## CLIMATE CHANGE MITIGATION AND ADAPTATION IN BANGLADESH: POLICY OPTIONS

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### A. How Does Climate Change Impact Bangladesh?
- Geographic and exposure facts:
  - "sixty percent of its land surface at five meters or less above sea level."
  - Identified as the sixth country most affected by climate change-related natural disasters (Global Climate Risk Index, 2018).
- Historical and estimated economic losses:
  - Between 1990 and 2008, average annual extreme weather event-related losses amounted to 1.8 percent of GDP.
  - The 1998 flood resulted in damages and losses estimated at close to 5 percent of GDP.
  - Flooding in 2017 affected eight million people; direct costs estimated at USD 750 million, about 0.3 percent of GDP.
- Projected impacts:
  - IPCC prediction: rise in sea levels and coastal erosion could lead to a loss of 17 percent of land surface and 30 percent of food production by 2050.
  - One-third of Bangladesh’s population is estimated at risk of displacement because of rising sea levels.
  - A Bangladesh Ministry of Finance study projects annual costs of climate change (loss of capital and slower economic activity) ranging between 1.49 and 3.02 percent of GDP by 2031, with significant employment losses.
- Secondary effects:
  - Rural migration from loss of arable land expected to increase urban crowding (e.g., Dhaka).
  - More frequent disasters divert revenue from growth-enhancing development expenditure to emergency relief.

### B. What Has the Government’s Response Been Thus Far?
- National commitment and targets:
  - Bangladesh accounts for less than 0.35 percent of global greenhouse gas emissions.
  - INDCs: unconditional - reduce GHG emissions 5 percent below Business-As-Usual (BAU) levels by 2030 in power, transport, and industry; conditional - reduce GHG emissions by 15 percent below BAU levels in same sectors, subject to international support.
- Estimated financing needs and budgetary allocations:
  - INDC adaptation financial requirements (2015-30): about USD 21 billion; approximately USD 6 billion included in budgetary allocations for the FY16-FY19 period.
  - Mitigation requirements: about USD 27 billion; budgetary allocations of about USD 0.5 billion for the FY16-FY19 period.
  - Adaptation investments broadly on track; mitigation investments lagging and expected to rely substantially on donor support.
- Climate Fiscal Framework (CFF) and budget tracking:
  - CFF established in 2014; integrated into the medium-term budgetary framework; extends to twenty ministries accounting for 45.8 percent of the total national budget.
  - June 2018 Ministry of Finance report: 8.8 percent of the national budget allocated for climate change mitigation and adaptation activities, translating to 0.75 percent of GDP.
  - Within that envelope: 46 percent goes to food security, social protection and health; infrastructure accounts for 28.4 percent; mitigation and low carbon development activities account for 6.6 percent.
- Financial sector measures (Bangladesh Bank - BB):
  - 2009: revolving finance scheme—BB refinances green product loans at 5 percent; banks/NBFIs can charge a maximum of 9 percent to borrowers (additional maximum 2 percent commission fee in certain cases).
  - 2016: USD 200 million Green Transformation Fund (GTF) for low-rate long-term financing in textile, leather, and jute sectors; disbursed funds amounted to USD 22.8 million as of June 2019; January 2019 circular expanded access to manufacturers of all export-oriented sectors.
  - Environmental risk and green banking guidelines:
    - 2011 Environmental Risk Management Guidelines; updated in 2017 with Guidelines on Environment and Social Risk Management; Excel-based risk rating model enforceable January 2018.
    - Policy Guidelines for Green Banking (banks 2011; NBFIs 2013); Climate Risk Fund (CRF) required in every financial institution; banks and NBFIs requested to allocate ten percent of corporate social responsibility budgets to CRF.
    - Encouraged green financing target of 5 percent of total investments.
  - Green financing volumes as of end-March 2019:
    - TK 30.493 billion (about USD 360 million), representing 1.29 percent of banks’ total loan disbursements and 1.33 percent of NBFIs’ total loan disbursements.

