World Bank to give Bangladesh $6 billion credit in three years.

[Homo Sapiens]

http://bdnews24.com/economy/2017/04/21/world-bank-to-give-bangladesh-6-billion-credit-in-three-years
World Bank to give Bangladesh $6 billion credit in three years
Abdur Rahim Harmachi from Washington DC bdnews24.com

Published: 2017-04-21 02:04:31.0 BdST Updated: 2017-04-21 02:50:30.0 BdST

• 
  
  
  

Finance Minister AMA Muhith disclosed it to bdnews24.com after meeting the global lender's Vice President for South Asia Region Annette Dixon at its headquarters in Washington DC on Thursday on the sidelines of the Spring Meeting of the World Bank Group - IMF.

Muhith told bdnews24.com that Dixon said the World Bank would provide the money in three instalments of $2 billion each in every fiscal year from 2017-18 to 2019-20.

He said the previous three-year loan package of the World Bank is ending in June. It had pledged to give $4 billion from 2014-15 to 2016-17 financial year, he said.

"But we've got more."

The finance minister said he told Dixon Bangladesh is starting the new fiscal year in July.

"We want to give an ambitious budget again like before. We raised the past eight budgets by 10-11 percent each and we will do so again," he said.

He told the World Bank Vice President the government's highest priority human resources development.

"We will take up many new projects keeping this objective in sight," Muhith said.

He informed Dixon the government is not cutting the allocation for the Annual Development Programme of the current fiscal year.

The finance minister said the World Bank also pledged funds, as part of a global programme, to help Bangladesh rehabilitate the refugees from Myanmar. "(But) they did not say how much they will provide," he added.

According to him, the World Bank vice president was happy with Bangladesh's economic progress.

He said following Bangladesh's unwillingness to take loans from the World Bank for the banking sector, the global lender decided to give the same amount of credit to two other projects.

Asked how it reacted to the rejection, he said, "They didn't say much, neither did we."

Muhith also told the World Bank official that a banking commission would be formed in the next budget. The finance minister has been speaking about constituting the commission since 2014-15 to bring order to the banking sector.

"But this time we will surely do it," he said.

The Bangladesh delegation in the IMF and World Bank's 2017 Annual Spring Meetings also includes Bangladesh Bank Governor Fazle Kabir, Finance Secretary Hedayetullah Al Mamoon, Economic Relations Division Secretary Kazi Shofiqul Azam, and Alternate Executive Director to the World Bank Muhammad Musharraf Hossain Bhuiyan.

 

[Arthur]

Doyalbaba bhai, please post them in the BD Economy sticky thread too. That thread doesn't get enough post updates, and these normal threads fades way after the few page of troll war.

 

[Mage]

WB and IMF are pro status quo organizations. Their money comes with a lot of conditions as well. Anyway it's still good to get some money.

 

[Homo Sapiens]

Doyalbaba bhai, please post them in the BD Economy sticky thread too. That thread doesn't get enough post updates, and these normal threads fades way after the few page of troll war.

Unfortunately moderator have transferred the sticky 'Economy of Bangladesh' thread to the South and Central Asia section which is not frequented by Bangladeshi members like this sub forum.So I prefer to post all things here.Plus 6 billion dollar credit is pretty big enough to deserve a separate thread.

 

[Chhatrapati]

WB and IMF are pro status quo organizations. Their money comes with a lot of conditions as well. Anyway it's still good to get some money.

IMF loans have very difficult conditions. It ensure debt repayment by requiring countries to cut spending on education and health, eliminate basic food and transportation subsidies, devalue national currencies to make exports cheaper, privatize national assets, and freeze wages.
Hope BD bails out of these corners.

 

[Ideas_R_Bulletproof]

the path to slavery has many ways.........

 

[Arthur]

WB and IMF are pro status quo organizations. Their money comes with a lot of conditions as well. Anyway it's still good to get some money.

IMF loans have very difficult conditions. It ensure debt repayment by requiring countries to cut spending on education and health, eliminate basic food and transportation subsidies, devalue national currencies to make exports cheaper, privatize national assets, and freeze wages.
Hope BD bails out of these corners.

Bangladesh isn't taking loan from IMF anymore. We stopped late in last decade. Economy Minister said few years back, government isn't impressed with IMF's habit of trying to shove policy down their throat. IMF were pushing gov. for a long time to completely cut subsidies on fuel,electricity & privatise higher education. Muhit even said it yesterday his government isn't going to take loans from IMF.

 

[fallstuff]

WB to give $6 billion credit to Bangladesh


The World Bank has pledged to extend US$6 billion credit to Bangladesh in next three years.

The announcement came after Finance Minister AMA Muhith held a meeting the global bank’s Vice President for South Asia Region Annette Dixon at its Washington DC headquarters yesterday.





The finance minister is now in Washington to attend the Spring Meeting of the World Bank Group.

Earlier, the credit was $4 billion, the minister added. The World Bank would provide the money in three installments of $2 billion each in every fiscal from 2017-18 to 2019-20, Muhith said.

The Bangladesh delegation there includes Bangladesh Bank Governor Fazle Kabir, Finance Secretary Hedayetullah Al Mamoon, Economic Relations Division Secretary Kazi Shofiqul Azam, and Alternate Executive Director to the World Bank Muhammad Musharraf Hossain Bhuiyan.

http://www.thedailystar.net/business/wb-give-6-billion-credit-1394341

 

[Nilgiri]

WB and IMF are pro status quo organizations. Their money comes with a lot of conditions as well. Anyway it's still good to get some money.

World bank in this respect is much better than IMF.

IMF is largely a continuation of old school european trading banks which will take me pages and pages to fill up with all the disgusting wars, colonisation and other sordid affairs they have done in world history (as part of rotschild, BEIC, DEIC and others).

This policy continues when a developing country takes loan (esp rescue loan) from IMF (they apply their standards of developed country finance to them which creates cascading effect on real people which they care next to nothing about).

World Bank at least is somewhat cleansed from that association because of the American revolution...they are much more relaxed and adaptive to the needs of a particular country (esp after say the marshall plan which still dictates large swathes of US policy in loan and grant based aid)...but of course they are nowhere near perfect as the US itself has changed from 1776 when they were rebels against the great empire of its day....but have now become an empire themselves (albeit one can at least use money and such to represent yourself in their halls of power somewhat democratically compared to the insulated "white-mans burden" and for god, king and country attitudes that drove the British one).

 

[Major Sam]

but it is good to take loan to increase budget? What's the benefit to show it in budget. Why not just take it according to projects.