Staff Correspondent
An International Monetary Fund (IMF) mission team led by Mr. Chris Papageorgiou visited Dhaka during
September 24–30 to discuss recent developments and the authorities’ reform priorities.
The IMF team held meetings with Finance Advisor Saleh Uddin Ahmed, Bangladesh Bank Governor
Ahsan Mansur, and other senior officials. The team also met with representatives from the private
sector, think tanks, bilateral donors, and development partners.
At the end of the mission, Mr. Papageorgiou issued the following statement:
"The IMF remains a steadfast partner, fully committed to supporting Bangladesh and its people. Within
the framework of the ongoing IMF-supported program, we will continue to work closely with the
authorities to advance Bangladesh’s reform agenda, which aims to ensure macroeconomic stability,
promote job creation, strengthen institutions, and foster strong, sustainable, and equitable growth. We
welcome the authorities’ renewed commitment to implementing the reforms under the IMF-supported
program. Discussions on how to proceed with program reviews will continue during the upcoming 2024
IMF-World Bank Annual Meetings.
“We are deeply saddened by the loss of lives and injuries during the recent public uprising and stand in
solidarity with the people of Bangladesh during these difficult times. The timely formation of an interim
government has helped stabilize political and security conditions, fostering a gradual return to normalcy
in the economy.”
“Nonetheless, economic activity has slowed markedly, while inflation remains at double-digit levels,
owing to the recent turbulence and major floods. The deterioration in the balance of payments has put
additional pressure on foreign exchange reserves. Concurrently, tax revenue collection has declined,
while spending pressures have increased, and domestic payment arrears have accumulated. Financial
sector vulnerabilities have become more pronounced. In this context, the authorities and IMF staff have
held open and productive discussions on the policies and reforms needed to address these emerging
challenges. We support the authorities' efforts to initiate policy adjustments, including continued
monetary tightening and rationalizing non-priority capital spending, in response to these challenging
circumstances.