### C. Forward-Looking Policy Options
- Fiscal options for mitigation and adaptation:
  - Priority: identify, reduce, and eliminate energy subsidies.
    - IMF calculations: pre-tax energy subsidies in 2017 amounted to USD 1.05 billion.
    - Post-tax subsidies (reflecting negative environmental impacts and other externalities) amounted to USD 8.83 billion—about 3.4 percent of GDP.
  - Priority: raise domestic revenue from current low base, including introduction of a carbon tax.
    - Rationale and potential impacts:
      - World Bank policy note estimates potential revenue impact of a carbon tax for Bangladesh at 1 percent of GDP.
      - Carbon tax implementation considerations: link to existing fuel taxes; revocable based on fiscal needs/political economy.
      - Co-benefits: limit urban pollution (Dhaka among most polluted capitals); 2018 World Bank study estimates losses from urban pollution and environmental degradation at close to 3 percent of GDP.
      - Relevance in low-income context: (i) less regressive where poor households have limited access to power grid or personal vehicles; (ii) revenues can finance targeted transfers and social spending.
    - Carbon tax could help establish predictable carbon prices and incentivize investments in emissions-saving technologies; renewable energy currently accounts for less than two percent of Bangladesh’s power production.
    - Regional initiatives: promote cross-border energy trade and access to cheaper and cleaner energy.
  - Equity and mitigation of distributional impacts:
    - Possible negative impacts on vulnerable households from subsidy reforms and carbon taxes should be addressed via targeted transfers.
    - Political economy considerations suggest gradual approach: initial application to petrol and diesel at the pump before extending to fuel oil or coal for electricity generation.
- Managing the impact of natural disasters:
  - Strengthen fiscal buffers for immediate consequences of flooding and droughts.
    - Existing budget mechanisms: "unforeseen expenditures" line since 2007 covering food buffer stocks.
    - Options: introduce a dedicated contingency line in the national budget for crisis management and emergency relief; place unused funds in a natural disaster reserve fund with strict governance and transparency; increase allocations for climate adaptation investments in the following year’s budget within medium-term framework without modifying cumulative fiscal deficit target.
  - Use insurance mechanisms to manage fiscal impact:
    - Consider catastrophe bonds and insurance instruments to transfer climate-damage risks to investors (e.g., pension funds, institutional investors).
    - Note hurdles: difficulty of correctly pricing risk and estimating potential losses; expanding market and regional pooling arrangements (e.g., Global Platform for Risk Insurance) can reduce costs.
- Stimulating climate-friendly private investments:
  - Integrate environmental risks in financial sector supervision; improve data collection on regional and sectoral exposure to climate risks.
  - Use taxation to incentivize environmentally friendly ventures and discourage harmful ones, including taxing polluting industries.
  - Continue enhancing the business environment to attract foreign investors and technology adoption compatible with mitigation targets.
- Seeking financial support from donors:
  - International role: mobilize financing to internalize GHG emission costs from advanced and emerging economies.
    - Paris Agreement commitment: advanced economies expected by 2020 to mobilize USD 100 billion per year from public and private sources to support adaptation and mitigation in developing countries; by 2025 set a new, higher quantified financing goal.
    - Climate financing was estimated at USD 64 billion in 2014.
  - Green Climate Fund (GCF) status as of July 2019:
    - Total value of the Fund: USD 18.7 billion.
    - Commitments: USD 5.2 billion.
    - Projects under implementation: USD 2.4 billion.
    - Bangladesh had received grants amounting to USD 85 million for three climate change projects.
  - Recommended actions for authorities:
    - Intensify efforts to mobilize grants for mitigation and adaptation by developing a pipeline of suitable projects, raising awareness of Bangladesh’s challenges, and strengthening negotiating capacity.

