Dhaka, Oct 13 (V7N)- Finance Minister Amir Khasru Mahmud Chowdhury has said it would be premature to make a final judgment on International Monetary Fund (IMF) financing for Bangladesh based on the current situation, adding that the government is not concerned about the organization’s economic forecast.

He made the remarks after a meeting with senior officials of the World Bank and the IMF in Bangkok on Tuesday, October 13.

The finance minister said Bangladesh and the World Bank had reached an understanding on the country’s economic trajectory, policies and decisions. He added that the World Bank fully agreed with the government’s approach across the short, medium and long term.

According to Amir Khasru, the government’s economic policies are also consistent with the Bangladesh Nationalist Party’s (BNP) election manifesto. Discussions are ongoing on how to address the country’s economic challenges through the agreed process.

Meanwhile, the IMF has projected that Bangladesh’s gross domestic product (GDP) growth could fall to 3.2 percent in the current fiscal year, while inflation could reach 11 percent, according to its World Economic Outlook report.

The organization warned that global instability and rising prices of food and essential goods could further increase the cost of living for ordinary people.

The report also projected that global fuel oil prices could rise by 41 percent and gas prices by 48 percent this year. As Bangladesh relies heavily on imported fuel, higher prices could increase costs in the power, transport and agricultural sectors.

A prolonged period of elevated fuel prices could also raise import bills and put additional pressure on the country’s foreign exchange market.

Earlier on Tuesday, a Bangladesh delegation led by Amir Khasru Mahmud Chowdhury met with Urjit Patel, the IMF’s executive director for South Asia. The meeting focused on Bangladesh’s economic situation and ongoing reform initiatives.

The finance minister also met with World Bank Managing Director Anna Bjerde to discuss economic issues and cooperation.

END/SMA/AJ