The International Monetary Fpnd (IMF) feels that Bangladesh should go for more reforms for achieving desired growth level and for efficiency of the economy.

"We still believe there's a lot to be done.in structural reforms to raise growth rate to seven or 7.5 per cent for poverty alleviation." said an IMF official at a press briefing in the city yesterday.

The IMF stresses the need for faster reforms in four areas — tariff reduction to remove protectionism, privatisation, wider financial sector reforms, and domestic resource mobilisation." the official said at the briefing organised by the IMF resident mission on the fund's

1994 annual report, published a month back.

There is a need to reduce the level of protection for better growth and efficiency." the official said. "We have to avoid fictitious growth in highly protected economy. "

The official, who could not be named because of IMF t;ule. told the press that his organisation was currently working with the government to reduce tariff and non-tariff barriers.

The official also emphasised that the privatisation process must be expedited for employment of the workforce. He showed enthusiasm about the development of the country's capital market and said the privatisation process could be

expedited by offering shares of the state owned enterprises in the stock market.

In the financial sector, the IMF official briefly said "a very wide programme is needed for banks to make them more efficient.” He also expressed concern at the stalemate' in privatising the state owned banks.

He also said the tax base has to be broadened and VAT expanded to retail level.

A photo copied page of the IMF Annual Report was dis-' tribuled among the newsmen.

It -said the fund had approver! Bangladesh's request that its programme for '1993-94 be monitored under the enhanced surveillance procedure. The approval was based on good track record of the country. The surveillance Is likely to help the country secure confidence of the donors that it would pursue sound economic policies.

Projecting how the global economies performed last year, the IMF official said "The world environment improved significantly last year except Africa

Total output increased by 2.3 per cent compared with a rise of 1.8 per cent in 1992. the annual report said, largely owing to significant growth in the developing countries.

The world growth rate was 3.3 per cent last year against 1 8 per cent in the year before The developing countries achieved 6 1 per cent growth rate but the Industrialised countries 12 per cent.

The world trade increased by 2.7 per cent with imports by developing countries going up by ft 7 jier cent. Imports by industrialfeed countries, however, declined by 0 2 per cent

■With the conclusion of the Uruguay Round, we are opu-mistic about future world trade volume, the IMF official said.