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International Monetary Fund (IMF) has praised the various measures of the Bangladesh government to address the challenges of the financial crisis observing that Bangladesh's economy is on the right track, Dhaka Times reported.
The country is getting inflation under control, IMF noted. "I think the economy is on the right track in terms of meeting the objective of the program, getting inflation under control and addressing macroeconomic challenges given the difficult global environment," IMF Director for the Asia and Pacific Department (APD) Krishna Srinivasan said on Friday. The IMF director said this while speaking at a press conference on "Economic Outlook for Asia Pacific" as part of the annual meetings of the World Bank Group and IMF. "They have tightened monetary policy to reduce inflation. They have allowed a more flexible exchange rate," he added. He mentioned that every country of the region including Bangladesh has been facing challenges due to the global crisis and emphasised that the countries must redouble their efforts to advance growth-enhancing reforms. Raising government revenue ratios from low levels would allow for additional spending on important needs such as education and infrastructure, while keeping public debt in check, he added. He said strengthening multilateral and regional cooperation and mitigating the effects of geo-economic fragmentation are vital for Asia's economic outlook in the coming years. To that end, he said, reforms that lower nontariff trade barriers, boost connectivity, and improve business environments are essential to attract more foreign and domestic investment across the region. (ANI)
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