By Admin 
Bangladesh reform deal: The International Monetary Fund (IMF) will give Bangladesh a $ 1.3 billion bailout in June. This decision was taken after the consent to improve the currency exchange rate. This amount is being given to Bangladesh under the IMF’s loan package of $ 4.7 billion dollars. This includes fourth and fifth phase installments. The Finance Ministry gave this information.
The IMF had stopped this amount, insisting on bringing more flexibility in the exchange rate. It has been agreed to adopt the crawling peg system between the IMF and the Bangladesh government. Under this, the price of Bangladesh’s currency Taka will gradually change according to the global exchange rates. After the fourth review in Dhaka in April, there was further discussion during the IMF and World Bank meetings at Washington DC last month, which paid attention to significant reforms in revenue management, fiscal policy and foreign exchange system.
What did IMF say?
The Finance Ministry said in a statement on Wednesday, “After carefully reviewing all the issues, both sides have agreed to revenue management, currency exchange rates and other reforms.” According to the IMF, if the Executive Board approves this staff level deal, then it will get an amount of SDR 938.8 million (about $ 1.3 billion). The IMF stated that Bangladesh had also requested an increase of 567.2 million SDRs (about 762 million US dollars) under ECF and EFF to meet the growing external financing needs and support the comprehensive economic stability.
Bangladesh accepted this condition of IMF
At the same time, Bangladesh has committed to tighten fiscal and monetary policies, improve tax system, improve banking sector administration and stabilize the economy and pursue climate related investment for long -term flexibility. The government has dissolved the National Revenue Board (NBR) to fulfill the condition of the IMF and has replaced two divisions under the Finance Ministry.
Also read: IMF, World Bank and Moody’s predictions … pak-Turkas will not be able to compete with India together