Fauzul Kabir Khan, adviser to the Ministry of Power, Energy, and Mineral Resources, has formally requested $1 billion in budgetary support from the World Bank (WB) to fund the import of electricity and fuel.
He made the request during a meeting with a WB delegation at the secretariat on Wednesday.
Besides, he highlighted the substantial financial strain on the country, noting that the annual foreign exchange cost for electricity and fuel imports amounts to $2.2 billion.
He also informed the WB representatives that the current government has come with a strong mandate. On his first day in office, he suspended ongoing activities under the Quick Enhancement of Electricity and Energy Supply (Special Provisions) Act 2010 (amended in 2021), according to a press release issued by the ministry.
Additionally, the adviser mentioned that the government has suspended the power to set electricity and gas prices under Section 34 of the Bangladesh Energy Regulatory Commission (Amendment) Act, 2023.
He indicated that, if necessary, these two laws would be reviewed and potentially revised or repealed. Going forward, all procurement processes will adhere to the provisions of the Public Procurement Act, 2006, and the Public Procurement Rules, 2008.
He further stated that efforts to expand the use of renewable energy in the power and energy sector will be accelerated.
Congratulating Fauzul Kabir on his new responsibilities, World Bank Country Director for Bangladesh Abdoulaye Seck, expressed willingness to collaborate with the current government.
Seck also assured that any proposals for budget support in the power and energy sector would be considered with sincere intent.
The meeting was attended by Power Division Senior Secretary Md Habibur Rahman, Energy and Mineral Resources Division Secretary Md Nurul Alam, Finance Secretary Md Khairuzzaman Mozumder, and other senior officials from the ministry.
