IMF chief commends forex market stabilisation in Bangladesh under CA Yunus’ leadership

Georgieva spoke with Professor Yunus via video phone call from Washington, D.C., in the evening on Tuesday (16 September). Photo: CA Press Wing

International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Tuesday praised the leadership of Professor Muhammad Yunus, crediting him for Bangladesh's economic turnaround since assuming office as chief adviser.

Georgieva spoke with Professor Yunus via video phone call from Washington, D.C., in the evening on Tuesday (16 September), said a press release by the Chief Adviser's Press Wing. 

During their conversation, they discussed Bangladesh's ongoing economic reforms, the regional landscape, and key challenges facing the country ahead of the general election scheduled for February.

"I am impressed by what you have achieved," said Georgieva, referring to the state of the economy when Professor Yunus assumed leadership in August last year.

"You've done so much in such a short time. You took responsibility for your country when the risk of deterioration was very high. You are the right person at the right time," she added.

Georgieva particularly commended the stabilisation of the foreign exchange market and the recovery of foreign reserves following the government's bold decision to introduce market-based exchange rate.

Professor Yunus thanked the IMF Managing Director for her steadfast support during one of the most critical junctures in Bangladesh's history. "Thank you for the wonderful support," he said.

He recalled their first meeting during the UN General Assembly in New York last year, noting that it played a pivotal role in fostering the country's path to economic recovery.

Reaffirming the government's commitment to a timely and credible election, Professor Yunus stated that the polls would be held before the holy month of Ramadan in February. He reiterated that he would return to his previous work following the election.

During their conversation, the IMF chief emphasised increasing domestic revenue and implementing bold reforms in the banking sector.

"To be in a strong position, reform is inevitable. This is such a precious moment in the history of Bangladesh," Georgieva said, urging the Yunus to pursue deeper reforms in the months ahead.

Professor Yunus outlined key measures already undertaken by his government, including restructuring efforts in the banking sector and initiatives to enhance revenue collection.

"We inherited a devastated and completely broken economy. Some individuals literally stole money in bags from banks and fled the country," he said.

The two leaders also discussed regional developments, including the ongoing youth uprising in Nepal and Bangladesh's ambition to join ASEAN. 

Professor Yunus shared updates on Dhaka's major infrastructure drive, including new port and terminal projects aimed at enhancing regional integration.

Finance Adviser Saleh Uddin Ahmed and Finance Secretary Khairuzzaman Mozumder were present during the call.