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.
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It is unfortunate that the previous government fell short of its commitments to strengthen the banking sector.
The country has been hammered by drought, floods and locust infestations in recent years
The high incidence of corruption, some of which have erupted openly in the public domain.
The International Monetary Fund (IMF) has suggested greater exchange rate flexibility to preserve reserve adequacy, warning failure to do so may create further imbalances in the currency market.
