The International Monetary Fund (IMF) has said it remains fully committed to Bangladesh and its people for ensuring economic stability and inclusive growth in the South Asian country.
The Washington-led multilateral lender agreed to provide $4.7 billion loan to Bangladesh in January last year after negotiations with the former Awami League-led government. However, ouster of the authoritarian regime would not disrupt the disbursal of tranches of IMF loan, the lender’s statement suggests, Reuters reports.
A day earlier, the World Bank also said it remained committed to Bangladesh’s development but noted that it was still assessing the impact of the countrywide shakeup on its lending. In the year till 30 June, World Bank had committed $2.85 billion for Bangladesh.Long-term lending from multilaterals including the IMF, World Bank and the Asia Development Bank amounts to roughly a quarter of Bangladesh's GDP, according to emerging market experts at Tellimer, making their continued backing key to the country's economy -- at least for the time being.
The last government increasingly relied on foreign loans to sustain the country's economy, after making poor budget plans. Consumer inflation has been hovering around 10 per cent for over years while foreign reserves are fast depleting, thanks to the government prioritising mega transport projects over people's basic needs. The economic mismanagement also contributed to the people's anger against the Awami League government.
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