Following the government`s fulfillment of the requirements for the fund, Bangladesh is anticipating an additional $250 million in budget support from the World Bank.
The budgetary assistance will come under the Bangladesh First Recovery and Resilience Development Policy Credit (DPC), the first of two credits that the Washington-based multilateral lender has planned to help the nation "build a stronger fiscal and financial sector to sustain growth".
Due to the government`s inability to satisfy the 12 criteria the World Bank has attached, the fund that were meant to arrive last fiscal year were delayed.
People in the finance ministry familiar with the process told the media that the administration has finally put them into action and sent the status report to the WB for releasing the cash.
They stated that the cash would be released by November if the WB is pleased with the development.
According to Abdoulaye Seck, the World Bank`s country director for Bangladesh and Bhutan, the Recovery and Resilience Development Policy Credit series supports a broad package of fiscal and financial sector reforms outlined by the government to improve macroeconomic stability and maintain growth.
As part of a larger effort to restructure the financial industry, the initiative got underway in 2021 and set "an ambitious target" for the adoption of the Bank Company Act.
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