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Bangladesh economy is not in crisis: IMF

Published : Thursday, 18 August, 2022 at 12:00 AM  Count : 940

Bangladesh's economy is not in crisis and its external position is "very different from several countries in the region,'' said Rahul Anand, Division Chief in the IMF's Asia and Pacific Department.
The IMF official briefed reporters virtually on the current economic situation of Bangladesh in support of his stand during an online conference on Tuesday.
According to the IMF, the decision on providing a loan to Bangladesh will be finalized in October and there is no relation of the fuel price hike in Bangladesh with the IMF's loan.  
Citing that Bangladesh has a low risk of debt distress and is very different from Sri Lanka, he said Bangladesh's external debt is relatively low, close to 14 per cent of GDP.
The International Monetary Fund (IMF) has commented that Bangladesh is not in a critical situation. The organization said, the situation in Bangladesh is different from Sri Lanka. The risk of the country going into default is also low.
He also said, "Bangladesh is not in a critical situation, in terms of foreign debt, it is in a very different position compared to other countries in the region. Rahul Anand said that IMF is ready to help Bangladesh, "IMF officials will discuss with Bangladesh according to policies and procedures."
Regarding Bangladesh's reserves, Rahul said, "The country has recently faced several rounds of currency devaluation. However, despite the reduced reserves, the country still has enough reserves to cover four to five months of potential imports.
"The IMF stands ready to support Bangladesh, and the staff will engage with the authorities on program design as per the established policies and procedures of the Fund," an IMF spokesperson said following the request by Bangladesh government.

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