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BD seeks more budgetary support from the ADB

Published : Wednesday, 3 April, 2024 at 12:00 AM  Count : 67

Finance Minister Abul Hassan Mahmood Ali said the Bangladesh government wants more budgetary support from the Asian Development Bank (ADB).
The Finance Minister said this after a meeting held with an ADB delegation led by ADB Vice President (Sectors and Themes) Fatima Yasmin at the Finance Ministers office at the Secretariat on Tuesday.
Finance Secretary Khairuzzaman Majumder was present in the meeting.
After the meeting, Finance Minister and Finance Secretary briefed reporters about seeking more budget support from ADB. The ADB Vice President said that the matter is being discussed.
The Finance Minister told reporters that Bangladesh has been developing relations with the ADB for 50 years. It ties will be better, stronger further. We are satisfied with that."
The Finance Minister said:  "We are going to the annual conference of ADB. There will be more discussion. But so far we are very happy. As our understanding improves, they understand our needs. We are very satisfied."
At that time, the Finance Secretary said: "ADB is our friend for 50 years. We are getting funds from ADB, Finance Minister is requesting to get more in future. ADB has helped us a lot in budget support especially our new window, budget support."
He said: "Due to the support given to our budget during Corona, we are able to recover the economy quickly. The Minister requested to increase this budget support."
When journalists asked such questions, Fatima Yasmin said: "We are discussing."
Then the Finance Minister said, "The ADB will provide budgetary support. That is why the ADB delegation is visiting the country."
Does the ADB delegation have any observations on the current state of our economy? In response to such questions, the Finance Minister said: "They are very happy."
Meanwhile, ADB has already promised to provide budget support of $400 million to Bangladesh for this year. The agreement was signed on December 11 last year. A budget support commitment of $90 million has also been received from South Korea.
According to ERD data, the government has paid around $203 million to international lenders in the eight months from July to February of the 2023-24 fiscal year due to interest and principal $142 million paid during the same period of the last fiscal year. That is, the payment has increased by 43 per cent. Of this, interest payments amounted to $806 million  - more than double that of the same period in the previous fiscal year.
In recent fiscal years, the governments budgetary assistance is seen to be on the rise. Primarily post-Covid-19, budgetary support has increased for procuring vaccines and economic recovery. In addition, the government strengthened its budget support program in the economic situation caused by the Ukraine-Russia war.







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