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Bangladesh Bank should take strict measures to avoid further regulatory forbearance in order to strengthen the financial health of the country’s banking sector, said Rahul Anand, the Bangladesh mission chief of the International Monetary fund.
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The government plans to issue Shariah-compliant bonds, commonly known as sukuk, from December as part of its effort to implement infrastructure projects smoothly.
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They were the hardest hit when the coronavirus pandemic struck the country in March, but the implementation of the stimulus packages the government unveiled for small and medium enterprises (SMEs), farmers and low-income groups more than six months ago has been slow because of the reluctance of banks.
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Seven state-run banks have not disbursed any fund from the central bank’s stimulus fund of Tk 3,000 crore for low-income professionals, marginal farmers and micro-enterprises.
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The International Monetary Fund yesterday lowered its economic growth forecast for Bangladesh to 4.4 per cent for the current fiscal year as the country is still struggling to pull itself out of the wreckage caused by the coronavirus pandemic.
