Bangladesh to get 1.1bn loan assistance from ADB, WB

The Asian Development Bank (ADB) and the World Bank (WB) would provide $600 million and $500 million loan assistance respectively to Bangladesh by December 2024, Finance Secretary of the Interim government Dr Md Khairuzzaman Mozumder said this at a press conference yesterday.

Replying to a query on the amount of loan commitments received by the interim government, he said the policies implemented by the interim government have been positively received by donor agencies such as the International Monetary Fund (IMF) and the World Bank (WB).

“Our interim government’s policy measures have yielded good results, exceeding our initial expectations in terms of funding. For instance, we’ve successfully negotiated $600 million in loans with ADB and thus expect to receive the funds by December this year,” he added.

Besides, he highlighted progress with the World Bank, which has agreed to provide $500 million loan support within the same timeframe. “Originally, these loans were set at $300 million and $250 million respectively, but were later doubled due to favourable negotiations.”

The Finance Secretary said the government is seeking further financial assistance from the IMF adding, “We’ve requested an additional $1 billion in support from the IMF for this year. Discussions are set to conclude when the IMF team visits on December 4 and we’re optimistic about the outcome.”

He expressed confidence in the government’s ability to implement its policies effectively and secure continued support from international financial institutions.