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Economic Reporter
April 30, 2022, Saturday
Bangladesh has sought a loan 5000 million dollars from the World Bank for various development activities. The loan was requested by the Bangladesh delegation at a recent meeting of the World Bank-International Monetary Fund (Bank-Fund) held in Washington, USA.
The loan was sought from the company's International Development Association (IADA) for the next three years. Fazle Kabir, Governor of Bangladesh Bank, led the 11-member Bangladesh delegation in the week-long meeting from April 18 to 24.
The delegation included Mohammad Shafiul Alam, Alternate Executive Director of the World Bank, Abdur Rauf Talukder, Senior Secretary of the Finance Department, M Shahidul Islam, Ambassador of Bangladesh to the United States, and Fatima Yasmin, Secretary of the Economic Relations Department (ERD). According to ERD sources, the World Bank has assured that even if the amount of loan requested by Bangladesh is not complete, it will be available. It has also been assured that the current loan for Bangladesh will not be less than the current loan for the next three years.
In IDA's ongoing package, Bangladesh has received a loan of more than 4000 million dollars from a three-year term fund. As such, Bangladesh has the potential to borrow more than কোটি 400 million in the next three years (2022-25). The IDA package has $93 billion for the next 3 years. The fund provides loans for poverty alleviation, inequality reduction and economic development.
Under the ongoing package, low interest loans have been provided to 64 countries of the world including Bangladesh.
According to a press release issued by ERD on the occasion of Bangladesh's participation in the World Bank meeting, the World Bank Group expressed satisfaction over the management of Bangladesh's macroeconomy at the meeting. In particular, the steps taken by the government in tackling the Corona as well as in implementing economic recovery and financial stimulus have been appreciated.
Bangladesh's macroeconomic economy, economic recovery, steps taken by the government to reduce financial risks in the revenue sector, increase in prices of essential commodities in the overall global situation and inflation were discussed. The Bangladesh delegation sought technical assistance and various training activities with various facilities for the economy of Bangladesh in the post-transition period from LDC. Bangladesh has been assured of further enhancement of cooperation with the World Bank and its agencies in the future development activities of Bangladesh.
The delegation also attended bilateral meetings with officials from various organizations, including the Canadian Pension Fund and the Bill-Melinda Gates Foundation. Meanwhile, Bangladesh wants another $500 million budget assistance from the Asian Development Bank (ADB). This assistance is being sought targeting the budget of the next financial year.
The matter has already been discussed in detail with the ADB's Dhaka office. The visit of Vice President Shijin Chan to Dhaka could be the final decision on budget support. The second chief policy maker of ADB is coming to Dhaka on May 9 for a five-day visit.
According to the ADB Wing of the Economic Relations Department (ERD), budget support has already been discussed with the ADB headquarters. There have been several meetings with the Dhaka office of the organization in this regard. Now they are just waiting for the visit of ADB Vice President.
