ADB provides Bangladesh 744-mln-USD for global economic crisis, policy reforms
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The Asian Development Bank Monday signed four agreements with the Bangladeshi government for 744 million U.S. dollars in loans to help the South Asian country overcome the impact of the global economic crisis and implement public policy reforms.
According to a press release of the Manila-based multilateral funding agency Monday, a 500 million U.S. dollars loan under the countercyclical support facility (CSF) will support the government ' s efforts to mitigate the worst effects of the global economic crisis in short term.
Three other loans totaling 244 million U.S. dollars under the public expenditure support facility (PEST) will support government measures to introduce economic and social policy reforms essential for achieving higher and more inclusive long-term growth and strengthening social safety net programs, it said.
Bangladesh's Economic Relations Division Secretary M Musharraf Hossain Bhuiyan and Country Director of ADB's Bangladesh Resident Mission Paul J Heytens signed the loan agreement on behalf of their respective sides, the ADB press release said.
"The CSF loan will help the government to stimulate Bangladesh' s economic recovery and move ahead with its social safety net programs to cushion the impact of the crisis on the poor and vulnerable while maintaining macroeconomic stability," said Paul.
"The PESF is equally vital to help the government deliver key public policy reforms to improve service delivery, enhance the efficiency of social safety net programs, especially for the poorest and most vulnerable," he was also quoted as saying in the press release.
According to ADB, although Bangladesh has made significant progress in reducing poverty, an estimated 56 million people, or 40 percent of the South country's population, still live below the poverty line.
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