Bangladesh's economy to grow at 6.3 percent: IMF

International Monetary Fund said on Thursday that Bangladesh's economy might grow at the rate of 6.3 percent in the 2011/12 fiscal year compared with 7.0 percent targeted by the government. An International Monetary Fund (IMF) mission led by David Cowen of the Asia and Pacific Department visited Dhaka and Chittagong September 5-15 to see the health of economy of the country and also to discuss with the ministers and senior officials.
The mission met with among others Minister of Finance Abul Maal Abdul Muhith and Economic Advisor to the Prime Minister Mashiur Rahman. Cowen told reporters at a news conference that Bangladesh's inflation has been on the rise, pushed up by higher food prices and demand-side pressures. Despite strong export performance, the balance of payments (BOP) recorded a deficit in the fiscal year of 2010/11 (July-June) mainly because of increased oil, textile, capital goods imports and weak aid inflows. As a result, gross foreign reserves have come down from record levels reached in late 2010.