The country's current outstanding foreign payment obligation for electricity and fuel imports stands at approximately $2.2 billion.

To address this, the government has sought $1 billion in budget support from the World Bank for the power and energy sector, said Muhammad Fouzul Kabir Khan, Adviser to the Ministry of Power, Energy, and Mineral Resources.

On Wednesday (21 August), a four-member delegation led by Abdoulaye Seck, the World Bank's Country Director in Bangladesh, met with Adviser Muhammad Fawzul Kabir Khan at the Ministry of Energy. During the meeting, the adviser made the request to the World Bank.

On his first day at office, the Adviser suspended ongoing activities under the "Quick Enhancement of Electricity and Energy Supply (Special Provisions) Act, 2010 (Amended 2021)."

He said that the current government has taken office with a strong mandate.

“The government has suspended its authority to set electricity and gas prices under Section 34K of the Bangladesh Energy Regulatory Commission (Amendment) Act, 2023. Both laws may be reviewed and potentially amended or repealed,” he said.

The adviser further said, “All procurement processes will now comply with the Public Procurement Act, 2006, and the Public Procurement Rules, 2008. Plans to increase the use of renewable energy in the power and energy sector will also be accelerated.”

Abdoulaye Seck congratulated the adviser on his new role and expressed the World Bank's commitment to working closely with the government.

He also assured that the request for budget support would be considered sincerely.

Senior officials, including Power Division Senior Secretary Md Habibur Rahman, Energy and Mineral Resources Division Secretary Md Nurul Alam, and Finance Secretary Dr. Md Khairuzzaman Majumder, were present at the meeting.

BDST: 1320 HRS, AUG 28, 2024