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Bangladesh is in discussions with the World Bank to secure an additional $10 billion in financial assistance, Finance Minister Amir Khosru Mahmud Chowdhury has said, adding that no final decision has been made yet.
The discussions and subsequent procedures may take several more months to complete, he said.
The finance minister made the remarks while responding to journalists after meeting the World Bank’s managing director in Bangkok, Thailand, on Tuesday.
“There is no decision being made at this stage. These are discussions, and further steps will be taken based on them. This is a process that will continue over the next few months,” he said.
He added that the talks were laying the groundwork for both sides to determine their future course of action and consider possible decisions. Discussions will also continue in Dhaka.
Expressing satisfaction with the progress of talks, Amir Khosru said the World Bank shared an understanding of Bangladesh’s economic policies, programmes and medium- and long-term development plans. The lender also supported the government’s policies aimed at restoring economic stability and overcoming the country’s current challenges, he said.
“The economy was in crisis when the current government took office. Alongside various liabilities inherited from the previous period, we are also dealing with economic disruptions caused by ongoing wars around the world. The World Bank understands these challenges,” he said.
The minister said the World Bank was keen to support Bangladesh and agreed with the government’s policy direction, economic programmes and plans for the country’s future after restoring stability.
He also said discussions were underway on a framework for partnership with the World Bank. Bangladesh had submitted a written proposal, while the lender had offered several recommendations and suggestions. Both sides had presented their respective positions, he added.
Asked about the World Bank’s and Asian Development Bank’s forecasts for inflation and gross domestic product growth, the finance minister said the government did not intend to dispute other institutions’ projections, which were based on their own calculations and analyses.
He said the government was working to achieve the economic targets set in the national budget and remained hopeful of meeting its projections.
