The World Bank is considering providing $500 million in budget support to Bangladesh for the current fiscal year through two programs, as revealed by Country Director Abdoulaye Seck.

This follows the $500 million support provided in the previous fiscal year under the green and climate-resilient development policy credit.

Seck made this announcement after a meeting with Planning Minister MA Mannan at the planning ministry in the capital.

Currently, the World Bank is engaged in discussions with the government regarding credits for the climate change adaptation program and the development policy credit.

Seck also commended the financial sector reforms taking place in Bangladesh, expressing gratitude to the central bank for its role in these reforms.

Seck praised the central bank’s decision to reform the interest rate regime by removing the 9% interest rate cap on loans, a policy introduced in April 2020.

In September, the Consumer Price Index, which measures monthly changes in consumer prices, recorded a 9.63% increase, albeit slightly lower than the 12-year high registered the previous month. Mannan stressed the government’s commitment to further reducing inflation to alleviate its impact on the general population.