*Source: IMF chapter "CLIMATE CHANGE MITIGATION AND ADAPTATION IN BANGLADESH: POLICY OPTIONS" (August 5, 2019).*

### Export Diversification: Findings and Policy Priorities
- Findings:
  - Rapid growth in the Ready-Made Garment (RMG) sector significantly strengthened growth and stability of the economy, but exports have become increasingly concentrated in the RMG sector.
  - A broader and more complex export base would help start integration into global supply chains, increase potential growth, and improve the sustainability of growth.
  - Diversity is measured as an IMF index of the concentration of goods that an economy produces (IMF 2014).
  - Complexity relies on ubiquity and diversity (Hausmann et al., 2014). A product is ubiquitous if many economies have a revealed comparative advantage in producing it. An economy is diverse if it has a revealed comparative advantage in the production of many products.
  - As Bangladesh improved GDP per capita, the economy became more concentrated and less complex compared to peers: complexity and diversity increased until the 1980s and have been declining since the 1990s.
  - The RMG sector and other products with revealed comparative advantage have become less complex over time because more economies have comparative advantage in these products and they become more ubiquitous.
  - The higher share of RMG sector in exports, which is currently more than 80 percent, implies Bangladesh has a revealed comparative advantage in few products, making it less diverse.
  - Bangladesh has had limited integration into global supply chains compared with neighboring economies. Bangladesh does not yet have comparative advantage in the production of intermediate goods used in the production of more complex final goods.
  - Diversifying into more complex intermediate goods would increase the complexity of exports, help integrate Bangladesh into global supply chains, and make the external sector more robust to shifts in global demand.
- Policy recommendations and structural priorities:
  - Implement policies to allow the private sector to enter new industries, including:
    - (i) improving the business environment to ease the entry of new firms; and
    - (ii) investment in human capital to prepare the labor force.
  - Further improvements to the business environment would facilitate diversification. Reforms by the Bangladesh Investment Development Authority have improved procedures under the One Stop Service virtual platform (company registration, online payment of registration fees, obtention of a tax identification number, and online VAT registration merged into a single process).
  - Time required to obtain a construction permit and electricity, and the average time to complete administrative requirements for export and import permissions, have been cut.
  - Some progress has been made regarding protection of minority investors.
  - Significant reform priorities remain to enhance the effectiveness of the judicial system. A monitoring system should be in place to ensure that commercial disputes are settled within 500 calendar days.
  - Developing complex industries will require investment in human capital and targeted training and education for new sectors.
- Key statistics, labor market features, and empirical results:
  - RMG sector share in exports: currently more than 80 percent.
  - Youth unemployment rate in Bangladesh: 12.8 percent in 2017.
  - 26 percent of youth were not employed, or being educated, or trained in 2018.
  - Female share of the youth not employed/educated/trained: 44 percent in 2018; male: around 9 percent.
  - Female unemployment: 6.8 percent in 2017, which is twice male unemployment.
  - Female labor force participation increased only moderately between 2006 and 2017 and remains among the lowest in peer countries.
  - Regression results for Complexity (dependent variable: complexity). Source: IMF Staff Estimates. 1/ Complexity is the index of economic complexity by economy from the Atlas of Economic Complexity. Manufacturing, Services and Agriculture variables are the log of value-added manufacturing, services, and agriculture from the UN National Accounts data. Product complexity is calculated by sector as the average complexity of economies with revealed comparative advantage in the sector. This variable is lagged. Data are an unbalanced panel from 1970 to 2016 with 250 countries and 70 sectors. The regression has country fixed effects.
    - Manufacturing: 0.118 (67.18)**; 0.119 (67.57)**; 0.023 (23.82)**.
    - Services: -0.039 (20.07)**; -0.041 (21.25)**; 0.000 (0.48).
    - Agriculture: -0.136 (62.46)**; -0.133 (61.01)**; -0.045 (31.97)**.
    - Product Complexity: 0.031 (2.82)**.
    - Constant: 0.96 (29.32)**; 0.85 (19.62)**; -0.93 (44.33)**; -0.45 (20.29)**; 0.553 (17.02)**.
    - Adjusted R2: 0.83; 0.84; 0.83; 0.83; 0.83.
    - N: 467,045; 460,318; 467,045; 470,029; 470,029.
    - Notes: * p<0.05; ** p<0.01.
- Comparative observations and product space:
  - Vietnam provides an example of greater integration into global value chains: diversified away from fish in the 1980s to garments and footwear in the 2000s, and by 2016 export share of machinery and telecommunication equipment had increased markedly along with exports to China.
  - Figure 2 (product space, 2016) indicates:
    - Bangladesh: concentration in apparel which has limited links to other products.
    - Vietnam: exports in areas that are more linked to other products.
  - Source for product space: Atlas of Economic Complexity. Products are based on 4-digit SITC codes.

