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Published : 25 Apr 2023, 02:24 PM
A delegation from the International Monetary Fund met with the Bangladesh Bank in Dhaka to discuss the country's progress in meeting loan conditions and receive updates on economic indicators.
An IMF mission will come to Dhaka in October for further progress assessment for the second tranche of loans under the $4.7 billion programme.
A five-member delegation headed by Rahul Anand, senior economist of the IMF’s Asia Pacific Department, entered the Bangladesh Bank building at 9:30 am on Tuesday. A meeting with Governor Abdur Rouf Talukder was the first on their agenda.
A briefing at 3 pm will go over the issues discussed in meetings with different departments, said BB Executive Director Md Mezbaul Haque.
“The staff visit is a routine part of the IMF’s work,” he said. “The visit is conducted every year, according to the agreement with the member states and this is no different. They will discuss the updated information on various economic factors in scheduled meetings with the various departments of Bangladesh Bank. Matters related to the progress in the use of the IMF’s loan will also be included.”
“Among the issues that will be prioritised during the discussion are efforts to unify multiple exchange rates, making lending interest rates market-oriented and the process in calculating foreign reserves under the IMF definition.”
The IMF delegation will meet various ministers, the National Board of Revenue, and the policymakers of the Bangladesh government.
Bangladesh applied to the IMF for a loan to stabilise the economy amid dwindling forex reserves and agreed to pursue reforms on certain issues.
Before and after receiving the first $476.2 million tranche in February, Bangladesh took several steps to reform the structure of its financial sector and its policies, including raising the price of power and gas and cutting subsidies at their recommendation.
It has continued the reforms after the initial round of funds came in.
