Tuesday, 29 November, 2022

IMF stresses stock market automation

  • Staff Correspondent
  • 8 November, 2022 12:00 AM
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IMF stresses stock market automation

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The International Monetary Fund (IMF) has stressed the importance of automating the country's stock market.

The IMF made the recommendation during a meeting with Bangladesh Securities and Exchange Commission (BSEC) in the city on Monday.

IMF mission chief Rahul Anand and BSEC Chairman Shibli Rubayet Ul Islam led their respective sides at the meeting.

BSEC Executive Director Mohammad Rezaul Karim informed Daily Sun that the IMF had appreciated Bangladesh's efforts in the area of environment-friendly finance.

"They will provide technical support in the development of capital market infrastructure including the Commodity Exchange. They have also said they will cooperate in bringing environment-friendly bonds to the market. They want to cooperate to increase the demand and supply of such bonds," he said.

Rezaul claimed that the IMF is satisfied with the Capital Market Stabilisation Fund and thanked the commission since it will help market development.

The six-member delegation of the IMF also included Senior Economist Estelle Xue Liu and Economist Richard Varghese.

UNB adds: Visiting delegation of the International Monetary Fund (IMF) in a meeting on Monday suggested capacity building of the Bangladesh Securities and Exchange Commission (BSEC) to act in a way so that people from various backgrounds are included in the market.

BSEC’s executive director and spokesperson Razaul Karim told UNB that in the scheduled meeting the IMF team suggested product diversification in the stock market to ensure the involvement of the people from all parts of the society.

They (IMF) want to know details about commodity exchange market, real estate, and other sectors' enrollment in the share markets.

The IMF will support both technological upgradation and human resource development of the capital market so that the market can act maintaining global standard, he said.

Rahul Anand, IMF Mission Chief to Bangladesh, led a seven-member delegation of the IMF while Professor Shibli Rubayat-Ul-Islam, Chairman of BSEC, along with the members of BSEC took part in the discussion.

Earlier, the IMF team met for discussion with the finance ministry, Bangladesh Bank, Bangladesh Bureau of Statistics, Power Division, Bangladesh Energy Regulatory Commission, and Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

As part of the ongoing discussion on Monday, the IMF team met with the top management of BSEC and gave some suggestions to develop the capacity of the regulator.

The delegation of the Washington-based global lender started visiting Bangladesh on October 26, to discuss and realise the economic situation as the country sought a $4.5 billion loan as budgetary support.

Bangladesh so far never seeks such a big loan from a global lender. The wave of the Covid-19 pandemic and the Russia-Ukraine war have affected the country’s foreign exchange reserves.

As a result, the ministry of finance officially applied to the IMF for $4.5 billion loan in July this year.