Bangladesh has requested technical assistance from the International Monetary Fund (IMF) to address key areas of concern, including banking sector reforms, money laundering control, and tax reforms, Finance Adviser Dr. Salehuddin Ahmed said on Tuesday.
“We sought technical assistance for banking sector reforms, tackling money laundering, and implementing tax reforms,” Dr. Salehuddin told reporters following a meeting with an IMF delegation at the Secretariat in Dhaka.
The delegation, led by IMF Mission Chief for Bangladesh Chris Papageorgiou, has commenced a weeklong visit to assess the country’s macroeconomic situation and explore potential reforms with the provision of additional funding.
The adviser emphasized the need for external resources to support these critical reforms. "We will utilize our local resources as much as possible, but for specific areas, we will require foreign assistance," he explained.
The IMF delegation’s visit focuses on several pressing economic issues, including efforts to curb inflation, bolster foreign-currency reserves, and restore overall macroeconomic stability. "We’ve discussed the areas where IMF assistance could be most beneficial," Dr. Salehuddin added, noting that the talks included balance of payment support, as well as banking and revenue sector reforms.
The Finance Adviser also informed the IMF delegation that Bangladesh’s interim government has initiated reforms across various sectors but will require time to implement them fully.
Bangladesh is expected to engage in further discussions with the IMF in October, where final decisions on support and policy directions will be made in consultation with the lending agency’s policymakers.
Additionally, the IMF team will review the country’s fiscal challenges, including high subsidy spending, rising inflationary pressures, and potential cuts in public expenditure.
The government has already requested $3 billion in additional support from the IMF for budgetary assistance, on top of the ongoing $4.7 billion lending package.: source: unb