*Prepared by Racha Moussa and Muhammad Imam Hussain (APD); source material as presented in the content unit.*

### References ______________________________________________________________________________ 9

### CLIMATE CHANGE MITIGATION AND ADAPTATION IN BANGLADESH: POLICY OPTIONS

### A. How Does Climate Change Impact Bangladesh?
- Geographic and exposure facts:
  - "sixty percent of its land surface at five meters or less above sea level."
  - Identified as the sixth country most affected by climate change-related natural disasters (Global Climate Risk Index, 2018).
- Historical and estimated economic losses:
  - Between 1990 and 2008, average annual extreme weather event-related losses amounted to 1.8 percent of GDP.
  - The 1998 flood resulted in damages and losses estimated at close to 5 percent of GDP.
  - Flooding in 2017 affected eight million people; direct costs estimated at USD 750 million, about 0.3 percent of GDP.
- Projected impacts:
  - IPCC prediction: rise in sea levels and coastal erosion could lead to a loss of 17 percent of land surface and 30 percent of food production by 2050.
  - One-third of Bangladesh’s population is estimated at risk of displacement because of rising sea levels.
  - A Bangladesh Ministry of Finance study projects annual costs of climate change (loss of capital and slower economic activity) ranging between 1.49 and 3.02 percent of GDP by 2031, with significant employment losses.
- Secondary effects:
  - Rural migration from loss of arable land expected to increase urban crowding (e.g., Dhaka).
  - More frequent disasters divert revenue from growth-enhancing development expenditure to emergency relief.

### B. What Has the Government’s Response Been Thus Far?
- National commitment and targets:
  - Bangladesh accounts for less than 0.35 percent of global greenhouse gas emissions.
  - INDCs: unconditional - reduce GHG emissions 5 percent below Business-As-Usual (BAU) levels by 2030 in power, transport, and industry; conditional - reduce GHG emissions by 15 percent below BAU levels in same sectors, subject to international support.
- Estimated financing needs and budgetary allocations:
  - INDC adaptation financial requirements (2015-30): about USD 21 billion; approximately USD 6 billion included in budgetary allocations for the FY16-FY19 period.
  - Mitigation requirements: about USD 27 billion; budgetary allocations of about USD 0.5 billion for the FY16-FY19 period.
  - Adaptation investments broadly on track; mitigation investments lagging and expected to rely substantially on donor support.
- Climate Fiscal Framework (CFF) and budget tracking:
  - CFF established in 2014; integrated into the medium-term budgetary framework; extends to twenty ministries accounting for 45.8 percent of the total national budget.
  - June 2018 Ministry of Finance report: 8.8 percent of the national budget allocated for climate change mitigation and adaptation activities, translating to 0.75 percent of GDP.
  - Within that envelope: 46 percent goes to food security, social protection and health; infrastructure accounts for 28.4 percent; mitigation and low carbon development activities account for 6.6 percent.
- Financial sector measures (Bangladesh Bank - BB):
  - 2009: revolving finance scheme—BB refinances green product loans at 5 percent; banks/NBFIs can charge a maximum of 9 percent to borrowers (additional maximum 2 percent commission fee in certain cases).
  - 2016: USD 200 million Green Transformation Fund (GTF) for low-rate long-term financing in textile, leather, and jute sectors; disbursed funds amounted to USD 22.8 million as of June 2019; January 2019 circular expanded access to manufacturers of all export-oriented sectors.
  - Environmental risk and green banking guidelines:
    - 2011 Environmental Risk Management Guidelines; updated in 2017 with Guidelines on Environment and Social Risk Management; Excel-based risk rating model enforceable January 2018.
    - Policy Guidelines for Green Banking (banks 2011; NBFIs 2013); Climate Risk Fund (CRF) required in every financial institution; banks and NBFIs requested to allocate ten percent of corporate social responsibility budgets to CRF.
    - Encouraged green financing target of 5 percent of total investments.
  - Green financing volumes as of end-March 2019:
    - TK 30.493 billion (about USD 360 million), representing 1.29 percent of banks’ total loan disbursements and 1.33 percent of NBFIs’ total loan disbursements.

