The World Bank’s future budget support for Bangladesh hinges on progress of reforms outlined in the country’s last two budgets, Bangladeshi officials have said.
The Washington-based lender plans to provide Bangladesh with some USD1 billion in budget support over the next three years.
The bank has requested the Bangladeshi government to submit a progress report by March. It has assured that the first tranche of the funding will be disbursed by June.
“We are preparing the progress report. It will be shared with the World Bank in March. We are confident it will satisfy the Bank,” Arastoo Khan, additional secretary at the Economic Relations Division, said Feb. 1, as quoted by the Financial Express.
The Bangladeshi government has pledged to keep the budget deficit of the current fiscal year at 5 percent of the gross domestic product, increase the tax-GDP ratio to 11.9 percent, raise development spending, develop a perspective plan for the next 10 years, and set up a budget and planning wing in all ministries.