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Protecting poor from high food prices biggest challenge: IMF

Staff Correspondent
The International Monetary Fund (IMF) yesterday said protecting the poor people from the impact of high prices of food, essential commodities and fuel remains the biggest challenge for Bangladesh.
Addressing a press conference in the capital yesterday, IMF Asia Pacific adviser Thomas Rumbaugh supported the government's expansion of social safety net in the FY09 to offer free and subsidised food to the poor.
"This increased spending to help protect vulnerable groups from tne impact of high commodity prices is appropriate, he said.
To finance this spending, however, continued improvements in revenue and reducing substantial SoE (State-owned-Enterprise) losses through price adjustments will be necessary, the IMF official added.
Upgrading from the IMF's earlier projection. Rumbaugh said it is possible to achieve 5.5 to 6.0 percent GDP growth in the current fiscal year with exports recovering and astrong Boro crop production
Earlier, the IMF had forecast the GDP growth at 5.0 to 5.5 percent for the fiscal year of2007-08 after back-to-back flooding and a devastating cyclone.
Thomas Rumbaugh, who is leading an IMF mission to Dhaka, addressed the press conference after separate of meetings with the finance adviser. Bangladesh Bank governor and National Board of Revenue (NBR) officials.
Referring to the upward trend in petroleum prices in international market. Rumbaugh said the government would nave to recover losses incurred due to the under pricing of petroleum products Timing and decision in this regard is up to t!.e government, he said
Tlie IMF official said there is considerable scope to further ’evenue increase through improved administration by reduc ing exemptions, expanding the coverage of income tax ano VAT, and increasing the number of registered taxpayers.
"It's a very good sign that the NBR has exceeded revenue target in the current fiscal year," he said.
In the near future, fundamental changes to tax legislation will be needed to establish a simple and transparent tax system, the IMF official said.
He also said that IMF did not have any policy disagreement either with the government or the Bangladesh Bank on current monetary policy
At the press conference, Rumbaugh released April 2008 issue of the Regional Economic Outlook. Asia and Pacific. The report said that recent global financial market turmoil has had only a very small impact on Bangladesh due to militated linkages with international financial markets.