### C. Forward-Looking Policy Options
- Fiscal options for mitigation and adaptation:
  - Priority: identify, reduce, and eliminate energy subsidies.
    - IMF calculations: pre-tax energy subsidies in 2017 amounted to USD 1.05 billion.
    - Post-tax subsidies (reflecting negative environmental impacts and other externalities) amounted to USD 8.83 billion—about 3.4 percent of GDP.
  - Priority: raise domestic revenue from current low base, including introduction of a carbon tax.
    - Rationale and potential impacts:
      - World Bank policy note estimates potential revenue impact of a carbon tax for Bangladesh at 1 percent of GDP.
      - Carbon tax implementation considerations: link to existing fuel taxes; revocable based on fiscal needs/political economy.
      - Co-benefits: limit urban pollution (Dhaka among most polluted capitals); 2018 World Bank study estimates losses from urban pollution and environmental degradation at close to 3 percent of GDP.
      - Relevance in low-income context: (i) less regressive where poor households have limited access to power grid or personal vehicles; (ii) revenues can finance targeted transfers and social spending.
    - Carbon tax could help establish predictable carbon prices and incentivize investments in emissions-saving technologies; renewable energy currently accounts for less than two percent of Bangladesh’s power production.
    - Regional initiatives: promote cross-border energy trade and access to cheaper and cleaner energy.
  - Equity and mitigation of distributional impacts:
    - Possible negative impacts on vulnerable households from subsidy reforms and carbon taxes should be addressed via targeted transfers.
    - Political economy considerations suggest gradual approach: initial application to petrol and diesel at the pump before extending to fuel oil or coal for electricity generation.
- Managing the impact of natural disasters:
  - Strengthen fiscal buffers for immediate consequences of flooding and droughts.
    - Existing budget mechanisms: "unforeseen expenditures" line since 2007 covering food buffer stocks.
    - Options: introduce a dedicated contingency line in the national budget for crisis management and emergency relief; place unused funds in a natural disaster reserve fund with strict governance and transparency; increase allocations for climate adaptation investments in the following year’s budget within medium-term framework without modifying cumulative fiscal deficit target.
  - Use insurance mechanisms to manage fiscal impact:
    - Consider catastrophe bonds and insurance instruments to transfer climate-damage risks to investors (e.g., pension funds, institutional investors).
    - Note hurdles: difficulty of correctly pricing risk and estimating potential losses; expanding market and regional pooling arrangements (e.g., Global Platform for Risk Insurance) can reduce costs.
- Stimulating climate-friendly private investments:
  - Integrate environmental risks in financial sector supervision; improve data collection on regional and sectoral exposure to climate risks.
  - Use taxation to incentivize environmentally friendly ventures and discourage harmful ones, including taxing polluting industries.
  - Continue enhancing the business environment to attract foreign investors and technology adoption compatible with mitigation targets.
- Seeking financial support from donors:
  - International role: mobilize financing to internalize GHG emission costs from advanced and emerging economies.
    - Paris Agreement commitment: advanced economies expected by 2020 to mobilize USD 100 billion per year from public and private sources to support adaptation and mitigation in developing countries; by 2025 set a new, higher quantified financing goal.
    - Climate financing was estimated at USD 64 billion in 2014.
  - Green Climate Fund (GCF) status as of July 2019:
    - Total value of the Fund: USD 18.7 billion.
    - Commitments: USD 5.2 billion.
    - Projects under implementation: USD 2.4 billion.
    - Bangladesh had received grants amounting to USD 85 million for three climate change projects.
  - Recommended actions for authorities:
    - Intensify efforts to mobilize grants for mitigation and adaptation by developing a pipeline of suitable projects, raising awareness of Bangladesh’s challenges, and strengthening negotiating capacity.

