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.
