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Bangladesh government seeking Tk 4,000 crore loan from World Bank to buy corona vaccine

idune

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Bangladesh government seeking Tk 4,000 crore loan from World Bank to buy corona vaccine



24 Oct, 2020



Bangladesh has sought a কোটি 500 million loan from the World Bank to buy the Covid-19 vaccine. If you take 75 rupees per dollar, the amount in Bangladeshi rupees is 4,250 crore rupees.
Finance Minister AHM Mustafa Kamal has called on the World Bank's Vice President for South Asia, Hartwig Schaefer, to provide quick and equitable loans to Bangladesh on the basis of population.

This information was given in a press release sent from the Ministry of Finance on Saturday (October 24). As part of the World Bank-IMF Annual Meeting-2020, a virtual meeting was held under the chairmanship of Finance Minister AHM Mustafa Kamal. The Bangladesh delegation and the World Bank's South Asia Vice President Hartwig Schaefer attended the virtual meeting. At the beginning of the meeting, the Finance Minister thanked the World Bank for its continued support for the overall development of Bangladesh. He sought the co-operation of Mr. Hartwig Schaefer for providing loan assistance for the purchase of Covid-19 vaccine and for taking the necessary steps to provide quick and equitable loan disbursement to Bangladesh, the third most populous country among the IDA countries in terms of population.
The Finance Minister also lauded the timely and timely initiatives taken by the World Bank to tackle the Kovid-19 epidemic. In this context, he mentioned the issue of providing সহায়তা 100 million loan assistance to Bangladesh to deal with Covid-19 expeditiously. The World Bank also assured that the issue of Bangladesh must be viewed positively.

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idune

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There have been some chest thumping by Awami league regime and its cheerleaders in media and in here in pdf about the miracle of Bangladeshi economy and lately "leadership". Heck awami league regime even over paid india $900 million or 7000 cr taka for electricity; just like money $900 million is nothing. One single looters of bank looted $1.2 billion USD just like that and stashed in US, Canada and where else; in india.

Flashed with all the money , very rosy development track, remittance and not to mention "avilability of same treatment as Trump", one very logical question need to be asked - WHY would awami regime beg for about $500 million (or 4000 cr taka) from world bank for vaccine ??????


Bangladeshis get same treatment as Trump does: Zahid

"Finance Minister AHM Mustafa Kamal has reiterated that Bangladesh will achieve the expected 8.1 or 8.2% economic growth in the fiscal year 2020-2021"

Forex reserves cross $40 billion mark

Country’s current account balance exceeds $3bn in Jul-Aug
 
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EasyNow

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Since when does a GDP of $1887 Per capita make Bangladesh rich??? As usual you've made a fool of yourself.

And if the world Bank is offering a loans for vaccines, why would we not avail of it? Our capital reserves can be put to many other uses.
 

Destranator

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Since when does a GDP of $1887 Per capita make Bangladesh rich??? As usual you've made a fool of yourself.

And if the world Bank is offering a loans for vaccines, why would we not avail of it? Our capital reserves can be put to many other uses.
Borrowing on low interest takes the pressure off the budget so that funds can be spent on areas which cannot financed with loans (defence, law enforcement, salaries, etc..).
Forex reserve is not govt's money to spend. It is foreign currency which BB takes hold of when export earnings, foreign loans and remittances flow in and issues Takas against.
To access forex it needs to be bought using takas by the govt or private entities through L/Cs. In other words, the govt has to pay taka earned from revenues to BB in order to avail forex.

Don't expect all these nuances to seep into partisan hacktivism-flooded brains.
 
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idune

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Forex reserve is not govt's money to spend. It is foreign currency which BB takes hold of when export earnings, foreign loans and remittances flow in and issues Takas against.
Hasina floats plan to use foreign exchange reserves to fund development
 

Destranator

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Hasina floats plan to use foreign exchange reserves to fund development
Sometimes read the articles you share. Under the proposal, they will be borrowing the forex from BB as credit which they will have to pay back. The difference is they will pay BB back in BDT in instalments rather than upfront.

I am still against this proposal as mass theft and laundering is inevitable due to decreased scrutiny unlike with foreign loans.
 
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DalalErMaNodi

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Sometimes read the articles you share. Under the proposal, they will be borrowing the forex from BB as credit which they will have to pay back. The difference is they will pay BB back in BDT in instalments rather than upfront.

I am still against this proposal as mass theft and laundering is inevitable due to decreased scrutiny unlike with foreign loans.


I doubt they'll go through with it, seems counterproductive to me, poking around with the reserve.
 

Destranator

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I doubt they'll go through with it, seems counterproductive to me, poking around with the reserve.
I don't trust the govt given how insanely corrupt it is.

Ideally they should stick to obtaining finance from banks and selling bonds. Tax reforms should be the key driver towards increased funding major projects.
 

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