The World Bank today (Feb 25) urged the government to control inflation terming it a major challenge for Bangladesh.

World Bank Managing Director (Operations) Ana Beatriz Borges made the urge during a meeting with finance minister Abul Hassan Mahmood Ali at the ERD Building in Agargaon of the capital.

"Inflation control presents a major challenge for Bangladesh," Borges stated following the meeting. She reaffirmed the World Bank's commitment to supporting the government's efforts but emphasized the need for sustainable solutions.

During the meeting, she specifically highlighted concerns over inflation and its impact on the Bangladeshi economy. 

When asked about potential strategies for Bangladesh, the World Bank official recommended reforms to the social security sector and said the lender advised the government to expand the net to individuals most impacted by inflation.

The finance minister acknowledged the complexity of the issue, saying, "Inflation cannot be controlled overnight. We are working on it, but it requires patience and effective management."

Borges' visit to Bangladesh signifies the World Bank's continued engagement with the nation's economic development. During her stay, she is scheduled to meet with Prime Minister Sheikh Hasina, along with other government officials and representatives from civil society and the private sector.

Ana Beatriz Borges is accompanied by Vice President Martin Raiser of the World Bank's South Asia Region.

BDST: 1351 HRS, FEB 25, 2024
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