WB Pledges Support for Key Reform Initiatives in Bangladesh

The World Bank is ready to support the Interim Government’s key economic reforms, a visiting senior official from the multilateral lender stated today.

Martin Raiser, Vice President for South Asia at the World Bank, made the remarks after meeting with Chief Adviser Professor Muhammad Yunus at his office in Tejgaon, Dhaka.

“Count on us. We are ready to help,” Raiser affirmed in response to the Chief Adviser’s call for broader support in addressing the economy, tackling corruption, and initiating significant reforms, including in the judiciary.

Raiser expressed excitement about the government’s reform agenda, stating that the World Bank felt “it was worth visiting Bangladesh right now” due to the high expectations surrounding these efforts.

The Vice President of the World Bank pledged to back reforms in banking, taxation, customs, VAT, digitalisation, and anti-corruption initiatives.

Professor Yunus welcomed this support, emphasizing that the Interim Government has a strong mandate from the people to eradicate corruption and initiate a fresh start for the country.

“This is a season of reforms. We want to begin now,” he said, citing the student-led mass uprising in July-August that paved the way for significant changes to the current system.

“We don’t want to go back. This is a wholesale rejection of the past. It’s a clean slate,” he added.

Professor Yunus highlighted the government’s reform initiatives, placing top priority on corruption, labour reforms, and youth development.

He stated that the government is committed to implementing International Labour Organisation (ILO) conventions on labour reforms, which will enhance foreign investor confidence and support local manufacturers’ efforts to expand internationally.

“We are determined to achieve this,” he added, stressing that Bangladesh aims to become a global player in sectors beyond Ready-Made Garments (RMG).

Raiser welcomed the focus on attracting foreign direct investment (FDI), noting that Bangladesh’s annual FDI is approximately half a percent of its GDP—among the lowest in the region.

The World Bank Vice President also confirmed the approval of $700 million for addressing the Rohingya humanitarian crisis and supporting the host communities in Cox’s Bazar.

The Chief Adviser emphasised the importance of focusing on the young generation growing up in the Rohingya camps, saying, “We have to prioritise this.”

Present at the meeting were Lutfey Siddiqi, Special Envoy to the Chief Adviser, Lamiya Morshed, Senior Secretary and Head of SDG Affairs, Abdoulaye Seck, World Bank Country Director, and Shahriar Kader Siddiky, Secretary of the Economic Relations Division.