Khosru: Talks underway with World Bank to secure an additional $10 billion in assistance

Bangladesh is in discussions with the World Bank to secure an additional US$10 billion in financial assistance, although no final decision has been reached, Finance and Planning Minister Amir Khosru Mahmud Chowdhury said today.

The discussions and related procedures could take several more months to conclude, he told journalists after meeting the World Bank’s managing director in Bangkok, Thailand.

“No decision has been made yet. This is a discussion. Based on these discussions, we will take the next steps. It is a process that will continue over the next few months,” the finance minister said.

He said the ongoing talks would help both sides determine their next course of action and lay the groundwork for potential decisions. Discussions on the matter would also continue in Dhaka, he added.

Expressing satisfaction with the progress, Amir Khosru said the World Bank shared Bangladesh’s understanding of its economic policies, development programmes and medium- and long-term plans.

He added that the multilateral lender was also aligned with the government's efforts to restore economic stability and address the country's current economic challenges.

According to the minister, Bangladesh was facing an economic crisis when the current government took office. Alongside various outstanding liabilities inherited from the previous period, the government also had to contend with economic disruptions caused by ongoing global conflicts.

He said the World Bank understood the challenges facing Bangladesh and had expressed strong interest in supporting the country.

“The World Bank is very keen to stand beside Bangladesh. It fully agrees with the policies we have adopted, as well as the economic programmes and future course we have outlined after restoring economic stability,” he said.

The minister also said Bangladesh and the World Bank were discussing a framework for their future partnership.

Bangladesh has submitted a written proposal outlining the partnership framework, while the World Bank has provided recommendations and suggestions. The government has also presented its own proposals, he added.

Asked about inflation and gross domestic product (GDP) growth forecasts issued by the World Bank and the Asian Development Bank (ADB), Amir Khosru said the government had no intention of disputing projections made by other institutions.

He noted that the forecasts were based on the respective organisations’ calculations and analyses.

The government, meanwhile, was focused on achieving the economic targets outlined in the national budget, he said, expressing confidence that the projections could be met.