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Dhaka Tribune

World Bank lauds Bangladesh's economic growth despite downturn

Both sides agreed to accelerate cooperation in crucial areas, including Bangladesh’s reform efforts regarding ease of doing business

Update : 30 Jul 2021, 11:47 AM

The World Bank has acknowledged Bangladesh’s remarkable economic development and growth, and reassured the global lender's continued support for this country's prosperity.

Private Industry and Investment Adviser to the Prime Minister, Salman Fazlur Rahman, met with World Bank’s Managing Director (Operations) Axel van Trotsenburg and other high-ranking officials at its global headquarters in Washington DC recently. 

Rahman led the Bangladeshi delegation, which included Abdur Rouf Talukder, senior secretary, Finance Division, Ministry of Finance, executive chairman of Bangladesh Investment Development Authority (BIDA), secretary, Ministry of Commerce, secretary, Economic Relations Division, Ministry of Finance, and chairman of the Securities and Exchange Commission. 

In addition to Trotsenburg, the World Bank Group was also represented by John F Gandolfo, acting vice president of economics and private sector development as well as treasurer at the International Finance Corporation (IFC), and Mohammad Shafiul Alam, Bangladesh’s alternate executive director to the global financial institution.

Also Read - World Bank to finance extra Covid-19 vaccines for poorer nations

In the meeting with the World Bank’s MD, Adviser Rahman highlighted Bangladesh’s unprecedented economic development under the leadership of Prime Minister Sheikh Hasina reiterating that the country's economy was on a solid footing. 

In particular, he underscored Bangladesh’s economic performance and the GDP growth of 5.24% despite the pandemic-induced economic downturn. Rahman recalled the continued financial assistance provided by the World Bank to Bangladesh and thanked the global lending body for its contribution. 

He also highlighted the need to reduce procedural delay -- through bilateral discussions and close engagement -- in the disbursement of the loans sanctioned by the World Bank for Bangladesh to purchase Covid-19 vaccines on an emergency basis. 

At a separate meeting, the Bangladesh delegation led by Adviser Rahman met with IFC’s Vice-President of Economics and Private Sector Development (acting) and Treasurer and the World Bank’s acting South Asia Vice President.

Both sides agreed to accelerate cooperation in crucial areas, including Bangladesh’s reform efforts regarding ease of doing business, BIDA’s institutional capacity enhancement, and skills and human resources development.  

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