Bangladesh to receive $1.1 billion from ADB and World Bank by December, says Finance Secretary

Bangladesh is set to receive a total of $1.1 billion in loans from the Asian Development Bank (ADB) and the World Bank by December 2024, Finance Secretary Dr. Md Khairuzzaman Mozumder announced on Tuesday. 

He shared this news during a press briefing at the Ministry of Finance, which marked the 100-day milestone of the interim government.

When asked by reporters about the financial support the interim government has secured, Dr. Mozumder explained that international organizations like the International Monetary Fund (IMF) and the World Bank have responded positively to the government‍‍`s policies.

"Our interim government’s policies have had better results than we expected, especially in terms of securing funding. 

For example, we’ve successfully negotiated a $600 million loan with ADB, and we expect to receive this money by December," he said.

Dr. Mozumder also gave an update on the World Bank’s commitment, saying that the bank has agreed to provide $500 million in loan support, up from the initial $250 million.

 "Originally, the loans were set at $300 million and $250 million, but thanks to successful negotiations, the amounts were increased," he explained.

The finance secretary also mentioned that the government is in talks with the IMF for additional financial support. 

"We’ve asked the IMF for an extra $1 billion in aid this year. These talks are expected to conclude when the IMF team visits on December 4, and we are hopeful for a positive outcome," he said.

Dr. Mozumder expressed confidence that the government will continue to manage its policies effectively and maintain strong support from international lenders.

The press briefing, led by Finance Adviser Salehuddin Ahmed, was attended by several other officials, including Nazma Mubarak, Secretary of the Financial Institutions Division, Md Shahriar Kader Siddiky, Secretary of the Economic Relations Division (ERD), and Md Abdur Rahman Khan, Chairman of the National Board of Revenue (NBR).