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Bangladesh has never defaulted on foreign loans in its 51-year history and remained among the lowest borrowers, Finance Minister AHM Mustafa Kamal said while seeking fresh ADB development assistance.
He informed the Asian Development Bank (ADB) president Masatsugu Asakawa on Tuesday that Bangladesh was among the lowest-borrower countries compared to its gross domestic product (GDP) size.
Bangladesh’s loan-to-GDP ratio is now 34, Kamal said in a meeting with the ADB chief at the ADB headquarters in Manila, the Philippines.
The finance minister mentioned that ADB’s total financing in Bangladesh reached $27.6 billion so far of which %11.69 billion remained unpaid.
“Bangladesh has been paying back loans regularly with adequate capacity.”
He said ADB’s role is very important for Bangladesh in achieving aspired development landmark.
Kamal hoped that Bangladesh would get $12-$15 billion as assistance from the ADB during the 2021-25 period under the country- partnership strategy.
The minister mentioned that Bangladesh on average had attained 6.6% GDP growth during the last 13 years.
But, he said, the Covid-19 pandemic and the geopolitical crises caused supply-chain disruptions of food, fuels, and fertilizers which enhanced inflation globally.
“To ensure social and economic stability we need policy-based loans alongside budget support from the ADB,” the finance minister told the Bank chief.
ADB president Asakawa assured the minister that the issues Bangladesh raised in the annual meeting would be considered with utmost importance.
The ADB always remained beside Bangladesh in the past and will help the country to offset the impacts of Covid-19 pandemic and recover economic security in the days to come, he was quoted as saying.
(DT)
