Bangladesh to get $500m as budget support from WB, hopes Kamal

Bangladesh to get $500m as budget support from WB, hopes Kamal, AHM Mustafa Kamal, Bangladesh’s finance minister, expressed optimism today that Bangladesh would receive $500 million in budget help from the World Bank for the current fiscal year (FY23). Additionally, he disclosed that the country would get an additional $500 million in funding from the financing.

Bangladesh to get $500m as budget support from WB, hopes Kamal

 

Bangladesh to get $500m as budget support from WB, hopes Kamal

In addition, the lender is planning to offer Bangladesh credit in the amount of $6.15 billion between 2023 and 2025.  During the 2019–2022 period, Bangladesh has already received $1 billion in budget help from the Washington–based loan organization.. Martin Raiser, a visiting World-Bank vice president for the South Asia region, and Abdoulaye Seck, a new country director for Bangladesh and Bhutan, met with the finance-minister at his secretariat office to discuss the problems. 
The Finance-Minister also urged the World-Bank to extend its concessional IDA assistance to Bangladesh during the meeting in order to aid Bangladesh’s economic recovery from the COVID-19 pandemic and the conflict between Ukraine and Russia. Briefing reporters after the meeting, Kamal said that the World-Bank is working on a technical assistance project titled “Beautification of Dhaka” to enhance the beauty of the capital through environmental restoration and ensuring the navigability of the rivers around the capital.

He said they also discussed about the progress of various projects being implemented with the financial support of the World-Bank.

 

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The Finance-Minister informed that since 1972, the World Bank committed loans and grants worth $37 billion to Bangladesh out of which $26.6 billion has so far been disbursed. The government has so far made a repayment of $6.36 billion to the World Bank.

Turning to the issue of Country Partnership Framework (CPF) of the World Bank with Bangladesh for the 2023-2027 period, Kamal requested the World Bank Vice President to align the CPF prioritizing the government’s aspirations for becoming a developed country by 2041, the 8th Five Year Plan, Perspective Plan, Delta Plan, other mega plans, sectoral plans, and policies.

 

Bangladesh to get $500m as budget support from WB, hopes Kamal

 

Noting that IDA 20 would be very much helpful for ensuring the recovery of the IDA recipient economies, Kamal welcomed the IDA 20 cycle worth $93 billion commencing from July 2022 to June 2025. In response, the World Bank Vice President lauded the economic development of Bangladesh as well as various time-befitting steps of Bangladesh in facing the pandemic under the dynamic leadership of Prime Minister Sheikh Hasina. Finance Division Senior Secretary Fatima Yasmin and Economic Relations Division (ERD) Secretary Sharifa Khan were present, among others, on the occasion.

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