April 20, 2024, 6:40 am

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

  • Update Time : Sunday, November 13, 2022
  • 133 Time View

FBD Desk: Finance Minister AHM Mustafa Kamal yesterday expressed his optimism that Bangladesh would get $500 million as budget support from the World Bank in the current fiscal year (FY23).

He also informed that the country would receive another $500 million from the lending agency in the next two years under the Green, Resilience, Inclusive, Development (GRID) initiative.

Besides, credit proposals of $6.15 billion are in the pipeline for Bangladesh from the lender during the period of 2023-2025.

Bangladesh already received $1 billion as budget support from the Washington-based lending agency during the 2019 to 2022 period.

The issues were discussed when the visiting World Bank Vice President for the South Asia Region, Martin Raiser, along with incoming Country Director for Bangladesh and Bhutan, Abdoulaye Seck met the Finance Minister at his secretariat office.

During the meeting, the Finance Minister also urged the World Bank to provide extended support to Bangladesh from the concessional IDA to help make economic recovery from the impacts of the COVID-19 pandemic and the Ukraine-Russia war.

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 navigability of the rivers around the capital.

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

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.

Noting that IDA 20 would be very much helpful for ensuring 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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