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IMF eyes 6pc GDP growth

REJAUL KARIM BYRON
The International Monetary Fund ((IMF) has forecast a 6 percent GDP growth and 6 percent inflation for the current fiscal year.
After reviewing Bangladesh's financial state, the IMF board made these observations last month.
Though the government estimate showed a GDP growth of 5.38 percent last fiscal year, the IMF put the figure at 5.2 percent. While the IMF estimates an inflation rate of 6.5 percent on an average basis, according to the Bangladesh Bureau of Statistics (BBS), it stood
at 6.3 percent in May.
Appreciating the establishment of the Anti-Corruption Commission (ACC), the IMF has urged the government to take steps for the sake of the commission's credibility and effectiveness.
"Developing an anti-corruption strategy with technical assistance from donors would be an important step to tackle governance issues and help improve the investment climate," it said.
Regarding the present foreign exchange market situation, the IMF board supported a flexible exchange rate system based on
market principles.
It stressed that the system should be allowed to operate as intended, especially during a time of market pressures. In view of an adverse external environment and exchange market pressures, the board noted that this would be particularly important for reserving competitiveness.
The IMF supported the authorities' intention to continue to confine their interventions in the exchange market to countering disorderly conditions, to abandon the use of persuasion, and further FROM PAGE 1
develop the operation of the exchange market.
The IMF also noted that taka depreciated by 9 percent and 5 percent in nominal and real effective terms since the exchange rate was floated in May 2003.
It also pointed out that a tight monetary stance is important to contain inflationary pressures.
It also observed that a further increase in fuel price is needed in view of the rising global prices.
"The authorities (government) need to keep the domestic fuel prices under close review and make further adjustments as needed," the IMF said, adding that fuel price hike in the first half of 2005 was appropriate.
"The impact of higher domestic fuel prices on the poor can be reduced by well-targeted and transparent transfers to them," it added.