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Bangladesh garment industry seeks IMF support amid dollar crisis

Bangladesh garment industry seeks IMF support amid dollar crisis

In a meeting held on Sunday, Faruque Hassan, the president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), requested International Monetary Fund (IMF) support for Bangladesh’s Ready-Made Garment (RMG) industry. The meeting took place at Uttara’s BGMEA Complex, where Hassan highlighted the industry’s significant role in the country’s economic growth and international trade.

The IMF delegation, led by Rahul Anand, included other notable members such as Jayendu De, Chris Papageorgiou, Suphachol Suphachalasai, Piyaporn Sodsriwiboon, Senior Economists Seok Hyun Yoon and Estelle Xue Liu, and Economist Richard Varghese. They engaged in discussions with Hassan about the current challenges facing the RMG industry.

Among the issues raised were disparities in apparel export proceeds repatriation and complications related to letters of credit. These concerns come amid a dollar crisis affecting the garment industry. The IMF delegation also sought insights into potential future challenges that could impact the industry.

Despite these concerns, Hassan downplayed the differences, stating they were “not too much.” He remains hopeful that with IMF backing, Bangladesh’s RMG sector can continue to thrive and contribute to the nation’s economic prosperity.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com

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