Bangladesh currently faces a foreign currency liability of approximately $2.2 billion for power and energy imports, according to Muhammad Fouzul Kabir Khan, Adviser for Power, Energy, and Mineral Resources.
He disclosed this during a meeting with a four-member World Bank delegation led by Country Director Abdoulaye Seck at the Ministry’s conference room on Wednesday.
During the meeting, the adviser requested the World Bank to provide a $1 billion loan to support the power and energy sector.
He also mentioned that upon taking office, he immediately suspended the ongoing proceedings under the Speedy Increase of Power and Energy Supply (Special) Act, 2010, and Section 34 KA of the Bangladesh Energy Regulatory Commission (Amendment) Act, 2023, which permit the government to raise power and gas prices through executive orders.
Khan indicated that these laws may be amended or repealed following a thorough review, emphasizing that all future public procurement will adhere to the Public Procurement Act, 2006, and Public Procurement Rules, 2008.
He further noted that plans to expand the use of renewable energy in the power and energy sectors would be prioritized.
World Bank Country Director Abdoulaye Seck congratulated Khan on his new role and expressed the Bank’s commitment to working closely with the current government. He also stated that the Bank would seriously consider the proposals for budget support in the power and energy sector.
The meeting was attended by Senior Secretary of the Power Division Habibur Rahman, Secretary of Energy and Mineral Resources Division Md. Nurul Alam, Finance Secretary Dr. Md Khaeruzzaman Majumder, and other senior ministry officials.
