The World Bank has pledged $3 billion this fiscal year to support Bangladesh’s reform agenda, said the interim government.

The WB has agreed to provide budget support to Bangladesh to address its economic challenges, largely stemming from declining foreign exchange reserves, Finance and Commerce Adviser Salehuddin Ahmed said today.

The government is seeking as much as $8 billion in budget support by December from the development partners, including the International Monetary Fund (IMF), to pay back foreign liabilities and boost foreign exchange reserves.

Muhammad Fouzul Kabir Khan, adviser to the Ministry of Power, Energy and Mineral Resources, today sought $1 billion from World Bank as budgetary support for Bangladesh

Talks on Chinese loan proposals will be at the fore during Prime Minister Sheikh Hasina’s upcoming visit to Beijing.

Bangladesh is going to fulfil the International Monetary Fund’s condition on foreign exchange reserves in June on the back of record budget assistance from global creditors, the first time since the IMF approved its $4.7 billion loan programme more than a year ago.

The Asian Development Bank is planning to provide budget support and big project financing for the next three years to facilitate the country’s smooth graduation from the least-developed country bracket.

WB country director shared the information in a meeting with Planning Minister MA Mannan

Bangladesh is expecting another $250 million in budget support from the World Bank after the government fulfilled the conditions laid out for the funding.

Finance Minister AHM Mustafa Kamal today requested China-led Asian Infrastructure Investment Bank (AIIB) to extend more budget support and ease loan conditions the way the World Bank has done for Bangladesh.