Economy
Talks Underway for Additional $10 Billion in World Bank Loans: Finance Minister
Translated by Desk Report
Finance Minister Amir Khasru Mahmud Chowdhury has said discussions are underway with the World Bank over an additional $10 billion in loan support for Bangladesh, but no final decision has been made.
The discussions and subsequent procedures could take several more months, he told reporters after meeting the World Bank’s managing director in Bangkok, Thailand, on Tuesday, October 13.
Khasru said the meeting was part of an ongoing dialogue, with further steps to be determined through the discussions. The process would continue over the coming months, including further talks in Dhaka, to establish the basis for possible decisions and future action by both sides.
Expressing satisfaction with the progress of the talks, the minister said Bangladesh and the World Bank shared an understanding of the country’s economic policies, programmes, and medium- and long-term development plans.
He said the lender also supported the government’s measures to restore economic stability and address the challenges facing the economy.
According to Khasru, the current government inherited an economy in crisis and has had to address both longstanding liabilities and the economic effects of ongoing conflicts around the world. He said the World Bank recognised these challenges and was keen to support Bangladesh.
The minister added that the government’s proposed economic programmes and direction, intended to guide the country’s development after stability is restored, were aligned with the World Bank’s position.
Discussions are also underway on the framework for Bangladesh’s partnership with the lender. Khasru said Bangladesh had submitted a written proposal, while the World Bank had offered recommendations and advice. Bangladesh had also presented its own proposals and priorities.
Asked about inflation and gross domestic product (GDP) growth forecasts issued by the World Bank and the Asian Development Bank (ADB), the minister said the government did not intend to dispute their projections.
He said the institutions had prepared their forecasts using their own calculations and analysis.
Khasru added that the government was working towards the economic targets set out in the national budget and remained hopeful that its projections could be achieved.