*Source: IMF chapter "CLIMATE CHANGE MITIGATION AND ADAPTATION IN BANGLADESH: POLICY OPTIONS" (August 5, 2019).*

### References

### References

### Export Diversification: Findings
- Rapid growth in the Ready-Made Garment (RMG) sector significantly strengthened growth and stability of the economy, but exports have become increasingly concentrated in the RMG sector.
- A broader and more complex export base would help start integration into global supply chains, increase potential growth, and improve the sustainability of growth.
- Diversity is measured as an IMF index of the concentration of goods that an economy produces (IMF 2014).
- Complexity relies on ubiquity and diversity (Hausmann et al., 2014). A product is ubiquitous if many economies have a revealed comparative advantage in producing it. An economy is diverse if it has a revealed comparative advantage in the production of many products.
- As Bangladesh improved GDP per capita, the economy became more concentrated and less complex compared to peers: complexity and diversity increased until the 1980s and have been declining since the 1990s.
- The RMG sector and other products with revealed comparative advantage have become less complex over time because more economies have comparative advantage in these products and they become more ubiquitous.
- The higher share of RMG sector in exports, which is currently more than 80 percent, implies Bangladesh has a revealed comparative advantage in few products, making it less diverse.
- Bangladesh has had limited integration into global supply chains compared with neighboring economies. Bangladesh does not yet have comparative advantage in the production of intermediate goods used in the production of more complex final goods.
- Diversifying into more complex intermediate goods would increase the complexity of exports, help integrate Bangladesh into global supply chains, and make the external sector more robust to shifts in global demand.

### Policy Recommendations and Structural Priorities
- Implement policies to allow the private sector to enter new industries, including:
  - (i) improving the business environment to ease the entry of new firms; and
  - (ii) investment in human capital to prepare the labor force.
- Further improvements to the business environment would facilitate diversification. Reforms by the Bangladesh Investment Development Authority have improved procedures under the One Stop Service virtual platform (company registration, online payment of registration fees, obtention of a tax identification number, and online VAT registration merged into a single process).
- Time required to obtain a construction permit and electricity, and the average time to complete administrative requirements for export and import permissions, have been cut.
- Some progress has been made regarding protection of minority investors.
- Significant reform priorities remain to enhance the effectiveness of the judicial system. A monitoring system should be in place to ensure that commercial disputes are settled within 500 calendar days.
- Developing complex industries will require investment in human capital and targeted training and education for new sectors.

### Key Statistics, Labor Market Features, and Empirical Results
- RMG sector share in exports: currently more than 80 percent.
- Youth unemployment rate in Bangladesh: 12.8 percent in 2017.
- 26 percent of youth were not employed, or being educated, or trained in 2018.
- Female share of the youth not employed/educated/trained: 44 percent in 2018; male: around 9 percent.
- Female unemployment: 6.8 percent in 2017, which is twice male unemployment.
- Female labor force participation increased only moderately between 2006 and 2017 and remains among the lowest in peer countries.
- Regression results for Complexity (dependent variable: complexity). Source: IMF Staff Estimates. 1/ Complexity is the index of economic complexity by economy from the Atlas of Economic Complexity. Manufacturing, Services and Agriculture variables are the log of value-added manufacturing, services, and agriculture from the UN National Accounts data. Product complexity is calculated by sector as the average complexity of economies with revealed comparative advantage in the sector. This variable is lagged. Data are an unbalanced panel from 1970 to 2016 with 250 countries and 70 sectors. The regression has country fixed effects.
  - Coefficients and statistics (as presented):
    - Manufacturing: 0.118 (67.18)**; 0.119 (67.57)**; 0.023 (23.82)**.
    - Services: -0.039 (20.07)**; -0.041 (21.25)**; 0.000 (0.48).
    - Agriculture: -0.136 (62.46)**; -0.133 (61.01)**; -0.045 (31.97)**.
    - Product Complexity: 0.031 (2.82)**.
    - Constant: 0.96 (29.32)**; 0.85 (19.62)**; -0.93 (44.33)**; -0.45 (20.29)**; 0.553 (17.02)**.
    - Adjusted R2: 0.83; 0.84; 0.83; 0.83; 0.83.
    - N: 467,045; 460,318; 467,045; 470,029; 470,029.
  - Notes: * p<0.05; ** p<0.01.

