After releasing $1.3 billion in late June, the chief of the International Monetary Fund (IMF) now wants to engage herself in identifying areas of future cooperation with Bangladesh, officials said.
Kristalina Georgieva, the managing director of the IMF, is also interested in helping set up a framework on future working mechanism for the economic development of Bangladesh.
She expressed her willingness in a recent letter to Chief Adviser Professor Muhammad Yunus where she also gave an assurance to continue supports for the South Asian nation. In the letter, she mentioned that she wants to discuss the issue with the chief adviser by holding a video conference sometime in the first week of September.
Earlier on May 1, the chief adviser in a letter to the IMF chief expressed his gratitude for continued cooperation by the global lender in carrying out reforms successfully taken under the $4.7 billion credit programme.
In June, the IMF also approved an additional $750 million for Bangladesh to mitigate possible shocks from the greater exchange rate flexibility.
The IMF granted the loan assistance for Bangladesh in January 2023 to help stabilise the country's dwindling economy, which was severely impacted by global conflicts, especially after Russia's invasion of Ukraine in February 2022. The macroeconomy of the country began destabilise as export earnings fell, remittance inflows tumbled, and foreign currency reserves lowered significantly.
Subsequently, the government turned to the IMF for credit support and the lender responded with reform proposals to help revive the economy of the country. Until now, Bangladesh has received $3.595 billion under this loan programme. The tenure of the credit programme has now been extended until December next year.
syful-islam@outlook.com
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