Staff Reporter :
The World Bank (WB) has announced that it could mobilise an additional $2 billion in new financing during the current fiscal year (FY) (2024-25) to support critical reforms, flood response, improved air quality, and healthcare in Bangladesh.
During a meeting at the State Guest House Jamuna in Dhaka on Tuesday, the World Bank’s Country Director, Abdoulaye Seck, assured Chief Adviser Dr. Muhammad Yunus of the bank’s commitment to providing financial assistance to Bangladesh during this crucial period.
Seck expressed the World Bank’s dedication to supporting the reform agenda of the interim government, stating, “We would like to support you as fast as possible and as much as possible.” He added that the bank would work to meet the country’s critical financial needs.
In addition to the newly committed funds, Seck revealed that the World Bank would repurpose approximately $1 billion from its existing programmes in response to requests from the chief adviser. This would bring the total financial assistance from the World Bank to around $3 billion this fiscal year.
Seck emphasised the importance of the reforms, particularly for the youth of Bangladesh, noting, “The completion of the reforms will be critically important for Bangladesh and its young people, including the two million individuals who enter the job market every year.”
The World Bank Country Director also pledged to assist Bangladesh in recovering stolen funds. “We are happy to help you,” Seck said.
Furthermore, he noted that the bank would offer support in areas such as data transparency, data integrity, digitalisation of tax collection, and financial sector reforms.
Chief Adviser Dr. Muhammad Yunus urged the World Bank to show flexibility in its approach to funding Bangladesh’s reforms, stressing the need for decisive action to rebuild after what he described as 15 years of “extreme misgovernance.”
“Out of these ashes, we have to build new structures. We need a big push, and we must focus on the dreams of the students,” said Yunus, calling on the World Bank to be an integral part of this rebuilding process. “I will suggest, help us. Be a part of our team.”
Yunus underscored the urgency of the moment, warning that Bangladesh could not afford to miss this rare opportunity for institutional reform. “Once we lose it, it will never come back,” he concluded.