### Comparative Observations and Product Space
- Vietnam provides an example of greater integration into global value chains: diversified away from fish in the 1980s to garments and footwear in the 2000s, and by 2016 export share of machinery and telecommunication equipment had increased markedly along with exports to China.
- Figure 2 (product space, 2016) indicates:
  - Bangladesh: concentration in apparel which has limited links to other products.
  - Vietnam: exports in areas that are more linked to other products.
- Source for product space: Atlas of Economic Complexity. Products are based on 4-digit SITC codes.

### References Cited
- Sadiq Ahmed, Bazlul H. Kondler, 2018, “Towards a Carbon Tax in Bangladesh”, Policy Research Institute, Dhaka, Bangladesh.
- Government of Bangladesh, 2015, “Intended Nationally Determined Contributions”, Ministry of Environment and Forests.
- Government of Bangladesh, 2018, “Climate Financing for Sustainable Development, Budget Report 2018–19”, Ministry of Finance.
- Government of Bangladesh, 2019, “Integrating Climate Change in the Medium-Term Macro Framework, A Structural Econometric Approach”, Inclusive Budgeting for Climate Resilience Project, Ministry of Finance.
- International Monetary Fund, 2013, “Energy Subsidy Reform: Lessons and Implications”, IMF (Washington).
- International Monetary Fund, 2016, “After Paris: Fiscal, Macroeconomic and Financial Implications of Climate Change, IMF Staff Discussion Note SDN/16/01 (Washington).
- International Monetary Fund, 2018, M. Nozaki, S. Cook, “Coping with Natural Disaster Risk in Sri Lanka”, Sri Lanka 2018 Article IV Consultation (Washington).
- International Monetary Fund, 2019, “Building Resilience in Developing Countries Vulnerable to Large Natural Disasters”, IMF (Washington).
- International Monetary Fund, 2019 “Fiscal Policies for Paris Climate Strategies: From Principle to Practice”, IMF (Washington).
- International Monetary Fund, 2019, David Coady, Ian Parry, Nghia-Piotr Le, Baoping Shang, "Global Fossil Fuel Subsidies Remain Large: An Update Based on Country-Level Estimates", IMF (Washington).
- World Bank, 2017, “Bangladesh Development Update, September 2017.”
- World Bank, 2018, “Enhancing Opportunities for Clean and Resilient Growth in Urban Bangladesh: Country Environmental Analysis.”
- World Bank, 2018, “Policy Note on Options for a Carbon Tax in Bangladesh.”
- Hausmann, Ricardo, César A. Hidalgo, Sebastián Bustos, Michele Coscia, Sarah Chung, Juan Jimenez, Alexander Simoes, and Muhammed A. Yıldırım, 2014. "The Atlas of Economic Complexity: Mapping Paths to Prosperity," MIT Press Books.
- International Monetary Fund, 2014. “Sustaining Long-Run Growth and Macroeconomic Stability in Low-Income Countries—The Role of Structural Transformation and Diversification.” IMF Policy Paper.
- International Monetary Fund, 2019, “Is South Asia Ready for Take Off? A Sustainable and Inclusive Growth Agenda” Background Paper in Regional Economic Outlook: Asia Pacific.

*Prepared by Racha Moussa and Muhammad Imam Hussain (APD); source material as presented in the content unit.*

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_Source: https://www.imf.org/-/media/files/publications/cr/2019/1bgdea2019002.pdf_