Govt seeks WB, IMF support for ongoing, future programmes: Finance adviser
He said the government is seeking assistance specifically in areas such as banking sector reforms, recovering laundered money, and tax reforms
The government has sought support from the World Bank, International Monetary Fund (IMF), and other development partners for various ongoing and future programmes, Finance Adviser Salehuddin Ahmed said today (29 September).
"We will formally communicate our needs later, and further discussions will take place," he told reporters after a meeting with a delegation from the World Bank and International Finance Corporation (IFC) at the Bangladesh Secretariat.
Outlining the government's requests for technical and financial assistance, Salehuddin 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.
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The adviser explained that the government needs resources to carry out reforms across various economic fronts.
"While IMF 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.
Salehuddin stressed that while the government will utilise local resources as much as possible, foreign assistance is crucial in some areas.
"In some cases, we need funding from external sources like the IMF, 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," Salehuddin said, noting that the government is taking necessary steps, though reforms will take time to materialise.
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, he added.
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 programmes.
Banga made the announcement during a meeting with Bangladesh Chief Adviser Professor Muhammad Yunus on the sidelines of the United Nations General Assembly in New York.
