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economy will continue to grow steadily despite the continuing
uncertainty posed by the global financial crisis. 'But at the same
time the economic situation in the fiscal year to end June 2010 may
be more dependent on the pace of recovery of the US economy and
local agricultural production,' said Jonathan C Dunn, resident
representative of the IMF in Bangladesh. 'Despite all the odds and
opportunities both at home and across the world I would expect the
economy [in Bangladesh] will grow by 5 to 6 per cent in the current
fiscal year,' he told the news agency in an interview. He said
that remittances and exports, the two mainstays of Bangladesh's
economy, will continue to grow this fiscal year. 'I expect export
growth will be up at around 8 to 9 per cent this year while
remittances will be growing 15 to 20 per cent.' In the fiscal
year to end June 2009 Bangladesh earned about $25 billion from
remittances and exports, mainly ready-made garments which account
for more than 80 per cent of the country's total exports, officials
said. 'These strong earnings will be a major cushion for
Bangladesh in the balance of payments during the year,' Dunn said.
Bangladesh's foreign exchange reserves rose 33 per cent to $7.74
billion in July compared with the same month last year, officials
said. Dunn said the IMF would not wind up its office in Bangladesh
before 2012, though there had been a decision to close it in December
this year. 'At the moment we are not closing the office in Dhaka,
responding both to a request from the government and the uncertain
economic situation. The fresh decision was already conveyed to the
government,' he said.
