16.58% of Budget Earmarked for Social Safety Net Programs

During a press briefing, the Finance Adviser outlined key initiatives to address pressing economic issues. He acknowledged calls from various sectors to recover laundered money, noting that forming a task force to tackle the issue is under consideration. Bangladesh Bank’s Governor supported this, mentioning ongoing discussions with the World Bank, the US, and the UK to facilitate the recovery of the illicit funds.

Bangladesh can utilize the Stolen Asset Recovery (StAR) framework, established in 2007 by the UNODC and the World Bank, to reclaim laundered money from abroad. The framework was previously employed by the British government in 2010 and 2015 to recover funds stolen from the UK and sent to Bangladesh by scammers.

Bangladesh is seeking a $6 billion budget support package from international lenders. The Ministry of Finance (MoF) aims to secure $1 billion each from the World Bank, the Asian Development Bank, and the Japan International Cooperation Agency, with an additional $3 billion requested from the IMF. The proposal letter has been sent following preliminary discussions, and formal negotiations are expected to begin soon.

The French Ambassador to Bangladesh offered "technical, legal, and institutional" support to Bangladesh for its reform agenda, focusing on curbing corruption and reforming governance and financial systems. This offer came during her maiden courtesy call on Foreign Affairs Adviser in Dhaka, where she presented a congratulatory message from the French Minister for Europe and Foreign Affairs.

The interim government of Bangladesh has secured $6.4 billion in foreign budgetary support, marking a significant boost amidst a foreign reserve crisis. This includes a $1 billion pledge from Japan International Cooperation Agency (JICA), $3 billion from the International Monetary Fund (IMF), $1 billion each from the World Bank and Asian Infrastructure Investment Bank (AIIB), and $400 million from the Asian Development Bank (ADB). The funds will aid in flood recovery and settle outstanding electricity and fuel import bills.

The Export Promotion Bureau (EPB) has reconciled the export data from the last fiscal year, addressing discrepancies between EPB's figures and the ASYCUDA data from the National Board of Revenue.