WB VP reiterates support for Bangladesh’s inclusive growth

World Bank Vice-President for South Asia Hartwig Schafer

World Bank Vice-President for South Asia Hartwig Schafer reaffirmed the bank’s commitment to the country’s resilient and inclusive recovery from the Covid-19 pandemic as he concluded a week-long visit to the South Asian nation on Friday.

Schafer met Finance Minister AHM Mustafa Kamal and lauded the government’s measures to contain the Covid pandemic, and its focus on an inclusive economic recovery, a press release said.

He also noted the strong role Prime Minister Sheikh Hasina played at the recent COP26 meeting.

“The resilience of Bangladesh’s people and the economy is striking. The COVID-19 pandemic hit the country hard, but the government’s proactive measures have largely contained the virus and the economy has started to turn around,” said Schafer.

“The World Bank is committed to helping Bangladesh remain on a sustainable growth path, which will require timely policy actions to build strong public institutions, a robust private sector and conducive business climate, and a skilled labor force, and at the same time focus on climate resilience.”

During the visit, Schafer also met Prime Minister's Private Industry and Investment Adviser Salman Fazlur Rahman, Bangladesh Bank Governor Fazle Kabir, and National Board of Revenue Chairman Abu Hena Md Rahmatul Muneem as well as senior government officials, representatives from the private sector, and development partners.

The World Bank Group is beginning the preparation of its new Country Partnership Framework for Bangladesh, which will guide its support to the country from 2023-2027.

This entails a robust consultation process with a broad range of stakeholders in government, the private sector, and civil society, and with development partners, read the release.

In his meetings with government and other stakeholders, Schafer discussed their perspectives on Bangladesh’s development priorities and how the World Bank can support these in a sustainable way.

“Bangladesh is an inspiring development success story,” Schafer said, adding, “As the country works to become an upper-middle-income country by 2031, the World Bank will be there every step of the way on a path to economic growth that is greener, more resilient, and more inclusive for the people of Bangladesh.”