Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

IMF - International Monetary Fund : Press Release: IMF Completes Third Review under the Extended Credit Facility Arrangement with Bangladesh, and Approves US$140.4 Million Disbursement

12/02/2013 | 12:15pm US/Eastern
Press Release No. 13/479
December 1, 2013

On November 27, 2013, the Executive Board of the International Monetary Fund (IMF) completed the third review of Bangladesh's economic program under a three-year arrangement supported by the Extended Credit Facility (ECF). The Executive Board's decision enables the immediate disbursement of an amount equivalent to SDR 91.423 million (about US$140.4 million) to Bangladesh. This would bring total disbursements under the arrangement to SDR 365.692 million (about US$561.4 million).

The three-year ECF arrangement for Bangladesh was approved by the Executive Board on April 11, 2012 (see Press Release No. 12/129) for a total amount equivalent to SDR 639.96 million (about US$982.5 million), or 120 percent of quota.

After the Board discussion, Mr. Naoyuki Shinohara, Deputy Managing Director and Acting Chair, said:

"Progress on macro-stabilization and structural reforms has been strong under Bangladesh's policy program, supported by the Extended Credit Facility. International reserves have risen and underlying inflation is moderating. Progress has also been made in lowering subsidies, raising development spending, improving public financial and debt management, and strengthening financial supervision. However, strikes and uncertainty associated with the upcoming elections, an attendant slowdown in growth, and an expected transition in the garment sector to higher costs and upgraded labor and safety standards, pose challenges ahead. To manage them, it is important to persevere with a strong policy framework in the run-up to national elections and beyond.

"Fiscal policy should remain prudent, while providing space to raise public investment and social-related spending. Further reforms to modernize the tax system and generate additional resources for development spending over the medium term are critical, with implementation of the new value added tax a priority. Public financial management needs strengthening, focused on treasury cash management, state-owned enterprise financial reporting, and debt management practices.

"Restrained monetary policy has curbed inflationary pressures and supported reserve accumulation. The stronger external position could allow scaling back foreign exchange intervention while continuing sterilization efforts.

"Bangladesh Bank should fully utilize its enhanced supervisory powers to bolster financial stability. The program for reforms at the state-owned commercial banks should be firmly advanced, backed by recapitalization.

"Reforms to achieve sustained and inclusive growth should aim at further removing critical infrastructure bottlenecks, while streamlining the trade regime and foreign exchange regulations to improve the business climate. Advancing initiatives to strengthen labor and garment factory safety conditions is also critical, while the targeting of social safety net programs needs to be further improved.

distributed by
React to this article
Latest news
Date Title
12:05a HON HAI PRECISION INDUSTRY : Patent Issued for Electrical Connector Having Contact Retained Therein
12:05a RAYTHEON : Patent Issued for Method and Apparatus for Rejecting Intermodulation Products
12:05a Patent Issued for Wave Dissipating Device
12:05a ZILLOW : US home rental prices up 4.3 per cent in June; momentum ticks down in NYC, LA and DC
12:05a ALLIED ELECTRONICS : NAPW Inducts Claudia A. Ramirez, Executive Administrative Assistant to the President and CEO, Allied Electronics, Into its VIP Woman of the Year Circle
12:03a MATSON : agrees to $15.4M settlement for 2013 molasses spill (BRIEF)
12:02a BARCLAYS : *rpt/s&p capital iq raises barclays price target to 290 (260) pence - 'hold'
12:02a AARP : Celebrates Medicare's 50th Anniversary
12:01a CWT : Earns Fab 50 Spot For Third Consecutive Year, Adds To Recent Forbes Global 2000 Recognition
12:01a AUSTRALIA AND NEW ZEALAND BANKING : ANZ appoints Alan Roch Head of Debt Syndicate, Asia Pacific
Latest news
Hot News 
RUBICON PROJECT : 07.28.2015 - AdExchanger
Twitter Shares Fall After Report Revives User Base Questions
HORIZON GLOBAL : Subsidiary to Receive Approximately $1 Million in Settlement of Patent Dispute
BUFFALO WILD WINGS' : stock shoots up despite tepid earnings report
WOLTERS KLUWER : Financial Services Helps Lenders Educate Consumers about Variations in TRID Disclosure Documents
Most Read News
07/29 Patent Issued for Electronic Front Derailleur
07/29 EQUITY ALERT : The Rosen Law Firm Files Securities Class Action Lawsuit Against Advanced Drainage Systems, Inc. – WMS
07/29 Patent Issued for Projection Display Apparatus and Control Method Therefor
07/29 Patent Issued for Receiver Circuit
Most recommended articles
07/29 Uber launches car leasing unit, makes entry into financial services
07/29 GBP/USD TECHNICAL ANALYSIS : Bounce Capped at Range Top
07/29 USD/CHF TECHNICAL ANALYSIS : Move Above 0.97 Signaled
07/29 EUR/GBP TECHNICAL ANALYSIS : Sellers Aim Below 0.70 Mark
07/29 USD/CAD TECHNICAL ANALYSIS : Pullback Stalls at Support