A senior World Bank official who is currently in the country stated that the global lender is prepared to support the Interim Government’s major economic reforms.
Following a meeting with Chief Adviser Professor Muhammad Yunus at his Tejgaon office in Dhaka, Martin Raiser, vice president of the World Bank’s South Asia area, made the remarks.
“Rely on us. In response to the Chief Adviser’s request for wider support for the Interim Government’s efforts to improve the economy, eradicate corruption, and carry out significant reforms in areas like the judiciary, Raiser stated, “We are ready to help.”
Raiser stated that he thought “it was worth visiting Bangladesh right now” and that the World Bank was “excited” by the reform agenda of the administration.
He remarked, “There are a lot of expectations.”
The vice president of the World Bank stated that the organization was prepared to back changes in banking, taxes, customs, VAT, digitization, and anti-corruption initiatives.
Professor Muhammad Yunus praised the bank’s backing, pointing out that the people have given the Interim Government a wider mandate to eradicate corruption and establish a fresh start.
“This is the reform season. We want to get started right away,” he declared, adding that the massive student-led revolt in July and August set the stage for significant changes to the current system.
“We wish not to return. It is an outright denial of the past. It’s a fresh start,” he declared.
Professor Yunus listed the reforms his government has implemented thus far and emphasized that youth, labor reforms, and corruption reduction are the three main economic priorities.
According to him, the government would put ILO agreements into practice for labor reforms, which will encourage foreign investors to come to Bangladesh and assist local producers in expanding their market share abroad.
He stated, “We want to get it done,” and added that Bangladesh need to be a major player in the world economy in industries other than ready-made garments (RMG).
Raiser praised the efforts to attract foreign direct investment, pointing out that Bangladesh has some of the lowest yearly FDI rates in the region, at roughly 5% of GDP.
According to Raiser, the World Bank has also granted $700 million for the host communities in Cox’s Bazar and the humanitarian issue involving the Rohingya people.
The Chief Adviser expressed his eagerness to provide assistance to the hundreds of thousands of youths who have been raised in the Cox’s Bazar Rohingya camps.
He stated, “We need to concentrate on this.”
In attendance were Lutfey Siddiqi, the Chief Adviser’s special envoy, Lamiya Morshed, senior secretary and head of SDG affairs, Abdoulaye Seck, the country director of the World Bank, and Shahriar Kader Siddiky, secretary of the economic relations division.
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