While answering to some queries in parliament, he accused the NGOs (non-governmental organisations) of doing a brisk business in the guise of poverty alleviation.

"If their [NGOs'] target was to eradicate poverty, how could they raise skyscrapers like the Rockefeller Centre, build multi-storeyed houses and set up banks?" the finance minister wondered.

On a question from KM Obaidur Rahman, a front-row treasury bench member, on whether the government will lower the high interest rates charged by the NGOs on micro-lending, Saifur accused them of making money out of poor people's misery. "If poverty disappears, their business will collapse," was his biting remark.

The minister alleged the NGOs brought money from abroad free of interest, making a display of the country's poverty, and then distributed that as credits among the poor charging high rates of interest.

He informed the House that a cabinet committee was working on the issue and the government would create its own microcredit fund so as to force the NGOs to cut their interest rates.

Responding to another query, the finance minister said the main thrust of the government's economic development endeavours was on eliminating poverty and it had already prepared a three-year Interim Poverty Reduction Strategy Paper (IPRSP).

Referring to the United Nations Millennium Development Goals that called for halving poverty by 2015, Saifur said Bangladesh's national planning was envisaged to achieve a pro-poor economic growth, poverty reduction, women's emancipation, social and economic security for the poor and establishment of good governance and participatory approaches in all spheres.

The minister informed the House that till February 28 of the current fiscal year (FY), Bangladesh received US$ 397.45 million from Asian Development Bank and US$ 9.61 million from Islamic Development Bank for various development works. In the current FY, the World Bank has so far approved US$ 150-million credit for Bangladesh, he added.

He presented a list showing annual rates of GDP growth and inflation and levels of foreign exchange reserve from FY1972-73 to FY2002-03.

According to the presentation, during the last three decades, Bangladesh posted the highest GDP growth of 9.59 percent in FY1973-74 and the lowest of (-) 4.09 percent in FY1974-75. The GDP growth in the last FY (2002-03) was 5.33 percent.

The list showed the inflation to shoot up to 67.17 percent in FY1974-75 while a negative inflation was recorded at (-) 8.36 percent in FY1975-76. The inflation in the last financial year was 4.38 percent.

The finance minister showed the country's foreign exchange reserve posting a gradual increase year-by-year to reach at US$ 2,470 million in FY2002-03 from US$ 173 million in FY1972-73.