Finance Minister seeks budget support from ADB

Finance Minister Abul Hassan Mahmood Ali has sought budget support from the Asian Development Bank (ADB) to ensure Bangladesh's smooth graduation from least developed country (LDC) status, according to a Ministry of Finance press release.

He made the request while speaking to ADB President Masatsugu Asakawa on the sidelines of the 57th annual meeting of the ADB in the Georgian capital of Tbilisi today.

In the meeting with Asakawa, Hassan sought policy-based lending support to undertake reforms related to trade policy, logistics, climate and LDC graduation.

He also requested the ADB to increase concessional climate finance and facilitate cross-border energy trade.

He further asked for assistance for initiatives related to tax reform and developing some of the thrust sectors such as, jute, leather, and tourism as Bangladesh initiates a drive to diversify its economy.

In response, Asakawa praised the Bangladesh government's strong climate and development agenda and assured of ADB's continuous support in Bangladesh's priority sectors.

Hassan attended a high-level panel discussion, titled "Harvesting hope; ensuring a food secure, climate resilient Asia and the Pacific" alongside a distinguished panel of speakers.

In his remarks, the finance minister highlighted how Bangladesh, despite scarcity of land, emerged as the third-largest producer of rice and vegetables globally by increasing food production, supporting agriculture, and expanding social safety programmes under inclusive development policies.

Hassan sought increased support from development partners, including ADB, to improve Bangladesh's food distribution system, develop market connectivity, and scale up innovation in the agriculture sector in the wake of climate challenges.