The World Bank on Thursday approved a $250 million financing to help the Government of Bangladesh strengthen policies to sustain growth following the Covid-19 pandemic and enhance resilience to future shocks.
The Bangladesh First Recovery and Resilience Development Policy Credit—the first in a series of two credits—supports fiscal and financial sector policies to enhance macroeconomic stability and sustain growth, said a press release.
It supports expanding and modernising social protection programs and energy sector policies to improve efficiency and reduce greenhouse gas emissions. These actions will help the country build resilience against future shocks, including climate change.
"Since 2020, the World Bank has provided over $3 billion to Bangladesh to support emergency response, vaccination, and other Covid-19 recovery efforts," said World Bank Country Director for Bangladesh and Bhutan Mercy Tembon.
"This credit will further accelerate the government's endeavors to strengthen its policies and regulatory framework to pave the way for a green, resilient, inclusive recovery and low-carbon growth," Tembon added.
This programme supports the development of the National Tariff Policy, which will help modernise trade taxes. New policies also enable foreign firms, including non-resident digital services companies to submit VAT returns and make payments. Expanded coverage of the national e-Government Procurement (e-GP) system will increase the efficiency of public expenditure, the press release added.
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