Md. Shahidul Haque, Bangkok, Thailand

The US Department of the Treasury has assured Bangladesh of its support and cooperation in maintaining economic stability, according to Dr. Rashed Al Mahmud Titumir, Economic Adviser to the Prime Minister.

He said the International Monetary Fund (IMF), the World Bank, the US Department of the Treasury, and other relevant stakeholders recognise that the current government inherited an economic crisis and high inflation. The situation has been further complicated by the impact of conflicts in the Middle East. However, these stakeholders believe that the government is making sincere efforts to address the challenges and stabilise the economy.

He made the remarks on Wednesday morning, October 14, following a meeting between the Bangladeshi delegation and officials of the US Department of the Treasury in Bangkok, Thailand.
The Prime Minister’s Economic Adviser said that the World Bank, the IMF, the US Department of the Treasury, and other relevant stakeholders had expressed their willingness to support Bangladesh in addressing its current economic challenges. He expressed hope that further clarity on the proposed assistance would emerge within the next two to three months.

According to Titumir, the meeting with US Treasury officials covered several important issues, including debt management and bilateral relations between Bangladesh and the United States.

Regarding Bangladesh’s expectations of support from the United States, Titumir said that Bangladesh had received limited assistance from the country in the past. However, given the recent progress in bilateral relations, he believes that Bangladesh should receive greater support from the United States.

He noted that Bangladesh is purchasing several aircraft from the United States and importing various products, including soybeans.

Considering the scale and nature of bilateral trade, he said that US support for Bangladesh would be a reasonable expectation. He added that the US side had also expressed agreement with this position.

However, Titumir did not provide specific details about the nature, scope, or amount of assistance that the United States might offer.

Support from international partners is considered important for maintaining Bangladesh’s economic stability, strengthening debt management, and easing inflationary pressures. Nevertheless, no specific details regarding the nature or amount of assistance were provided in the post-meeting remarks, and no formal announcement from the US Department of the Treasury was cited.
Meanwhile, on the third day of the IMF–World Bank Annual Meetings, IMF Managing Director Kristalina Georgieva said at a Global Policy Agenda press briefing that the organisation was considering significant changes to its operations in response to evolving global economic conditions. Taking economic risks into account, the IMF is pursuing an initiative to triple its support for low-income countries.

She emphasised that cooperation among member countries is essential to addressing the challenges facing the global economy. According to her, collective efforts are crucial to overcoming these challenges and maintaining economic stability.

Georgieva further noted that the global economy had faced significant challenges following the COVID-19 pandemic, with tensions in the Middle East adding to economic uncertainty. Alongside persistent inflation, uncertainty surrounding energy supplies has created additional pressure on economies worldwide.
She stressed the importance of increasing revenue collection, keeping public expenditure at sustainable levels, and implementing financial management reforms before major economic crises emerge.
The IMF chief also recommended providing targeted and temporary assistance to protect vulnerable populations affected by rising energy and food prices.