IMF forecasts 5.5pc GDP in next FY
Senior Economic Correspondent
banglanews24.com
DHAKA: The International Monetary Fund (IMF) predicted that the GDP growth of Bangladesh would be 5.5 percent in the next fiscal year 2012-13 against government targeted 7 percent.
The forecast was made by visiting IMF Mission Chief to Bangladesh David Cowen while talking to journalists at his Dhaka office on Wednesday morning.
David Cowmen proposed to increase investment from home and abroad in ensuring growth and sustainable economic development. “The government has to ensure a business friendly atmosphere regarding the matter,” he said.
The international agency organized a view-exchange with journalists on approval a three-year $987 million loan deal for Bangladesh on April 12. IMF Resident Representative Eteri Kvintradze was present at the programme.
Regarding new banks approval, Cowen avoided to make any comment. But he said, “Bangladesh Bank has to ensure liquidity of all banks including newly approved ones. Monitoring has to be enhanced on the activities of the banks.”
He also said, “The government has to fix prices of fuel oils with harmonization of international markets. It also has to consider affected people in this regard. ”
Cowen said, “We are surprised that the government borrowed huge amount of money from state or commercial banks. We hoped that it will be control in next fiscal.”
He added: “As, excess loan of the government obstruct development of the private sectors and increase inflation. So, the government has to cost effective. ”
He talked about different economic index of the country, including its macroeconomics, conditions of providing loan under extended loan facilities, revenue collection of Bangladesh and GDP.
“Bangladesh has to increase revenue collection. I hoped that the government can use the money in overall economic development, including achieving stability through reducing economic pressure, budget implementation and implementing monetary policy,” the newsmen were told.
On April 12, the International Monetary Fund approved a three-year $987 million loan deal for Bangladesh helping the country to overcome macroeconomic pressures and build a reserve buffer.
IMF said Bangladesh would get the interest free loan in seven installments and its first installment of $141 million would be disbursed soon.
BDST: 1558 HRS, APR 25, 2012
Edited by:
Rubaiat Saky, Newsroom Editor
M. Mahbub Alam, Asst Output Editor