Govt steps up talks with BRICS bank, multilateral lenders for budget support
The finance minister says the government is seeking concessional financing to ease pressure on foreign exchange reserves and ensure funding for priority development projects.
The government has intensified discussions with the BRICS-led New Development Bank (NDB), the World Bank, the Asian Development Bank (ADB) and other multilateral development partners to secure budget support and concessional financing, Finance Minister Amir Khosru Mahmud Chowdhury told parliament yesterday (12 July).
Responding to a question from MP Md Fazle Huda of Naogaon-3 during the question-and-answer session, the finance minister said the initiative is aimed at easing pressure on the country's foreign exchange reserves while ensuring adequate financing for priority development projects.
He said the government is exploring alternative sources of funding to maintain the continuity of development activities without placing additional strain on foreign exchange reserves.
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"To this end, discussions are underway with the BRICS-led New Development Bank and other multilateral lending institutions on the possibility of obtaining budget support and loans on more flexible terms," the minister said.
Khosru added that successful negotiations with development partners would strengthen the government's financial capacity and make it easier to secure funding for the implementation of priority development projects.
