WB, IFC to assist in energy, NBR, banking sector reforms

Finance and Commerce Adviser Dr Salehuddin Ahmed said on Sunday that the World Bank and the International Finance Corporation (IFC) will assist Bangladesh in reforming its energy, National Board of Revenue (NBR), and banking sectors.

Following a meeting with World Bank and IFC representatives at the finance ministry, Salehuddin outlined the discussions, which focused on how the World Bank would support reforms in the financial sector and the NBR.

“Today, we discussed how the World Bank can help with reforms in our financial sector and the NBR,” he said.

Regarding the IFC’s involvement, the adviser added, “We talked about their plans to invest in both the public and private sectors, and about providing technical and financial support. Further discussions will take place during my visit to their meeting in October.”

When asked about the type of assistance Bangladesh has requested, Salehuddin mentioned that the government is seeking help for both ongoing and future programmes. He stressed the need for technical assistance in banking reforms, the recovery of laundered money from abroad, and tax system reforms.

He also emphasised that the government is looking for support not only from the World Bank and IFC but also from other development partners, assuring that there will be no duplication in the requests made to these organisations.

The adviser explained that the country requires resources for economic and other reforms, noting that while local resources will be utilised as much as possible, external funding from organisations such as the International Monetary Fund (IMF) will also be necessary.

During the meeting, World Bank and IFC representatives discussed potential support in various sectors, as well as the broader economic objectives and policies of the country.

The World Bank team is expected to meet with Bangladesh Bank to discuss foreign exchange markets, banking reforms, and macroeconomic policies. They will also engage with the NBR on reform-related issues. These discussions are set to continue at the upcoming Annual Meetings of the IMF and World Bank Group in October.

World Bank Vice President for South Asia Martin Raiser, South Asia Regional Director Imdad Fakhoury, and Bangladesh Country Director Abdoulaye Seck were among those present at the meeting.

Meanwhile, World Bank President Ajay Banga recently announced that the global lender will provide $3.5 billion to support Bangladesh’s reform initiatives, including $2 billion in new loans and $1.5 billion repurposed from existing programmes.