The Bangladesh government will minimize project implementation timelines for World Bank-funded initiatives from seven years to five, and expedite approval process from 18 months to just eight, in its attempt to land $10 billion in additional loan assistance over the next three years, said Finance and Planning Minister Amir Khasru Mahmud Chowdhury.
Chowdhury, who led the Bangladeshi delegation at the World Bank-IMF Annual Meetings in Bangkok, Thailand, made these remarks in response to a reporter's question on the matter.
In the budget announced for the current FY27, the government set targets for inflation at 7.50% and Gross Domestic Product (GDP) growth at 6.50%.
However, projections from various donor agencies—including the World Bank, IMF, and Asian Development Bank (ADB)—present a different outlook.
In their respective outlook reports, these international development partners assert that achieving these targets is unlikely.
Most recently on Tuesday, the International Monetary Fund (IMF) stated in its World Economic Outlook report that Bangladesh's economic growth for the current fiscal year could settle at 3.2%, while average inflation may surge to 10.9%.
The World Bank has forecasted Bangladesh's growth at 3.4%, and the ADB's projections similarly signal concerns regarding economic growth.
The Bangladeshi delegation on Tuesday discussed with World Bank and IMF representatives, he sought continued support for Bangladesh's development initiatives.
In return, the World Bank expressed support for the policies and programs adopted by the government to recover from the economic crisis triggered by global turmoil and to ensure sustainable growth.
The institution also assured that it will continue to work jointly with the government to implement these plans.
The finance minister stated that the World Bank is keen to maintain its cooperation and stand alongside Bangladesh. In addition to restoring economic stability, the institution has endorsed the government's future programs and development roadmap. Both sides will work together on these fronts.
Regarding ongoing cooperation with the World Bank, the minister mentioned that issues requiring discussion and resolution will be advanced through dialogue. The World Bank stands ready to extend its full support to Bangladesh.
Bangladeshi journalists present in Bangkok interviewed the finance minister following the release of the IMF's World Economic Outlook on the second day of the World Bank-IMF Annual Meetings.
In response, the finance minister stated that these international bodies provided their forecasts based on their own independent calculations and analyses. Therefore, the government does not want to make any organization's projections a point of debate.
"We do not wish to dispute anyone's forecasts," the minister added. "They provided projections based on their own estimates. We are carrying on with our work, and they are doing theirs. We are striving to reach our goals in our own way. Time will tell how much is achieved."
Amir Khasru Mahmud Chowdhury said the government expects to fulfill the projections laid out in the budget. Over time, the situation can be evaluated by observing key economic indicators.