Economy
IMF chief: PM Sheikh Hasina key to Bangladesh’s prosperity
During a meeting at The Ritz-Carlton hotel on April 29th, the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, praised the leadership of Prime Minister Sheikh Hasina for transforming Bangladesh into a model of development that has managed to maintain economic stability even after the COVID-19 pandemic.
Georgieva was leading an IMF delegation at the meeting. She expressed her admiration for the impressive progress Bangladesh has made in various sectors under Hasina’s dynamic leadership. According to Georgieva, leaders like Hasina are necessary for achieving prosperity in the face of obstacles. She also highlighted Bangladesh’s success in maintaining macroeconomic stability during the pandemic.
Foreign Minister AK Abdul Momen stated that the IMF delegation led by Georgieva highly praised Bangladesh’s unprecedented advancement in various sectors, particularly in infrastructure development, widespread connectivity, and maintaining law and order. The IMF chief acknowledged that the development of Bangladesh was the result of long-term planning and initiatives taken by the government.
During the meeting, PM Hasina briefed the IMF chief on her government’s efforts to maintain the pace of overall development in the country, as well as steps taken to fight the adverse impact of climate change and ensure women’s empowerment. Bangladesh Bank Governor Abdur Rouf Talukder added that the IMF has supported Bangladesh in maintaining macroeconomic stability over the last 14 years, and that the IMF will continue to provide such cooperation in the future.
Bangladesh has received a $4.7 billion loan from the IMF, approved in January of this year, to be disbursed in seven installments over the next 42 months. The loan will be used to stabilize Bangladesh’s macroeconomy, implement necessary reforms to build capacity for social and development spending, strengthen the financial sector, modernize policy frameworks, and address climate change. The average interest on the loan will be 2.2%. So far, Bangladesh has received the first tranche of $476.2 million.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
