The World Bank on Thursday approved a US$250
\nmillion financing to help the Government of Bangladesh for strengthening
\npolicies to sustain growth following the COVID-19 pandemic and enhance
\nresilience to future shocks.<\/p>\n
The Bangladesh First Recovery and Resilience Development Policy Credit–
\nfirst in a series of two credits– supports fiscal and financial sector
\npolicies to enhance macroeconomic stability and sustain growth.<\/p>\n
It supports expanding and modernizing social protection programmes and energy
\nsector policies to improve efficiency and reduce greenhouse gas emissions.
\nThese actions will help the country to build resilience against future
\nshocks, including climate change.<\/p>\n
“Since 2020, the World Bank has provided over US$3 billion to Bangladesh to
\nsupport emergency response, vaccination and other Covid-19 recovery efforts,”
\nsaid Mercy Tembon, World Bank Country Director for Bangladesh and Bhutan.<\/p>\n
“This credit will further accelerate the government’s endeavors to strengthen
\nits policies and regulatory framework to pave the way for a green, resilient,
\ninclusive recovery and low-carbon growth,” she added.<\/p>\n
The programme supports the development of the National Tariff Policy which
\nwill help modernize trade taxes, said a press release.<\/p>\n
New policies also enable foreign firms, including non-resident digital
\nservices companies, such as the search, social media, and cloud services
\nfirms, to submit VAT returns and make payments. Expanded coverage of the
\nnational e-Government Procurement (e-GP) system will increase the efficiency
\nof public expenditure.<\/p>\n
The financing will help streamline the bank recovery framework. All
\nscheduled banks will prepare recovery plans, which will be updated annually.
\nNew legislation will be prepared to strengthen the stability and efficiency
\nof payment and settlement systems, which will also foster digital and mobile
\nfinancial services.<\/p>\n
The programme supports adjustments to the interest rates of several public
\nsavings instruments, bringing them closer to the market to reduce
\ndistortions.<\/p>\n
Besides, it will help the government rapidly scale up cash transfer
\nprogrammes to respond the future shocks and to expand the use of the
\ngovernment-to-person payment platform for cash-based programmes.<\/p>\n
This will allow the government to respond more quickly to climate-related
\ncrises, including floods and cyclones, by identifying and targeting new and
\nexisting beneficiaries for emergency assistance.<\/p>\n
It will also help Bangladesh with its transition to a low-carbon economy.
\nThe revised National Building Code will improve energy efficiency in
\nbuildings while the cancelation of 8,451 MW of planned investment in coal-
\nfired power generation projects supports progress towards Bangladesh’s
\nNationally Determined Contributions (NDC) 2021.<\/p>\n
“This financing will help Bangladesh harness digital technology to ensure
\ngreen and resilient growth,” said Bernard Haven, World Bank Senior Economist
\nand Task Team Leader for the project.<\/p>\n
“Fiscal and financial sector policies will help sustain growth while
\nenhancing the coverage and efficiency of social protection programmes will
\nprotect the poor and vulnerable during economic shocks and natural
\ndisasters.” Haven added.<\/p>\n
The credit is from the World Bank’s International Development Association
\n(IDA), which provides concessional financing, has a 30-year term, including a
\nfive-year grace period. Bangladesh currently has the largest ongoing IDA
\nprogramme totaling over US$14.5 billion.<\/p>\n
The World Bank was among the first development partners to support Bangladesh
\nand has committed US$35 billion in grants, interest-free, and concessional
\ncredits to the country since its independence.<\/p>\n","protected":false},"excerpt":{"rendered":"
The World Bank on Thursday approved a US$250 million financing to help the Government of Bangladesh for strengthening policies to sustain growth following the COVID-19 pandemic and enhance resilience to future shocks. The Bangladesh First Recovery and Resilience Development Policy Credit– first in a series of two credits– supports fiscal and financial sector policies to […]<\/p>\n","protected":false},"author":1,"featured_media":25012,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,14],"tags":[],"class_list":["post-25011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-6","category-14"],"_links":{"self":[{"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/posts\/25011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/deshnews24.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25011"}],"version-history":[{"count":1,"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/posts\/25011\/revisions"}],"predecessor-version":[{"id":25013,"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/posts\/25011\/revisions\/25013"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/media\/25012"}],"wp:attachment":[{"href":"https:\/\/deshnews24.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/deshnews24.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/deshnews24.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}