The World Bank is committed to increasing lending to
Bangladesh in this fiscal year to help the reform agenda of the Interim
Government, its Country Director Abdoulaye Seck said on Tuesday.
Abdoulaye Seck informed that the World Bank can mobilise
about $2 billion new financing in this fiscal year to support critical reforms,
flood response, better air quality and health. Seck spoke about the new
assistance when he called on Chief Adviser Professor Dr Muhammad Yunus at the
State Guest House Jamuna in Dhaka. "We would like to support you as fast
as possible and as much as possible," Seck said, adding that the bank
would support the critical financial needs of the country. In addition to the
new commitments, he said, the multilateral lender would repurpose about an
extra US$ one billion from its existing programmes in consultation with the
government in response to the calls for support by the Chief Adviser to all
development partners of Bangladesh. Seck said the extra lending would raise the
amount of soft loans and grants the World Bank would be giving to Bangladesh
this fiscal year to about US$ 3 billion once the funds from the existing
projects are repurposed. The World Bank country chief said the completion of
the reforms would be "critically important" for Bangladesh and its
young people, including the two million people who are joining the job market
every year. During the meeting, Chief Adviser Prof Yunus told the World Bank
country head that the bank must have flexibility to fund Bangladesh's reforms
and help restart a new journey after 15 years of "extreme
misgovernance."
"Out of these ashes, we have to build new structures.
We need a big push, and we have to focus on the dreams of the students,"
he said. "I will suggest, help us. Be a part of our team," said the
Chief Adviser. Prof Yunus asked the World Bank to lend its technical support to
recover billions of dollars of stolen assets siphoned off from Bangladesh by
corrupt individuals during Sheikh Hasina's 15-year-long dictatorship. "You
have the tech to bring back stolen assets," he said, adding Bangladesh
would also need the bank's expertise to build "a zero-corruption
Bangladesh". The World Bank country chief agreed to help Bangladesh bring
back the stolen money. "We are happy to help you," Seck said. He said
the global lender would also like to help Bangladesh with data transparency,
data integrity, digitalisation of tax collection, and financial sector reforms.
Prof Yunus said Bangladesh cannot afford to lose this once in a lifetime
opportunity to fix its institutions and undertake major reforms. "Once we
lose it, it will never come back," he said. Seck offered condolences for
the martyrs of the July-August student-led uprising. The WB country director
said he was impressed by the graffiti and murals painted by young people on
Dhaka's walls. "In 30 years of my career, I've never seen it
anywhere," he said. "We need to empower them," Seck said.
