WB, IMF promise $1.8b aid to BD
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15/10/2013
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Financial Express (Bangladesh)
World Bank (WB) and International Monetary Fund (IMF) have promised $1.8 billion aid to Bangladesh. The assurance was given at the annual conference of the multi-lateral lending agencies in Washington.
Economic Relations Division (ERD) Secretary Abul Kalam Azad told bdnews24.com on Sunday that Bangladesh would get the loan at an easy interest rate this year.
They promised $500 million in social safety net, $400 million in coastal protection sector and $500 million in power development sector for fiscal 2013-14, said a government official, who is in Washington now as a member of the Bangladesh delegation.
The country will also get an additional $400 million for some other projects.
Azad said that on the day, Finance Minister AMA Muhith had a meeting with Christine Lagarde, managing director and chairman of the Executive Board of IMF.
Christine lauded Bangladesh for its economic stability and expressed the hope that it would be able to reach its target if the growth continues, the secretary said.
Bangladesh Bank Governor Atiur Rahman was also present at the meeting.
The finance minister also had a meeting with Philippe Le Houérou, World Bank's vice president for the South Asia region.
They discussed ongoing projects in Bangladesh, Abul Kalam said.
The minister thanked Philippe for their continuous support in improving living standard of people in Bangladesh, he said.
The BB Governor told the news agency that many had expressed their interest to invest in Bangladesh.
BSS adds: AMA Muhith said on the day that in current year's meetings none of the development partners and lending agencies raised doubt on the stability in Bangladesh economy and its inherent strength.
"The development partners are convinced of the stability which has been prevailing for last four years in the economy and its capacity to turn round," he said.
The finance minister said this to journalists after having a series of long and intensive discussions with the development partners on the last day of three-day annual meetings of WB and IMF.
On the day, the minister had three long and intensive meetings with the development partners and according to him all were fruitful and thus encouraging for Dhaka.
In the next three-four months the assistance from the development partners and agencies are expected to be released for the projects in the energy and infrastructure sectors, he said.
Muhith said none, whoever comes to power, would be able to stall or slow the pace of the march of the economy and its continuity. "The march of the economy would continue. This is the achievement of our last four years' hard toil."
The WB and the IMF, Muhith added, have taken this fact into cognizance and they were appreciative of the performance of Bangladesh economy. They expressed their shock at the tragedy in the garment sector but the sign of confidence in the resilience of Bangladesh economy was visible in their body language.
He said the programmes implemented or are undergoing in the social sector received high appreciation in the meetings and they were found interested in supporting more programmes for the sector.