Bangladesh remains one of the fastest-growing economies in the Asia-Pacific region, but challenges remain for the country, according to the International Monetary Fund.
Persistent inflationary pressures, elevated volatility of global financial conditions, and a slowdown in major advanced trading partners continue to weigh on growth, foreign currency reserves, and its currency taka, IMF’s Mission Chief Rahul Anand said in a statement on Sunday.
The Washington-based lender shared the assessment at the end of the visit to Dhaka that began on Apr 25. Anand led the team.
The team met with top officials of the finance ministry, Bangladesh Bank and the energy ministry to discuss recent macroeconomic developments and implementation of the Fund-supported program.
“During the visit, we discussed recent macroeconomic and financial sector developments. We also took stock of the progress made toward meeting key commitments under the Fund-supported program,” Anand said.
This will be formally assessed in the first review of the $4.7 billion loan it approved in January for Bangladesh its Extended Credit Facility and Resilience and Sustainability Facility arrangements.
The review is expected to be undertaken later this year.
The IMF said its team held meetings with Bangladesh Bank Governor Abdur Rouf Talukder, Finance Secretary Fatima Yasmin, and other senior government and Bangladesh Bank officials, representatives from the private sector, bilateral donors, and development partners.
“We would like to thank the authorities for candid discussions and their warm hospitality. We look forward to continuing our engagement in support of Bangladesh and its people.”