Bangladesh has committed to a sweeping overhaul of its troubled financial sector, outlining a detailed three-year roadmap as part of its latest agreement with the International Monetary Fund.
Bangladesh is currently going through a transition towards a fully flexible exchange rate regime, and the process may take time, said the International Monetary Fund (IMF).
The July uprising of 2024 paved the way for reimagining Bangladesh’s economic future.
The National Board of Revenue (NBR) has set a target to raise Bangladesh’s tax-to-GDP ratio to 10.5 percent by the fiscal year 2034-35, as part of its newly formulated 10-year revenue strategy, according to official documents.
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The time is right for Bangladesh to move towards a more flexible exchange rate regime, said Chris Papageorgiou, mission chief of the International Monetary Fund (IMF) to Bangladesh.
IMF presents target, revises GDP growth to 4%
The International Monetary Fund's move to disburse the fourth and fifth tranches of a $4.7 billion loan together was a mutual decision, the finance ministry said in a press release yesterday.
The $2.9 billion loan secured early last year required Colombo to sharply raise taxes, remove generous energy subsidies and agree to restructure more than 50 loss-making state enterprises.
The swift agreement, which comes just over two months after the last one, will provide Ukraine with a large injection of funds amid Russia's ongoing assault on the country, which entered its 1000th day on Tuesday.
China's leaders are targeting annual growth of five percent this year -- a goal challenged by weak consumption and a prolonged and debilitating debt crisis in the colossal property sector
After the World Bank, the International Monetary Fund has now brought down Bangladesh’s growth forecast for this year as political uncertainty, industrial unrest and floods weigh heavily on economic activities.
The International Monetary Fund and World Bank annual meetings are scheduled to draw more than 10,000 people from finance ministries, central banks and civil society groups to discuss efforts to boost patchy global growth, deal with debt distress and finance the green energy transition
The loan disbursal is the latest tranche of funding the International Monetary Fund has released to Ukraine as part of an ongoing 4-year, $15.5 billion program approved last March.
The government is expecting at least $5.65 billion in budget support this fiscal year from the World Bank, the International Monetary Fund (IMF), and the Asian Development Bank (ADB) to expedite reforms.
The meetings will take place in between October 21 and October 26
Released a week before the IMF and World Bank hold annual meetings in Washington, the Fiscal Monitor said there are good reasons to believe future debt levels could be well higher than currently projected, including a desire to spend more in the US, the world's largest economy.
Working from home (WFH) increased about tenfold following the outbreak of the pandemic and has settled in at about five times its prepandemic level
