TE24 Business Desk
For the first time, Bangladesh expects to receive more than 1 1 billion in zero revenue from the World Bank – a complement to the decline in foreign exchange reserves.
Also, the finance ministry is chatting with the International Monetary Fund (IMF) to get স্ব 4.5 billion at low interest rates to balance the country’s finances.
Along these lines, according to the money, পরবর্তী 5.5 billion is normal in the next long run from two Washington-based loan experts as a feature of cautious measures to manage external installment deficits and unrecognized cash deficits due to the ongoing Russia-Ukraine war. Loop service authority about turn of events.
To get the IMF advance to increase foreign exchange reserves, ERD’s high ranking representatives will talk about it with the IMF Country Agent today (Wednesday) for all purposes and purposes.
Finance Secretary Abdur Rauf Talukder, ERD Secretary Fatima Yasmin and Planning Commission member Sharifa Khan will attend the rally.
On July 12, an IMF mission will arrive in Bangladesh to exchange loans. Earlier, the IMF would send a letter to the Money Service Improvement Bank after Prime Minister Sheikh Hasina agreed to implement the agreement, a Money Service official told The Business Standard.
The Financial Services Authority said it would take about a year and a half to agree to a credit system once all such conventions are over.
Bangladesh has a large balance between the current record balance in installments and the current record balance in light of the rising import price of goods and trade gains in the global market.
Subsequently, foreign exchange savings have gone under pressure and expansion has reached an eight-year high with significant losses in the value of money.
As Europe and the United States deal with the possibility of a recession, Bangladesh may see a decline in the profits of its products in the coming days.
In July-April of the current financial year, Bangladesh’s import / export imbalance was $ 27.57 billion, with an ongoing record deficit of $ 15.32 billion.
In FY22, Bangladesh Bank has so far invested about $ 7 billion in the Forex market to meet the dollar crisis. The country currently has about 42 42 billion in its forex hold.
In this current situation, government authorities want to receive পরিকল্পনা 4.5 billion in financial planning assistance in preparation for managing potential risks over the next three years, taking into account the current global vulnerability, ERD authorities said.
Sri Lanka and Pakistan have sought financial planning assistance from the IMF to deal with their unfamiliar trade emergency. The two countries will have to increase fuel consumption by withdrawing the allocation as a feature compliant with the IMF’s terms. Petroleum currently costs Rs 500 per liter. Pakistan has been embroiled in controversy over rising fuel costs.
The IMF cannot force Bangladesh to withdraw its sponsorship on oil, gas, electricity and fertilizers, the Financial Services Authority said, adding that Bangladesh’s position is much higher than that of Pakistan and Sri Lanka because the country’s endowment is still lower than GDP. .
Receiving some information about the IMF’s terms for Bangladesh, a senior ERD official said that they have not been fixed yet. Nevertheless, performing changes to state-claimed commercial banks, reducing non-performing credit, creating a capital business sector, especially for the indigenous obligation market, and further development of finance, financial and financial administration are expected with advance offers.
More broadly similar issues may be labeled Modernization of financial systems, working on financial structures and reducing financial risks, improving development and creating financial space for massive spending, realizing problems, reducing financial vulnerabilities, strengthening management and upgrading guidelines. , To improve nature. Information and change are associated with a reduction in vulnerabilities related to the environment, he noted.
Noting that Bangladesh has supported the IMF’s spending plan more than once before, a finance official said such assistance was initially disbursed by the IMF in 1991-1992.
In 2012, when the rupee depreciated sharply against the dollar, government authorities backed a পরিকল্পনা 500 million spending plan to offset the installment deficit. Around that time, government authorities established multi-tested VAT controls as a feature to meet the IMF’s conditions.
Subsequently, the public authority received a financial plan support by adding 750 million from the IMF at multiple times, without expecting to be satisfied in many such situations.
ERD and Finance Department authorities said the public authority would take advantage of three IMF programs – increased credit benefits, increased funding benefits and resilience and sustainability.
