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IMF says Bangladesh in not in a crisis situation

Bangladesh, Sri Lanka, Pakistan, IMF, International Monetary Fund, Sheikh Hasina

Opinion

IMF says Bangladesh in not in a crisis situation

Bad news for the enemies of Bangladesh and who vested interest groups which had been making orchestrated propaganda stating Bangladesh is heading towards dire economic situation like Sri Lanka and Pakistan.

Blitz has been consistently saying, Bangladesh is not in any economic crisis, other than a bit of odds due to Ukraine war, which we believe shall be resumed soon. Now our opinion is echoed by Rahul Anand, Division Chief in the International Monetary Fund (IMF)’s Asia and Pacific Department. In a recent statement, Mr. Anand said, Bangladesh is not in a crisis situation and its external position is very different from several countries in the region.

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The IMF official briefed on the current economic situation of Bangladesh in support of his stand during an online conference on August 16, 2022.

He said Bangladesh’s external debt is relatively low, close to 14 percent of GDP. “Bangladesh has a low risk of debt distress and is very different from Sri Lanka”, he added.

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In refer to the Bangladesh government’s loan appeal to IMF, Rahul Ananad said the request is “pre-emptive”.

“The IMF stands ready to support Bangladesh, and the staff will engage with the authorities on program design as per the established policies and procedures of the Fund”, an IMF spokesperson said following the request by Bangladesh government.

As Bangladesh recently faced several rounds of currency devaluation in the wake of dwindling reserves, Rahul said the devaluation of taka is not comparable to what we have seen in other countries.

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Even though Bangladesh’s reserves have come down, he said the stocks are still high enough to cover four to five months of prospective imports.

In my personal opinion, Bangladesh’s foreign currency reserve also will increase significantly within the next 2-3 months, while we shall definitely find an alternative source of getting required crude oil. It could be from Russia or any other country.

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Prime Minister Sheikh Hasina has always been magnificently handling many issues which were forecasted by the enemies of Bangladesh and vested interest groups as “mission impossible”. Our Prime Minister did handle the challenges posed by COVID pandemic and the vaccine issue. Now she surely will succeed in overcoming the temporary challenges posed by the Ukraine war and international community’s punitive sanctions of Russia.

Bangladesh’s pace of socio-economic prosperity shall continue and our country will not only become a developing nation in 2026, by 2041 we shall also be able to witness tremendous economic growth in this country.

An internationally acclaimed multi-award-winning anti-militancy journalist, research-scholar, counter-terrorism specialist, and editor of Blitz. Follow him on Twitter Salah_Shoaib

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