No decision yet on additional $10 billion, but World Bank ready to give full support: finance minister
Photo: Collected
Finance Minister Amir Khasru Mahmud Chowdhury held a meeting with the Managing Director (MD) of the World Bank in Bangkok, Thailand, on Tuesday. After the meeting, he told journalists that the World Bank is ready to give Bangladesh full support.
According to the finance minister, the World Bank agrees with the government’s policy on overcoming the current economic situation, bringing stability to the economy and implementing medium- and long-term development plans. Saying the organisation fully agrees with Bangladesh’s economic programmes and policies, he said discussions on this will continue and the organisation is ready to provide the necessary support.
Amir Khasru said that when the current government took office, the country’s economy was in crisis. The government now has to bear the burden of various liabilities from the previous period, along with the economic disruption caused by the ongoing wars around the world. The World Bank understands these matters and agrees with the policies the government has taken to handle the situation.
He said the World Bank is very keen to stand by Bangladesh. The organisation fully agrees with the policies adopted by the government and the economic programme and direction set for the future after restoring economic stability. They will work together on this.
Noting that cooperation with the World Bank will continue, the finance minister said the necessary issues will be resolved through discussion, and the World Bank is ready to give Bangladesh full support.
Regarding reports published about seeking an additional $10 billion in assistance from the World Bank, the finance minister said no final decision has been made on this yet. Discussion with the World Bank is an ongoing process; decisions will be taken later on that basis after reviewing various issues. The whole process may take several months to complete.
Clarifying the matter, he said no decision is being made here. He is seeing many incorrect reports in various places. This is a discussion, on the basis of which there will be a follow-up later; this process will continue over the next few months.
The finance minister said the World Bank’s position is in line with the BNP government’s election manifesto and the government’s economic plans. The two sides are discussing how the economic challenges will be tackled and how the set targets will be achieved.
When journalists asked about the World Bank’s and Asian Development Bank’s (ADB) forecasts on inflation and GDP and the government’s economic targets, the finance minister said the government does not want to create a controversy over any other organisation’s forecasts. Each organisation has given forecasts based on its own calculations and analysis; as time goes on, the situation can be assessed by looking at various indicators of the economy.
He further said the government has no intention of disputing anyone’s projections; they have given projections by their own calculations. The government is doing its own work, and the organisations are doing theirs. The main point is that the cooperation needed between the two sides will continue.
Optimistic about achieving the inflation target set in the budget, the finance minister said the government expects to be able to meet the projections given in the budget.
He also expressed hope that through the ongoing discussions and continued cooperation with the World Bank, it will be possible to establish the country’s economic stability and achieve the goal of implementing the government’s announced programmes.
