WB Vice President reiterates continued support for Bangladesh
DHAKA, Sept 21, 2022 (BSS) - The World Bank's new Vice President for South Asia Martin Raiser concluded his first visit to Bangladesh today and reaffirmed the World Bank's continued support for the country's green, resilient and inclusive growth.
"Bangladesh is a development success story in South Asia, and the World Bank is proud of being a partner in the country's development journey for the past 50 years," said Raiser.
"We remain committed to helping Bangladesh achieve its growth aspirations. This will require timely policy actions to build strong public institutions, improve competitiveness, ensure climate resilience, and strengthen external and fiscal buffers." he said.
During his tour, Raiser met Finance Minister AHM Mustafa Kamal and commended the government for the rapid post-COVID recovery, said a press release.
They discussed the global economic outlook and the implications for economic policies.
"To continue its growth trajectory and enhance macroeconomic stability amid uncertainties and rising inflation, Bangladesh needs to stay the course on the reform priorities set out in its national plans," he added.
During the visit, the World Bank Vice President also met with the Prime Minister's Private Industry and Investment Adviser Salman F. Rahman, Bangladesh Bank Governor Abdur Rouf Talukder and senior government officials, as well as representatives from the private sector, civil society, and development partners.
The World Bank Group is preparing its new Country Partnership Framework (CPF) for Bangladesh, which will guide its support to the country from 2023-2027.
In his meetings with the government and other stakeholders, Raiser discussed how the World Bank support can be best aligned to help Bangladesh realize its vision of being an upper middle-income country by 2031.
"Other countries can learn from Bangladesh's development experience. The World Bank is committed to help the country remain on a sustainable and inclusive growth path." added Raiser.
The World Bank was among the first development partners to support Bangladesh following its independence. In the 50-year partnership, the World Bank has committed more than $37 billion in Independent Development Association (IDA) financing in the form of grants, interest-free loans, and concessional credits to help the country tackle its development challenges.
Currently, with nearly $15.7 billion in financing for 55 ongoing projects, Bangladesh has the largest IDA program globally. The World Bank is also Bangladesh's largest development partner.