Bangladesh needs foreign funds for ongoing large projects, says Finance Minister Muhith

Finance Minister Abul Maal Abdul Muhith has said Bangladesh needs foreign funds for the big projects it has taken up.

He spoke to reporters after a meeting with new IMF Executive Director Subir Gokarn at the Secretariat on Tuesday.
 
The government is constructing the Padma Bridge, the country’s largest ever infrastructure project, with its own funds.
 
It is also working on several other large projects, including a deep-sea port, a nuclear power plant, the Metrorail and an elevated expressway.
 
Asked where funds for the projects will come from, Muhith said, “There are huge funds available globally. But the point is: where you should take it from; from home?"
 
The IMF and World Bank finance many projects in Bangladesh but the government is now leaning towards China-sponsored Asian Infrastructure Investment Bank (AIIB) for funds.
 
The finance minister had said on several occasions that the country requires funds from multiple sources as the size of its economy has grown.
 
Asked if the government is decreasing the dependence on the IMF and World Bank, he answered in the negative.
 
“There is no scope for it. We want more from them. This is the best kind of money we can get.”
 
But, he said, Bangladesh does not want to get into any trouble by borrowing stupidly as many other developing countries have done.