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WB, IFC to help BD reform banking, energy sectors

Published : Monday, 30 September, 2024 at 12:00 AM  Count : 91
Business Correspondent
The World Bank (WB) and the International Finance Corporation (IFC) will assist Bangladesh in reforming the nation's revenue system (NBR), energy and banking sectors, said Finance and Commerce Advisor  Salehuddin Ahmed. 

The disclosure follows a high-level meeting between Bangladesh government and representatives of both the organizations. 

Speaking to reporters on Sunday after the meeting held at the Ministry of Finance, Ahmed said discussions centered on the type of support the WB and IFC will provide to Bangladesh's financial and energy sectors. 

WB regional Vice President for South Asia Martin Raiser, South Asia Regional Director Imdad Fakhoury, WB Country Director Abdoulaye Seck and WB Operations Manager for Bangladesh Gayle Martin were present, among others.

"We have been in talks about how the World Bank will assist in reforming our financial sector and the NBR in particular. IFC's investment approach in both public and private sectors was also a key focus in the discussion," the Finance Adviser said.

The meeting, which is part of a Bangladesh government ongoing effort to strengthen its economic infrastructure, also included talks on technical and financial assistance. Ahmed further noted that these issues will be revisited in detail during a planned follow-up meeting in October.

The adviser emphasized that the World Bank and IFC have demonstrated a positive attitude towards reforms but added that Bangladesh will need to meet certain conditions to secure the support. "There are some tasks we need to complete, and we have conditions to observe," he said.

In response to questions which sectors will benefit, Ahmed said banking and revenue sectors will come first along with the energy sector to get both financial and technical assistance. "Their assistance will contribute to overall financial and socio-economic development of the country," he added.

Although specifics about the financial commitment from the World Bank and IFC were not disclosed, Ahmed assured that details regarding contributions from donors would be made available in due time. "I will not disclose the amount now, but you will be informed later about each donor's contributes," he stated.

The collaboration between Bangladesh and the World Bank-IFC is expected to play a crucial role in carrying out the nation's economic reforms, particularly in addressing structural challenges within its fiscal framework and energy infrastructure, he said.



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