United News of Bangladesh

The World Bank has agreed to support Bangladesh in dealing with external economic shocks related to oil and gas supplies and supply-chain disruptions, Finance Minister Amir Khosru Mahmud Chowdhury said on Tuesday. He said the issue was discussed during Prime Minister Tarique Rahman’s meeting with World Bank Group President Ajay Banga at the UN Headquarters in New York. Khosru briefed reporters in front of the UN Headquarters after the meeting, which lasted about half an hour. He said the discussions focused on Bangladesh’s partnership with the World Bank and how the two sides can work together under the partnership framework to support the country’s development trajectory. “External shocks are creating problems for the economy due to issues related to oil, gas and supply chains, which are beyond Bangladesh’s control. We discussed what role the World Bank can play, and it has agreed to come forward with support,” the minister said. He said Bangladesh and the World Bank agreed to work together to ensure that supply-chain disruptions do not hamper the country’s development trajectory. Khosru said the meeting also discussed the government’s social programmes, including the Family Card and Farmers’ Card, which he said were appreciated by the World Bank. He said the World Bank will support such programmes, and the two sides also discussed expanding initiatives aimed at creating young entrepreneurs and generating employment. “We have already rolled out programmes for young entrepreneurs based on 50 percent grants and 50 percent concessional loans. We discussed how we can expand these programmes together with the World Bank,” the minister said. He said the government wants to take youth entrepreneurship and employment programmes to a larger scale so that entrepreneurship among young people can generate more jobs and further employment in the economy. “The role of the young generation is extremely important in the economic trajectory we are pursuing towards a trillion-dollar economy by 2034,” Khosru said. He said the government will work with the World Bank to provide greater support for young entrepreneurs and create more employment opportunities. The minister said the meeting also covered the World Bank’s role in helping Bangladesh address economic pressures caused by external factors, particularly energy and supply-chain challenges. “We have to maintain our development trajectory, and we need to ensure that supply-chain problems do not disrupt it. We agreed to work together on how the World Bank and Bangladesh can address these challenges,” he said. Khosru also said the government is seeing positive signs in several areas of the economy. “We are seeing signs of improvement in the capital market. We are reforming and trying to recapitalise our banks, and there are signs of improvement there. Our exports are increasing, remittances are increasing, and our rating has moved from negative to stable,” he said, adding that the signs in the economy are very positive. The minister said Bangladesh and the World Bank will continue working together to address critical supply-chain problems while sustaining areas of positive economic growth. Prime Minister’s Finance and Planning Adviser Rashed Al Mahmud Titumir was also present at the meeting, which took place on the sidelines of the 81st session of the UN General Assembly.   Prime Minister Tarique Rahman’s UN engagements began on Tuesday with a welcome breakfast hosted by UN Secretary-General António Guterres for heads of delegation and their spouses, followed by the opening session and high-level General Debate of the General Assembly. During his brief New York stay, the Prime Minister is scheduled to hold a series of bilateral and high-level meetings with heads of state and government and leaders of international organisations. He is scheduled to address the General Debate on September 24.