By R. Hassan (TON Bangladesh)

For a country, recovering from deficits is one of the most vital aspects of stabilizing the economy. Recently, Bangladesh faced significant losses due to covid and post-pandemic disruptions. As the series' first credit, we have the credit for Bangladesh's first recovery and resilience development policy. Its purpose supports overarching goals of stabilizing the economy and preserving growth to assist policies in the fiscal and financial sectors.

Social security and energy policies are encouraged to be improved and modernized to improve operational efficiency and reduce greenhouse gas emissions. An increase in resilience would help the country deal with future shocks like climate change, which could harm the country's stability.

"This credit will further expedite the government's initiatives to enhance its policies and regulatory framework" to "pave the way for an ecologically friendly, resilient, and inclusive recovery and low-carbon growth," she said, as per the AFP. "This credit would further speed up efforts by the government to tighten its policies and regulatory framework to prepare for a

New legislation has made it possible for non-resident digital service providers, such as search engines, social media platforms, and cloud computing enterprises to file VAT reports and make payments. That also applies to international corporations. We can enhance public spending efficiency by expanding national electronic government procurement's (e-GP) horizon. Each bank's recovery plans will be reviewed annually and brought up to date as needed to stay current and compliant. The new legislation will be enacted shortly to increase the reliability and productivity of payment and settlement systems. Digital and mobile financial services will benefit from this, and the economy will benefit.

The program's allocation of funds interest rate changes on a range of public savings instruments. This reduces the amount of market distortion that happens by bringing the rates of these instruments closer to those of the market.

Additional benefits include helping the government rapidly expand cash distribution programs in response to future shocks and increasing the use of the government-to-person payment network for cash programs. The government will be able to use the government-to-person payment network for cash-based initiatives more quickly due to this.

Climate-related emergencies such as flooding and cyclones can be dealt with more swiftly by the government if it focuses on new and existing beneficiaries for emergency assistance. As a result, the government will be able to help those in need of support.

In addition, this deal will enable Bangladesh to shift to a lower-carbon economy, which this agreement will facilitate. Both of these changes result from the most recent revisions to the National Building Code. As a Task Team Leader for the project, Bernard Haven, a Senior Economist at the World Bank, said this investment would help Bangladesh employ digital technology to promote green and resilient growth. As stated by Haven, "Fiscal and banking sector measures will assist in sustaining prosperity," while "increasing the coverage and efficiency of social protection programs" will safeguard the poor and vulnerable from economic shock and natural disasters.

World Bank's International Development Association (IDA) is in charge of disbursing this loan because of its ability to provide subsidized finance. In addition to the 30-year term, the credit comes with an installment plan.

The World Bank has been one of Bangladesh's most active development partners since its independence in 1971. During this time, the World Bank has provided significant grants and interest-free financing. The World Bank was one of the first development partners to support Bangladesh.

We in TON think that the recovery policy from Bangladesh is a positive move from the People's Republic of Bangladesh, and this step may take the country to a prosperous time.