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Bangladesh to get World Bank fund for food crisis |
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10:26, September 15, 2008 |
The World Bank (WB) will provide Bangladesh with 130 million U.S. dollars credit to help the South Asian country to cope with soaring food prices, said a WB release on Sunday.
It said the WB is providing credit as Bangladesh approached for assistance following that the multilateral development bank created a 1.2 billion U.S. dollars Global Food Response Program.
The World Bank created the fund as the international food price hike hit hard poor of the world particularly those of third world countries like Bangladesh.
The Bangladesh government has taken a number of steps including sales of rice at subsidized rate.
In the current fiscal (July 2008-June 2009) budget, the government allocated over 600 million U.S. dollars additional funds for running these programs.
The Bangladesh government has also raised the strategic public food reserve from 1 to 1.5 million tons at an additional cost of roughly 200 million U.S. dollars.
Source: Xinhua
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