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Friday, February 23, 2024

Why is Bangladesh’s garment sector seeking support from IMF?

A delegation from the International Monetary Fund (IMF) was urged to support growth and development of Bangladesh’s garment industry, considering the pivotal role the sector plays in the country’s economic development and global trade.

The IMF Mission Chief for Bangladesh, Rahul Anand along with other IMF officials visited the office of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and met its President Faruque Hassan. The discussions during the meeting revolved around various topics related to the readymade garment industry of Bangladesh. These included the current status of the industry, the global trade situation, and its implications on the country’s export performance.

The meeting also discussed the challenges and prospects that lie ahead for the Bangladeshi garment industry including impressive strides in the area of environmental sustainability, while continuing efforts to pursue more excellence. The issues concerning Bangladesh’s graduation from the Least Developed Country (LDC) status and its potential impact on the economy and trade were also discussed and the necessity for preparedness to address the challenges that may arise in the post-LDC era.

Faruque Hassan provided the IMF delegation with insights into the Sustainability Strategic Vision 2030, which aims at fostering the growth of the industry in a more sustainable way, keeping positive impacts on the economy, the environment, and the lives of the people of Bangladesh.

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