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.

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Muhammad yunus meets xi jinping: Bangladesh Chief Advisor Muhammad Yunus met Chinese President Xi Jinping on Friday (March 28). Yunus is visiting China on a four -day visit. He has reached this neighboring country to bring the economic condition of Bangladesh back on track. Due to deteriorating relations with India, he has to beg for help.

Yunus reached the city of Hainan in China on Wednesday. He attended the ‘Boao Forum for Asia’ annual conference here. After this he reached Beijing on Thursday. Here the Chinese Deputy Foreign Minister Sun Vedong welcomed him at the airport.

Demand to reduce interest on borrowings
According to various media reports from Bangladesh, Yunus, on the sidelines of the ‘Boao Forum for Asia’ annual conference, sought Chinese support for development projects at a meeting with China’s Executive Deputy Prime Minister Ding Shishiang. He also demanded exemption in commitment fee on projects funded by China in Bangladesh in Bangladesh to reduce the interest rates of Chinese loans to Bangladesh from three percent to one or two percent.

According to the news of Bangladesh newspaper ‘Daily Star’, China is the fourth largest lender in Bangladesh after Japan, World Bank and Asian Development Bank, which has given him a total loan of US $ 7.5 billion since 1975.

In his meeting with Ding, Younus also sought help from Beijing for the transfer of Chinese manufacturing industries including textiles, electric vehicles, light machinery, high -tech electronic, chip manufacturing and solar panel industry to their country.

Meet the Deputy Prime Minister of Russia
Yunus also met Russia’s Deputy Prime Minister Alexi Overchuk. In this meeting, Overchuk expressed interest in exporting more wheat and fertilizer to Bangladesh. He said, “Russia would like to export more wheat and fertilizer to Bangladesh.” During the meeting, the two leaders discussed the operation of the Ruppur nuclear power plant funded by Russia.

Also met Ban Ki Moon
Yunus also met former United Nations General Secretary Ban Ki Moon and sought him support and advice in restoring the democratic system in Bangladesh. Moon is the president of the ‘Boao Forum’. Yunus told Ban Ki Moon, “We want to start afresh. We need your support and advice. Now we have a great opportunity.

China assured help
China has expressed a desire to strengthen relations with Dhaka amidst the changing scenario of Bangladesh. “President Xi Chinfing gives great importance to your (Yunus) visit,” BSS, BSS, BSS, BSS said, quoted Chinese Deputy Prime Minister. Ding said that Beijing would give full support to the Bangladesh government in terms of investment, trade and cultural relations to the Bangladesh government to mark 50 years of establishing bilateral diplomatic relations.