After IMF, it’s now WB’s turn to negotiate loan package

Martin Raiser, the World Bank's vice president for the South Asia Region, arrives in Dhaka tomorrow to discuss further reforms with the government for the support package sought to help Bangladesh tide over the period of global economic turmoil.

Bangladesh is scheduled to receive $250 million in December from the Washington-based multilateral lender and is in discussions for another $400-450 million to support the government's green growth agenda.

Read more: IMF's $4.5b loan coming

A fresh $1 billion has been sought from the Washington-based multilateral lender to mitigate the effects of the Ukraine war: a cost-of-living crisis and a fast-widening current account deficit.

"I am glad to be back in Bangladesh and to continue discussing with the government the important reforms that can help the country stay on the resilient and inclusive growth path and create opportunities for the people," he said in a press release.

During his three-day visit, Riser will meet with Prime Minister Sheikh Hasina and Finance Minister AHM Mustafa Kamal, along with other senior government officials.

He will introduce Abduoulaye Seck, who will assume the position of the WB's country director for Bangladesh and Bhutan on January 1, 2023. They will also visit a WB-supported project.

Also read: What does the IMF loan mean for Bangladesh?

"Bangladesh has an impressive record in many aspects of development, including poverty reduction, climate change adaptation and disaster-risk preparedness and gender parity in school enrolment, to name a few. I look forward to working closely with the government and people of Bangladesh as the country works toward the goal of achieving upper-middle income status by 2031."

A Senegalese national, Seck joined the WB in 1995 as an economist and has since held leadership positions in different countries. Before taking this assignment, Seck served as the country director for Cameroon, the Central African Republic, Equatorial Guinea, Gabon, and the Republic of Congo. He also served as the WB country manager for Afghanistan, Myanmar, and Moldova.

The WB was among the first development partners to support Bangladesh following its independence. Since then, the WB has committed more than $37 billion in grants, interest-free and concessional credits to the country.

Bangladesh currently has the largest ongoing International Development Association (IDA) programme totalling over $15.7 billion in 55 active projects.