Bangladesh’s economy on track, says IMF The International Monetary Fund (IMF) has said that Bangladesh’s economy is on the right track, citing the government’s various measures to address macroeconomic challenges.
In a press conference on the sidelines of the annual meeting of the World Bank Group and the IMF, IMF Director for Asia and the Pacific Krishna Srinivasan said, “I think the economy is on the right track to meet program objectives, control inflation, and address macroeconomic challenges in a difficult global environment.”
In response to a question, Srinivasan said that the authorities in Bangladesh have taken important steps to address macroeconomic challenges. They have tightened monetary policy to control inflation and allowed a flexible exchange rate.
Srinivasan stressed the need to increase revenue collection to support the achievement of goals in both development and infrastructure. He noted that every country in the region, including Bangladesh, is facing challenges due to the global crisis. He said that each country must redouble its efforts to advance growth-enhancing reforms.
He also said that if the government’s revenue ratio from the lower strata increases, it will have the opportunity to make additional spending to meet important needs such as education and infrastructure, while keeping government debt under control. Strengthening multilateral and regional cooperation and mitigating the impact of geo-economic fragmentation is important for the economic outlook for Asia in the coming years. He said that reforms to attract more foreign and domestic investment in the region are essential, including reducing non-tariff trade barriers, increasing connectivity, and improving the business environment.
