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IMF Warns More Funding Needed To Safeguard Global Economy
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William calls on finance leaders to invest in nature
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IMF urges sub-Saharan Africa to increase tax revenues, others
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Govt seeks $500m WB fund to implement budget
Star Business Report
Star Business Report
Finance Minister AHM Mustafa Kamal has sought $500 million in loans from the World Bank to help Bangladesh implement its budget.
The assistance will be used to educate female students with science and ICT knowledge and in educational projects for their stipend as part of efforts to increase women s participation in the workforce, he said.
It will also be used in the government s efforts to recover from the fallouts of the ongoing Covid-19 pandemic, the minister added.
He made the call in a virtual meeting yesterday with the officials of the global lender, who joined the event from Washington, the finance ministry said in a press statement yesterday. The World Bank has assured the minister of taking the issue into consideration positively, according to the statement.
As the World Bank and IMF seek to put the world economy on a more stable footing and promote sustainable growth, there is one issue they cannot ignore: China’s Belt and Road Initiative (BRI). China’s massive global infrastructure program has increased debt levels to a worrying extent in many developing countries, threatening to hinder their economic recovery. The Bretton Woods institutions need to confront this issue head-on, rather than sweeping it under the rug.
BRI meets significant development needs, by funding and building physical and digital infrastructure projects around the world. That is the good news. The bad news, as our recent Council on Foreign Relations Independent Task Force points out, is that BRI also contributes to economic instability. China’s lending practices have increased indebtedness to alarming levels in some BRI partner nations. Because they enjoy state backing, China’s state-owned commercial and policy banks can relax lending criteria and finance