Economic Reform, Science and Technology Minister Milinda Moragoda last week told a World Bank Development seminar in Washington that institutions such as the World Bank who are key partners in the development process in the Third World can and must play a major role in South Asia.

“The World Bank should share global knowledge on what works and what does not; what has succeeded and what has failed and why; and provide concessionary funds to spur development in key areas”, Moragoda said.

He stressed that South Asia was a region with vast potential for economic growth and, through it, improving the lives of people.  The potential of this region was still wordy untapped.

Moragoda was the only invited keynote speaker at the development seminar on “Economic prospects in South Asia”  sponsored by the World Bank and held in Washington on Wednesday.

He recognised the substantial contributions that the bank is making in South Asian countries but stressed that it needed to communicate with the masses as its policies, though well placed, are often misunderstood.

Moragoda appreciated that economic development takes time and is a long-term process, but for national leaders and the World Bank to succeed there is need to show early results as well.

“It is good to promise honey in the future, but we also need bread today”, he said.

The World Bank’s Vice President for the South Asia Region emphasised the bank’s commitment to support the region more aggressively and in particular support Sri Lanka’s urgent needs in a post conflict situation.

Vice President Praful Patel said that in recent talks with Prime Minister Ranil Wickremesinghe, it had been agreed on the priority that needs to be given to building capacity for speedier implementation; and to support upgrading and enhancing infrastructure and basic services to citizens.

Patel said that Moragoda’s passionate plea for sustained assistance and quicker results had also been echoed by leaders in other countries as well.