The World Bank has committed to providing over two billion USD in new financing this fiscal year to support the country’s ongoing reform efforts.
This will also be used for flood response initiatives and improvements in air quality and healthcare.
Muhammad Yunus And World Bank’s Country Director Hold Talks
World Bank’s Country Director Abdoulaye Seck made this announcement following a meeting with the head of the interim government Nobel laureate Muhammad Yunus in Dhaka on Tuesday.
World Bank’s Country Director Assures Support To Muhammad Yunus
“We would like to support you as fast as possible and as much as possible,” Yunus’ office quoted Seck as saying.
Seck’s assurance underscored the bank’s commitment to address Bangladesh’s financial needs as it embarks on critical reforms under the interim government formed last month.
Prime Minister Sheikh Hasina was ousted in August after deadly protests.
The World Bank also plans to repurpose an additional one billion USD from existing programmes, which will raise the total amount of soft loans and grants to approximately three billion USD for this fiscal year that ends in June 2025.
The funds will be used to support a variety of key areas, including the country’s response to natural disasters and economic reforms.
Reforms Important For Bangladesh And Its Youth
Seck highlighted the importance of the reforms for Bangladesh’s future, particularly for its youth, with two million people joining the job market each year.
“The completion of the reforms will be critically important for Bangladesh and its young people,” he said.
Yunus Tells World Bank That Bangladesh Needs A Big Push
During the meeting, Yunus urged the World Bank to provide the necessary flexibility and support for the country’s reform initiatives.
“We need a big push, and we have to focus on the dreams of the students.”
In a televised address last week, Yunus said the government was appealing for aid of five billion USD to help stabilise an economy.
He said that the economy has been struggling since the Ukraine war sharply increased the cost of fuel and food imports.
Bangladesh last year sought a 4.7 billion USD bailout from the International Monetary Fund.
U.S. Commits Additional Aid To Bangladesh
The United States is committed to supporting Bangladesh’s inclusive economic growth, institution building and development
A U.S. delegation visiting Dhaka on Sunday said that the United States will provide an additional aid of 202 million USD to Bangladesh.
(With Inputs From Reuters)
