The government has sought support from the World Bank, International Finance Corporation (IFC), and other development partners for various ongoing and future programmes, Finance and Commerce Adviser Dr. Salehuddin Ahmed said on Sunday.
Speaking to reporters after a meeting with a delegation from the World Bank and International Finance Corporation (IFC) at the Finance Division Conference Room in the Bangladesh Secretariat, Dr. Salehuddin outlined the government’s requests for technical and financial assistance.
“We have asked for their support in some of our ongoing and future programs. We will formally communicate our needs later, and further discussions will take place,” he said.
The government is seeking assistance specifically in areas such as banking sector reforms, recovering laundered money, and tax reforms, including improvements in income tax and VAT collection. The government needs resources to carry out reforms across various economic fronts, Dr. Salehuddin explained.
While IFC support is part of the request, the government is also coordinating with other development partners to avoid duplication. “We will ensure that there is no overlap in the support we seek from different partners,” he added.
Dr. Salehuddin stressed that while the government will utilize local resources as much as possible, foreign assistance is crucial in some areas. “In some cases, we need funding from external sources like the IFC, which provides balance of payment support, as well as assistance in revenue and banking reforms,” he said.
During the meeting, the government briefed the World Bank and IFC about the steps already taken to implement reforms in banking, revenue, and other sectors. “This was not a technical team, but we discussed our broad objectives and policy perspectives,” Dr. Salehuddin said, noting that the government is taking necessary steps, though reforms will take time to materialize.
He added that the World Bank team plans to meet with Bangladesh Bank officials to discuss foreign exchange market issues, banking reforms, and macroeconomic policies. They will also engage with the National Board of Revenue (NBR) to support tax reform initiatives.
The Adviser mentioned that further discussions will take place during the upcoming Annual Meetings of the IMF and World Bank Group in October, where Bangladesh’s policymakers will meet with officials from the lending agencies.
World Bank regional vice president for South Asia Martin Raiser, South Asia Regional Director Imdad Fakhoury, World Bank Country Director Abdoulaye Seck and World Bank Operations Manager for Bangladesh Gayle Martin were present among others.
Meanwhile, World Bank Group President Ajay Banga recently announced that the global lender would provide $3.5 billion to support Bangladesh’s reform initiatives. Of this, $2 billion will be fresh lending, while $1.5 billion will be repurposed from existing programs. Banga made the announcement during a meeting with Bangladesh Chief Adviser Professor Muhammad Yunus on the sidelines of the United Nations General Assembly (UNGA) in New York.
