B'desh set to become dynamic economy in five to 10 years

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FE Report
Bangladesh is set to become a dynamic economy in the next five to ten years, thanks to "amazing" economic transformation in the country, the new resident representative of International Monetary Fund (IMF) Eteri Kvintradze said Tuesday.
But she said the country must improve its infrastructure, health and education to take it to the next level of economic development.
Bangladesh economy managed to grow 5.9 per cent in the last financial year, defying the global recession when the world's major economies tottered.
"Bangladesh is becoming a dynamic economy in the next five to 10 years," Ms. Kvintradze told a briefing in the city.
She also said the Washington lender is today a "completely different" after pressure grew from the international community to reform the organisation established after the second World War.
The Georgia-born IMF official said the Fund has streamlined conditionalities linked to its lending, cut costs dramatically and it is n o longer a "tough policist" for lower income countries (LICs).
The IMF official said her organisation has activated a new package of lending facilities to the world's poorest nations.
"The lending terms are very soft right now," she told reporters.
The IMF has already more than doubled its financial assistance to low-income countries and the new measures represent a significant additional effort in the coming years.
The current package includes mobilisation of additional resources and interest relief with zero payment on outstanding IMF concessional loans to help low-income countries cope with the global crisis.
The IMF Standby Credit Facility (SCF) provides financial assistance to low-income countries with short-term balance of payments needs.