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Govt plans to use forex reserves in mega projects

  • Published at 12:33 am September 22nd, 2016
Govt plans to use forex reserves in mega projects
The minister hinted this after a meeting with Bangladesh Bank Governor Fazle Kabir on the use of foreign exchange reserves and improvement of financial system at the secretariat. Muhith said: “We do not need assistance from World Bank and International Monetary Fund as our foreign exchange reserves are huge.” “We have decided not not seek any fund from the global lenders in Bank-Fund meeting scheduled next month in Washington.” “The finance division and Bangladesh Bank are now working to find out mechanism for the use of foreign currency reserves. We will also seek ideas from Bank-Fund meeting,” added the minister. “However, my personal opinion is that we will take loan from foreign exchange reserves along with the loan from sovereign bond to implement mega projects.” Acording to Bangladesh Bank, the present forex reserve is $31.16 billion. In 2014, the government had tried to use a portion of its foreign currency reserves for constructing Padma Bridge—the largest infrastructure project in Bangladesh—but the idea was not work out.
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