Bangladesh faces external pressures, requires careful macroeconomic management: World Bank

World Bank Vice President for South Asia, Martin Raiser, has reaffirmed the organization’s continued support to help Bangladesh achieve sustainable and inclusive growth.

“Bangladesh faces continued external pressures, which require careful macroeconomic management, but also a deepening of structural reforms to attract more private investment, boost jobs and strengthen resilience against climate shocks,” said Raiser who concluded his two-day visit to Bangladesh on Tuesday.

He said the World Bank stands ready to redouble its support under the new country strategy and accelerated implementation of its large existing portfolio.

Raiser visited Bangladesh as part of his current South Asia tour, according to the global lending body.

He met with the Bangladesh Bank Governor, State Minister for Energy, Senior Secretary to the Ministry of Finance, Secretary to Economic Relations Division, and other senior government officials.

They discussed the World Bank’s new country partnership framework for Bangladesh for fiscal years 2023-27 as well as how the World Bank support can be best utilized to help Bangladesh navigate the global uncertainties and increasing climate change impacts.

Raiser urged speeding up the pace of implementation of the World Bank-supported projects.

The World Bank and Bangladesh today signed a $191 million financing to strengthen the higher education sector and respond better to the COVID-19 pandemic.

The Higher Education Acceleration Transformation Project will support regional and global collaboration, research and innovation in higher education. It will help more women access quality tertiary education. 

Sharifa Khan, Secretary, Economic Relations Division, Government of Bangladesh and Abdoulaye Seck, World Bank Country Director for Bangladesh and Bhutan, signed on behalf of Bangladesh and the World Bank, respectively, in presence of Raiser.