[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110590-en":3,"doc-seo-110590-105":28,"detail-sidebar-cat-0-en-105":89},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":11,"language":21,"language_code":22,"site_id":23,"html_lang":22,"table_of_contents":24,"faqs":25,"seo_title":13,"seo_description":14,"update_tm":26,"read_time":27},110590,687197207639,"Asher","https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd",8,"Research & Report","Statement by Nirmala Sitharaman - 106th Meeting of the Development Committee - October 14, 2022","Statement delivered by H.E. Nirmala Sitharaman, Minister of Finance and Corporate Affairs of India, representing the constituency of Bangladesh, Bhutan, India, and Sri Lanka at the 106th meeting of the Development Committee on October 14, 2022. The speech frames global headwinds from overlapping crises, pandemic fallout, inflation, currency depreciation, debt pressures, and reduced fiscal space. It highlights priorities for people-centric, innovation-driven recovery, resource mobilization by the World Bank Group, and country-specific updates for Bangladesh and Bhutan.","Public Disclosure Authorized Public Disclosure Authorized  \nDEVELOPMENT COMMITTEE  \n(Joint Ministerial Committee  \nof the  \nBoards of Governors ofthe Bank and the Fund  \non the  \nTransfer of Real Resources to Developing Countries)  \nONE HUNDRED AND SIXTH MEETING WASHINGTON, DC – OCTOBER 14, 2022  \nDC/S/2022-0054 October 14, 2022  \nStatement by  \nH.E. Nirmala Sitharaman Minister of Finance and Corporate Affairs  \nMinistry of Finance  \nIndia  \nRepresenting the Constituency of Bangladesh, Bhutan, India, and Sri Lanka  \nStatement by  \nH.E. Nirmala Sitharaman  \nMinister of Finance and Corporate Affairs  \nMinistry of Finance  \nIndia  \nRepresenting the Constituency of Bangladesh, Bhutan, India, and Sri Lanka 106th Meeting of the Development Committee  \nOctober 14, 2022  \nWashington, DC  \n1. We are happy to be here today. This meeting offers a timely opportunity to put our heads together and think about how to navigate the headwinds caused by the ongoing multiple crises, including the lingering effects of the COVID-19 pandemic. Indeed, our deliberations can usher a silver lining for the global economy amidst mounting inflationary pressures, currency depreciations, rising debts and shrinking fiscal space.  \n2. The endangering of food and energy security coupled with tightening financial situation and increasing interest rates pose massive challenges to our efforts to bring back long-term growth and to reverse the development setbacks caused by the pandemic. Our foremost collective priority must be to adopt a people-centric approach driven by innovation, to nurture new growth drivers and to bring the 2030 Agenda for Sustainable Development back on track.  \n3. We encourage the World Bank Group to explore innovative ways to mobilize more resources, to fully unleash its capacity as a Knowledge and Solutions bank, and to leverage its global convening power to assist all client countries to the maximum in pursuit of its twin goals.  \n4. With these remarks, let me outline some recent developments in each of our constituency countries.  \nBangladesh  \n5. Bangladesh has made remarkable progress in all socio-economic indicators for more than a decade, maintained a high growth rate alongside macroeconomic stability with tolerable inflation, sustainable public debt, and greater resilience to external shocks. The country is poised to graduate from the list of Least Developed Countries (LDCs) in 2026.  \n6. Quick and decisive actions by the Government have resulted in a faster rebound of the growth rate from a pandemic induced 3.35 percent in 2019-20 to 6.94 percent in FY 2020-21, with per capita income touching US$2,227 . Despite adoption of an expansionary fiscal policy to address the COVID-19 pandemic, the budget deficit to GDP ratio has been maintained at a sustainable limit of 3.7 percent in 2020-21 and is estimated to reach 5.2 percent in 2021-22. The debt to GDP ratio has also been kept within tolerable limits and is estimated to reach 34.3 percent in FY 2021-22 and 36.2 percent in FY 2022-23.  \n7. While inflation stood at 6.15 percent in FY 2020-21, the price stability that Bangladesh has enjoyed for many years has been disturbed recently, driven in part by the rising global energy, food and commodity prices. This has led to depreciation of the Taka’s exchange rate, deterioration of the external balance situation and increase in domestic inflation, with point-to-point general inflation reaching 7.48 percent in July 2022.  \n8. The Government of Bangladesh is focussed on these issues and has taken comprehensive monetary and fiscal measures to contain inflation and control trade deficit. It has also taken several countercyclical measures for enhancing production and support lives and livelihood of people. Nearly 80% of 28 fiscal and monetary packages worth Taka 187,679 crore announced for boosting economy from COVID-19 shock have been implemented. These include working capital support to the businesses including the CMSMEs, wages and salaries sup","cbCaihUBCDjLzA6s","https://ap.wps.com/l/cbCaihUBCDjLzA6s","pdf",231220,1,"English","en",105,"# Development Committee statement\n## Global challenges and priorities\n## Country updates: Bangladesh\n## Country updates: Bhutan","[{\"question\":\"What global challenges are highlighted at the start of the statement?\",\"answer\":\"The statement emphasizes headwinds from multiple crises, including lingering COVID-19 effects, inflation pressures, currency depreciation, rising debts, and shrinking fiscal space.\"},{\"question\":\"What is the suggested overall priority for recovery and development?\",\"answer\":\"Adopt a people-centric approach driven by innovation to nurture new growth drivers and get the 2030 Agenda for Sustainable Development back on track.\"},{\"question\":\"What recent developments are described for Bangladesh?\",\"answer\":\"Bangladesh reports progress in socio-economic 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