World Bank to align projects with govt's 31-point charter

The World Bank has expressed its keen interest in aligning its future development projects in Bangladesh with the government’s 31-point electoral manifesto.

This was revealed by World Bank President Ajay Banga during the IMF-World Bank Spring Meetings with Bangladesh’s Finance Minister Amir Khasru Mahmud Chowdhury held in Washington, D.C. on Tuesday. 

Briefing reporters after the second day of the Spring Meetings, the Finance Minister noted that multilateral agencies and bilateral development partners are increasingly finding common ground with the country’s strategic priorities.

“The most significant outcome is that the World Bank, along with other multilateral and bilateral agencies, is now aligned with our manifesto. 

Usually, development partners have their own specific agendas which do not always coincide with national programmes. However, they have shown a strong preference for our 31-point charter,” the Minister said.

He noted that BNP’s election manifesto had been prepared well ahead of the election, following extensive planning and analysis. As a result, the government has been able to begin implementation from day one.

He further highlighted that the World Bank chief appreciated the "creative economy" initiatives outlined in the manifesto, describing them as innovative and globally relevant. 

“They liked the programme to such an extent that there are even discussions about creating a separate portfolio for it,” Mr Chowdhury added.

Addressing the IMF’s recent projection of a 4.7 per cent GDP growth for the current fiscal year, the Finance Minister remained optimistic.

He remarked that as the new government has just assumed office, the positive impacts of its policy interventions will take time to reflect, eventually driving the growth rate higher.

Earlier, during a session on climate-vulnerable nations, the Finance Minister urged wealthy nations and development partners to expedite the release of promised climate funds. 

He emphasised the urgent need for increased financial and technical assistance to mitigate the rising risks faced by countries like Bangladesh.

It is mentionable that Bangladesh signed a U$4.7 billion loan agreement with the IMF on 30 January 2023, amid economic strain triggered by the Covid-19 pandemic and the Russia-Ukraine war.

The IMF later extended the programme by six months in June last year and added $800 million, bringing the total package to U$5.5 billion.

So far, Bangladesh has received U$3.64 billion under five tranches: U$476.3 million in February 2023, U$681 million in December 2023, U$1.15 billion in June 2024, and U$1.33 billion in June 2025, leaving U$1.86 billion yet to be disbursed.

The IMF had been due to release another tranche last December but withheld it pending discussions with an elected government.

A 14-member delegation, led by Finance and Planning Minister Amir Khosru Mahmud Chowdhury, is attending the event. The team includes 11 members from Bangladesh, while three others joined the delegation in Washington.

Finance Secretary Dr Md. Khairuzzaman Mozumder, NBR chairman, Md. Abdur Rahman Khan, Governor, Md. Mostaqur Rahman, ERD secretary, Md. Shahriar Kader Siddiky and senior officials of the ministries and divisions are members of the panel. Several business dignitaries, including Basumati Group chairman ZM Golam Nabi (CIP) are also in attendance at the high-level gathering. 

The Spring Meetings began on April 13 and will conclude on April 18.

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