pacific, Axel van Trotsenburg on the sidelines of the World Bank-IMF Spring Meetings in Washington, D.C. today.

The World Bank Group Office in Malaysia will be housed in Sasana Kijang, Bank Negara Malaysia's centre of excellence in central banking and financial services.

Malaysia and the World Bank Group signed the Establishment Agreement and the Facilities Agreement in Putrajaya on Jan 27, 2015 for the setting up of the World Bank Group Office that would provide both operational expertise and research.

It will facilitate the sharing of Malaysia’s successful development experiences with countries around the world and allowing Malaysia to further leverage global knowledge and expertise from the World Bank towards its transformation into a developed, high-income economy.

During the bilateral meeting, both parties also discussed the steps taken by Malaysia to address current economic conditions, fiscal reforms and subsidy rationalization, including the managed float regime for RON 95 and diesel retail prices.

The World Bank noted Malaysia's experience in its fiscal reform and subsidy rationalization could benefit other countries facing similar scenarios.

Ahmad Husni also shared Malaysia's experience in infrastructure investment, aspiration through the ASEAN Economic Community and efforts to ensure inclusiveness in development.

The second finance minister heads the Malaysian delegation to the World Bank-IMF Spring Meetings, and the Second G20 Finance Ministers and Central Bank Governors Meeting in Washington, D.C. from April 15 to 17.