A team of the International Monetary Fund (IMF)is expected to arrive in the capital this week to set the ball rolling on financial sector reform, as part of the $4.5 billion loan program agreed with the Bangladesh government. The IMF team will hold discussions with Bangladesh Bank, key personnel in the Finance Division, as well as officials at the Ministry of Forest, Environment and Climate Change – around $1.3 billion of the loan amount will be disbursed under the Resilience and Sustainability Facility (RSF). The RSF is expected to provide affordable, long-term financing to support Bangladesh’s climate investment needs, catalyze climate financing, and reduce balance of payment pressures from import-intensive climate investment. Read more: IMF loan program can be touchstone of financial sector reforms During their stay here, the delegation would want to know updated information on different economic indicators with a view to releasing the next installment of the loan for Bangladesh, sources at Bangladesh Bank told UNB . The central bank is implementing different policy reforms including on reserves, foreign exchange rate, monetary policy, loan recovery, interest rate, GDP and inflation issues. Among the proposed reforms is to let the currency float against the US dollar – it remains to be seen just how far the central bank will ultimately go on this. The proposals also include allowing the private sector to import fuel, and increasing electricity prices at the retail level. Read more: IMF approves $4.7 billion loan for Bangladesh Besides, a long-term plan will be made to make the prices of imported goods, including energy products, use-based and to increase the tax-GDP ratio. A decision has already been taken from the highest level of the government regarding the implementation of these measures, the official said.  

BNP on Thursday alleged that a $4.5 billion loan from the International Monetary Fund (IMF) will make people's debt burden heavier since the government has depleted the national exchequer through 'widespread looting'. “It’s a good thing that you are taking a loan from the IMF, but how will you repay it? You’ve already exhausted the reserves and you've siphoned off all money abroad. You're not informing people about how and in which sector you will use the money. So, you’re imposing another burden of loan on people,” said BNP secretary general Mirza Fakhrul Islam Alamgir. Speaking at a rally in front of BNP’s Nayapaltan central office, he also said the government needs the IMF loan as it has already depleted the exchequer by indulging in stealing. Read more: AL, not BNP, mastermind of ‘arson terrorism’: Fakhrul Jatiyatabadi Swechchasebak Dal arranged the programme marking ‘National Revolution and Solidarity Day’ commemorating the ‘civil-military uprising’ on November 7, 1975. The rally was also meant for registering a protest against the issuance of warrants for the arrest of BNP acting chairman Tarique Rahman and his wife Dr Zubaida Rahman in a graft case filed by the Anti-Corruption Commission (ACC). Earlier on Wednesday, Finance Minister AHM Mustafa Kamal confirmed Bangladesh will get $4.5 billion from the International Monetary Fund amid the hope that the lending agency will release the first instalment of the much-needed loan by next February. Fakhrul said their party suggested the government stop megaprojects when the Coronavirus hit the country so that the allocated money can be used to protect the needy people. “But they didn’t pay heed to it. They siphoned off thousands of crores of taka abroad. ” He said a Bangladeshi power businessman has become one of the billionaires in Singapore, exposing how much money was laundered in the name of the power sector’s development. The BNP leader said the remittance flow has decreased due to hundi (unofficial channel) business and the ruling party leaders' trick to launder money abroad in various ways. “Awami League's main goal is to indulge in corruption, stealing, and empty the resources of the country.” Read more: Arrest, harassment continue to foil anti-government rally in Faridpur, says BNP He said even many ordinary Awami League leaders now own multi-story apartments in the capital and use luxurious vehicles. Fakhrul said BNP has been on a movement to restore people’s voting and other rights and ensure a credible and inclusive election in the country. The BNP leader said five opposition leaders have already been killed in the current movement for the restoration of democracy and people’s rights, and their sacrifices and blood will not go in vain. “It won’t be possible to suppress the people of Bangladesh with repressive acts as they have started waking up.” He urged the government to quit and dissolve parliament by handing over power to a non-party caretaker government to create a scope for holding an acceptable election under a new election commission. Fakhrul said the government is trying to play various tricks to divert BNP’s movement to a different direction. Read more: Get ready for more sacrifices to oust AL govt, restore democracy, Fakhrul tells BNP members Awami League has got so much isolated from people that it is now resorting to false cases to keep BNP top leaders away from politics. “Awami League has been using false cases against opposition leaders and activists as its main weapon to suppress them since it came to power. “They also filed fictitious cases against BNP leaders and activists.” Referring to a newspaper report, the BNP leader said a ruling party leader was arrested in Narsingdi with crude bombs and gunpowder, but a case was filed against Narsingdi Jubo Dal leaders, including its president and general secretary. It has manifested how scared they are and they can do such things. He slammed the government for arresting BNP leaders and activists in different parts of the country. Fakhrul alleged that the government has started filing fresh cases against the opposition leaders and activists and arrested BNP leaders in old cases in Dhaka city. “This is an old game to suppress opponents by implicating them in false cases and they have been playing this game for 14 years.”

Resident Representative (Asia and Pacific Department) of International Monetary Fund (IMF) Jayendu De has expressed the willingness of IMF to support the development activities in the apparel sector of Bangladesh . The international financial institution is also interested to work closely for the betterment of the RMG industry, said the Bangladesh Garment industry and Exporters Association (BGMEA). Read: BGMEA joins hands with Good Fashion Fund to finance SMEs in sustainability The IMF official met BGMEA President Faruque Hassan on Sunday and discussed issues of mutual interest. Issues pertaining to the RMG industry of Bangladesh were discussed at the meeting, which was also attended by BGMEA Vice President Shahidullah Azim, Vice President Miran Ali and Director Md. Mohiuddin Rubel at BGMEA office in Gulshan, Dhaka. BGMEA President Furuque Hassan gave an overview of how the garment industry has been making immense contributions to the socio-economic development of Bangladesh, especially in terms of export earnings and employment generation. The remarkable socio-economic development has made Bangladesh eligible for LDC graduation. Read:BGMEA seeks Spanish investment in non-cotton, technical textiles He also highlighted the industry’s achievements particularly in the areas of safety and sustainability. A high-level delegation of IMF will visit BGMEA in December to hold discussions and explore avenues of how IMF, a specialized agency of the United Nations, can support the growth and development of Bangladesh’s RMG industry, he informed.

The Chinese economy, which took a hit in the first quarter after the coronavirus outbreak, is expected to see a recovery in the second quarter, an International Monetary Fund (IMF) official has said.

The International Monetary Fund (IMF) has predicted that Bangladesh’s GDP growth would come down to 2 percent in the current fiscal year (FY2019-2020) due to the global coronavirus pandemic.

China's experience so far has shown that the right policies make a difference in fighting the COVID-19 epidemic and mitigating its impact, though some of these policies come with difficult economic tradeoffs, the International Monetary Fund (IMF) said Friday.

The newly signed China-U.S. phase-one trade deal will reduce the uncertainty that has impeded global economic growth, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said Friday.