Financing government recipe for attaining the Sustainable Development Goals (SDGs) will emerge as "serious problem" for Bangladesh in the near future, says AMA Muhith.
The finance minister came up with the prediction Monday at a press briefing on the eve of Bangladesh Development Forum (BDF) 2018, where the government will apprise country's development partners of huge fund involvement and mobilisation constraints.
"We will not get foreign assistance worth trillions of taka required for implementing the SDGs. Amid the expected lower external aid, we have to go forward with our own resources for achieving the SDGs by 2030," he said.
Finance Minister Muhith said they would seek help from the development partners for attracting more foreign direct investment (FDI) at the two-day meeting between the government and international development financiers Wednesday-Thursday in Dhaka.
The Economic Relations Division (ERD) under the Ministry of Finance (ERD) is organising the government-donor consultation for apprising the development partners of Bangladesh's financial needs for achieving the UN-designated development goals for its member-countries for the period of 15 years, subsequent to the MDGs or Millennium Development Goals.
ERD Secretary Kazi Shofiqul Azam said Bangladesh will require a hopping amount of US$928 billion for bankrolling the recipe to achieve the SDGs by 2030.
The fund figure includes 15 per cent overseas development assistance, 10 per cent foreign direct investment (FDI) and 9.0 percent investment under public-private partnership.
The BDF18 begins tomorrow (Wednesday) in the capital with high officials from major donor agencies and countries, including the World Bank, the Asian Development Bank (ADB), the OPEC Fund for International Development, and Japan, attending the meet.
Representatives from different development partners working in Bangladesh will also take part in the government-donor talks.
A BDF meet is taking place after the lapse of over two years, the last one having been held in November 2015.
ERD Secretary Mr Azam said the Bangladesh government would apprise the development partners of requisite investments for implementing the ongoing seventh five-year plan (SFYP) and achieving the Sustainable Development Goals (SDGs) by 2030.
Mr Muhith said since Bangladesh is going to graduate to a non-Least Developed Country (LDC) from the current LDC status soon, this transition period is very important for the country.
Asked about Bangladesh's graduation and upcoming costly ODA thereafter, the finance minister said the country's internal capacity has got boosted.
"Its internal resources-mobilisation growth is impressive, resulting in higher investment in the internal resources for development. The dependency on ODA has dropped as Bangladesh uses foreign assistance worth only 1.3 per cent of its Gross Domestic Product in recent years."
Prime Minister Sheikh Hasina would inaugurate the BDF forum 2018, third of its kind during the Awami League regime, at a city hotel.
After the inaugural session, five discussion sessions will be held Wednesday and four others Thursday on different issues including 7th FYP and SDGs, agriculture and climate change, FDI and private-sector engagement, ICT, health and inequality, challenge in LDC transition, urban services, and integrated SDG financing.
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