Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/02/2013 | 06:15pm CEST
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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
12:14a GEO : Lawton correctional officer shot at intersection
12:14a Fitch Takes Various Actions on Five U.S. REIT TruPS CDOs
12:13a XEROX : State and Xerox reach settlement over botched Alaska Medicaid payment system
12:12a ANHEUSER BUSCH INTERBREW : Business Highlights
12:11a WEST SHORE BK CP : Feds indict Dauphin County man for West Shore bank robbery
12:10a FLETCHER BUILDING : announces the appointment of Chief Financial Officer
12:10a CITY OF SEBASTOPOL CA : Coffee with a Cop
12:10a CVS HEALTH : Our Supplier Diversity Program is Keeping Pace with Change
12:09a MILLENNIAL LITHIUM CORP. : Clarification of Statement in September 26 News Release
12:07a DANIEL OCH : sources
Latest news
Advertisement
Hot News 
5.72%OCH ZIFF CAPITAL MANAGEMENT LLC : Ziff to Pay $400 Million to Settle Bribery Probe
-3.78%NIKE : Squeezed by Rivals, Old and New, as Athleisure Spreads
-4.60%PAYCHEX : Profit Rises 4% as Client Base Continues to Grow
3.46%PHOENIX : to Buy Abbey Life From Deutsche Bank Unit for GBP935 Million
0.56%SABMILLER : Shareholders Approve AB InBev Merger
Most Read News
06:07p PRODUCTS PARTNERS L P : Midstream Business Names Jim Teague Executive of the Year
06:00p ALARMFORCE INDUSTRIES : Announces Two New Members to Board of Directors
06:01p SAREPTA THERAPEUTICS : Announces First Patient Dosed in Phase III Clinical Trial of SRP-4045 and SRP-4053 for the Treatment of Duchenne Muscular Dystrophy Amenable to Exon 45 or 53 Skipping
06:02p Hitachi, Toshiba, Mitsubishi in final talks to merge nuclear units
06:02p DUKE ENERGY : gives $100,000 to new fund in response to Charlotte unrest
Most recommended articles
09/26Predicting the U.S. Elections With The WMA Trump/Clinton Barometer
06:07p DANIEL OCH : sources
06:02p Hitachi, Toshiba, Mitsubishi in final talks to merge nuclear units
05:59pDJU.S. Grain, Bean Stockpiles Set to Climb
05:57p VOLKSWAGEN : VW CEO hopeful of deal with U.S. authorities by year-end