Bangladesh has the potential to attract significant investment and generate millions of jobs by carrying out key reforms in four promising sectors -- green readymade garments (RMG), housing for the middle class, paint and dyes, and digital financial services, according to a new report by the World Bank Group.
As much as $670 million (around Tk 8,200 crore) from slow-moving World Bank-funded projects will be repurposed, with most of the funds going towards budget support as the government looks to navigate the narrow fiscal space amid a slowing economy.
These two financial agreements will help Bangladesh achieve green growth: WB country director
The high cost of servicing foreign debt has pushed many developing countries to borrow more money from multilateral institutions like the World Bank, stretching their finances
Bangladesh to utilise the fund to speed up reforms, stabilise reserves
He speaks at a discussion organised by the Finance Division in collaboration with the World Bank
The International Monetary Fund and World Bank annual meetings are scheduled to draw more than 10,000 people from finance ministries, central banks and civil society groups to discuss efforts to boost patchy global growth, deal with debt distress and finance the green energy transition
The government is expecting at least $5.65 billion in budget support this fiscal year from the World Bank, the International Monetary Fund (IMF), and the Asian Development Bank (ADB) to expedite reforms.
The meetings will take place in between October 21 and October 26
The World Bank will provide support in reforming banking and other sectors in Bangladesh, Finance and Commerce Adviser Salehuddin Ahmed said on Thursday
It is unfortunate that the previous government fell short of its commitments to strengthen the banking sector.
Finance Adviser Salehuddin Ahmed says after meeting with ADB
These new financing operations will help Bangladesh in financial sector and urban management, says Abdoulaye Seck, World Bank country director for Bangladesh and Bhutan
She alleges that the development paradigm still reflects the colonial framework of power relationships.
Commodity prices are projected to experience a slight downturn in 2024 and 2025 but are expected to remain above pre-pandemic levels, according to the World Bank
Crisis-hit Sri Lanka will return to growth this year, the World Bank said Tuesday, but around a quarter of the country's citizens will remain living in poverty
Around 5 lakh people in Bangladesh likely fell into extreme poverty between the fiscal years 2022-23 and 2023-2024 due to the erosion of purchasing power, said the World Bank
The multilateral lender said the economy would grow at 5.6 percent in 2023-24, lower than the South Asian average of 6 percent for 2024. Annual GDP growth averaged 6.6 percent in the decade before the pandemic struck the world in 2020.
The government should come up with a clear guideline complying with the global best practices before compelling banks to merge, the World Bank has said.
