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 International Monetary Fund has urged Bangladesh to strengthen the asset declaration process for public officials in order to combat high-level corruption effectively.
While a privileged minority, sitting in their high castles, continue to enjoy a larger and larger share of the fruits of “development,” it is becoming obvious that the vast majority are increasingly struggling.
The International Monetary Fund on Wednesday raised its yearly growth forecast for China, but warned that Beijing's industrial policy risks a "misallocation" of resources and could harm trade
IMF said Japan's commitment to allow the yen to move flexibly will help the central bank focus on achieving price stability
The IMF prescription for the public means increased gas, electricity and transport prices, and so on.
IMF mission concluded its 15-day visit to Bangladesh today
However, the BB governor did not announce when Bangladesh Bank would introduce the flexible interest rate and exchange rate.
Bangladesh should allow greater flexibility in its exchange rate to address issues in its external account, particularly the deficit in the financial account, said the International Monetary Fund (IMF) today
The IMF mission met with the deputy governors, policy advisor, executive directors and directors in different meetings at the central bank headquarters.
It recommended the National Board of Revenue (NBR) discontinue the tax holiday for the information and communication technology industry and abolish the tax benefit for mining and petroleum extracting companies.
