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Foreign aid hits record high in FY16

  • Published at 01:47 am August 3rd, 2016
  • Last updated at 01:48 am August 3rd, 2016
Foreign aid hits record high in FY16
Bangladesh has received a record foreign aid for development spending in the immediate past fiscal year. The foreign aid stood at $3449.97 million in FY’15-16, an increase of more than 13% a year earlier, according to the latest data of Economic Relations Division (ERD) released yesterday. The foreign aid received during the period surpassed the government’s target of $3415 million. Of the total aid disbursement, $2903.68 million came as credit and $546.29 million as grant while it was $2472.20 million as credit and $570 million as grant in the previous fiscal. In the last fiscal year, Bangladesh made a repayment of $1,044.44 million, including $842.01 million in principal amount and $202.44 million as interests. In the previous fiscal year, it was $1097.19 million, including $187.73 million as principal amount and $187.73 million in interest. State Minister for Finance and Planning MA Mannan said the disbursement and commitment for foreign aid made a record due to the project implementation as public entities have done well due to stable political situation. He also said the development partners disbursed fund due to scaling up the implementation work of foreign funded projects. About the record in foreign aid disbursement, ERD senior Secretary Mohammad Mejbahuddin wrote the finance minister that the country received the record highest foreign aid after independence.
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