Economy
World Bank MD Pledges Strong Support for Bangladesh’s Economic Vision
Anna Bjerde, World Bank Managing Director for Operations, concluded her inaugural visit to Bangladesh, reaffirming the bank’s robust commitment to assisting the country in achieving its goal of attaining upper-middle-income status by 2031. Emphasizing the urgent need for profound macroeconomic and financial sector reforms to sustain inclusive growth, Bjerde conveyed this message during meetings with Bangladesh’s leadership.
In a press release, the World Bank highlighted the significance of Bangladesh’s economic growth and development, considering it an inspiration for many countries. Bjerde urged swift and bold reforms in monetary and fiscal policies to ensure macroeconomic stability, mitigate financial sector risks, and sustain inclusive growth amid global uncertainties.
During her visit, Bjerde met with Prime Minister Sheikh Hasina, commending the country’s development achievements. She expressed gratitude to the prime minister for providing shelter to displaced Rohingya people and pledged ongoing support for addressing their needs until their safe and voluntary return, along with those of the host community.
Discussions between the World Bank and the Bangladesh government include a financing program exceeding $650 million for two new projects addressing the needs of both displaced Rohingya and host communities in the Chattogram division. Nearly half of the financing is allocated for displaced Rohingya people, entirely on grant terms.
Bjerde emphasized the pride in the longstanding partnership with Bangladesh, contributing to lifting millions out of poverty. The commitment involves continued support for job creation, private sector development, investment attraction, climate resilience, and crisis preparedness while ensuring inclusivity.
Throughout her visit, Bjerde engaged with the finance minister, Bangladesh Bank governor, senior government officials, private sector representatives, civil society leaders, and women entrepreneurs to discuss Bangladesh’s development priorities. The World Bank Vice President for the South Asia Region, Martin Raiser, accompanied her.
Since Bangladesh’s independence, the World Bank has committed approximately $41 billion in International Development Association financing, making it the world’s largest ongoing IDA program. The World Bank remains Bangladesh’s largest development partner.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
