World Bank, ADB promise more support but call for reforms

Both the World Bank and Asian Development Bank (ADB) have assured they will continue supporting Bangladesh's growth but stressed the need for economic reforms that are crucial for the country to become a developed nation.

World Bank Country Director Abdoulaye Seck and ADB Country Director Edimon Ginting yesterday held separate meetings with Finance Minister Abul Hassan Mahmood Ali at his office in the secretariat.

After the meetings, the finance minister told reporters that the World Bank and ADB are ready to help the government when needed.

"This is the big message," Ali said.

Responding to a query, he said there is need for economic reforms and so, they will be continued.

Talking with reporters, World Bank Country Director Seck said they discussed different economic reforms, including the fiscal policy and safety nets, at the meeting with the finance minister.

"The World Bank Group is ready to support Bangladesh in this regard," he added.

ADB country director Ginting said they feel Bangladesh's economic policy is on the right track but there is need for some fine-tuning in terms of strengthening the utilisation of foreign resources.

He also said the ADB has long been extending budget support to Bangladesh. Last year, the ADB provided $800 million as budgetary support, which directly contributed to the foreign exchange reserve.

The ADB chief added that they expect confidence in the government will come back now that the elections are over, which will help improve the country's economic situation and foreign reserves.

The World bank's Seck said Bangladesh is a "great story of growth" but in terms of attracting foreign investment, the country still remains below capacity.

He said attracting more foreign direct investment would bring stability to the foreign currency reserve.

He also said despite facing some current challenges, Bangladesh's economy remains very strong and the nation should be proud of registering even 6 percent economic growth given the current climate.