Padma bridge possible with govt funds: WB

The construction of Padma bridge is possible with the government's own funds, World Bank Country Director Johannes Zutt said yesterday.
“Obviously, the government has its own budget, augmented by donors, international loans and the potential of floating sovereign bonds that are largely enough to finance the Padma bridge project,” Zutt said.
He was talking to reporters after a meeting with Finance Minister AMA Muhith at the latter's secretariat in Dhaka.
“The WB will not be involved in financing the bridge. But we recognise the importance of the bridge,” Zutt said.
The country director also said they would send project proposals worth $3.2 billion to the WB board of directors this fiscal year and the next.
“This year, the WB will lend $1.6 billion and we will lend the same amount next fiscal year too,” he said.
“I have discussed the WB lending programmes in Bangladesh with the finance minister.”
The lender said macroeconomic management is good in Bangladesh; the country has performed well in poverty reduction over the decades.
Later, the finance minister at a media briefing said the government will refinance the state-owned banks despite a number of scams in the banks.
Hall-Mark and Bismillah Group have taken away funds from public banks while Jubok and Unipay2you have taken money off the people, he added.
"The Hall-Mark people are under trial and the first job of the government will be to realise the money from them," he said.
On proposing higher duties on newsprint import in the next budget, the minister said the step was taken to protect the domestic industry as the local newsprint producers are capable of meeting the demand.