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

4-Traders Homepage  >  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
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
Latest news
Date Title
11:26p ELI LILLY AND : Study Findings from Eli Lilly Broaden Understanding of Breast Cancer (Early change in tumour size predicts overall survival in patients with...
11:26p LG ELECTRONICS : Patent Issued for Method and Apparatus for Transmitting Uplink Control Information in Wireless Communication System (USPTO 9467984)
11:26p Patent Issued for Discharge System (USPTO 9463487)
11:26p AJS BANCORP, INC. : Other Events, Financial Statements and Exhibits (form 8-K)
11:26pDJTesla Sets Price for Self-Driving Feature
11:26p DIVIDEND GROWTH SPLIT : Brompton Funds Declare Distributions
11:25p IDEMITSU KOSAN : Patent Issued for Aromatic Amine Derivative, and Organic Electroluminescent Element Comprising the Same (USPTO 9466800)
11:25pDJPaypal Revenue Climbs on Growing Active Accounts
11:25pDJWELLS FARGO : Senators Press Wells Fargo on Whether or Not Sloan Knew of Sales Tactics
11:25pDJEx-SEC Official Picked to Monitor Deutsche Bank's Derivatives Overhaul
Latest news
Hot News 
-27.22%KELLER : Ground engineer Keller says will be hit by tough trading in Asia
-12.53%SENIOR : warns on 2016 performance due to heavy truck drag
9.03%AMERICAN EXPRESS : AmEx raises 2016 profit forecast; shares up 5.8 percent
-10.76%Ebay's holiday-quarter forecast disappoints; shares slump
4.98%WALGREENS BOOTS ALLIANCE : Rite Aid Push Back Merger Deadline
Most Read News
08:41a Nissan takes controlling stake in Mitsubishi, pledges support for turnaround
10/19 WELLS FARGO : California launches criminal probe into Wells Fargo account scandal
10/19 British banks call for end to surcharge on profits amid Brexit uncertainty
10/19 HSBC : UK Contact Centre staff campaign draws out quirky confessions
10:54a London builders turn to funds as property prices drop
Most recommended articles
10/19DJGold Prices Boosted by Weaker Dollar
10/18 S&P 500 earnings now expected to show growth for third quarter
10/17DJS&P 500, Nasdaq Futures -- Technical Analysis
10/12DJOil Prices Slip as Global Supply Rises
05:25pDJPaypal Revenue Climbs on Growing Active Accounts