Business Report :
Bangladesh’s new interim government on Wednesday sought US$1.0 billion from the World Bank (WB) as budgetary support for the power and energy sector.
The interim government’s adviser for power and energy, and road transport and bridges Muhammad Fouzul Kabir Khan sought fiscal assistance from the WB when a four-member team of the multilateral donor agency led by its’ country director Abdoulaye Seck visited his office in the secretariat.
The support is aimed at footing the mounting power and energy import bills, which have gone up to around US$2.20 billion to date; he informed the World Bank team.
During the meeting, Mr Khan appraised the WB team of the latest decision to suspend all the ongoing negotiations, selections, and purchasing of all power and energy projects under the Quick Enhancement of Electricity and Energy Supply (Special Provision) Act 2010 (Amended 2021).
He also informed the WB team about the decision to put on hold the law that allowed the government to adjust power and natural gas tariffs through executive orders bypassing the Bangladesh Energy Regulatory Commission (BERC).
The council of advisers will decide whether these laws and acts will be abolished or not, he added.
From now on all government purchases would be carried out under the Public Procurement Law 2006 and Public Procurement Policy 2008, the adviser told the WB team members.