IMF team meets BGMEA president
Staff Reporter :
The International Monetary Fund (IMF) delegation wanted to know about the reasons behind the differences in apparel export proceeds repatriation and the forthcoming challenges of the industry.
The team headed by IMF Mission Chief for Bangladesh Rahul Anand raised the question at a meeting with Faruque Hassan, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) at the latter’s office in Dhaka.
The IMF delegation also asked about whether they are facing any complication for opening letters of credit (LCs) to procure raw materials amid the ongoing dollar crisis, according to meeting sources.
In reply to the question, BGMEA President said, “Differences in export proceeds repatriation is not too much.
The repatriation is not fully under control of the exporter. In some cases, buyers pay at discounted prices after shipment.”
“Besides, some buyers either delay making payment or pay partially, which is adjusted later.
These are the reasons behind the differences,” he added.
Regarding the LC opening complication, the BGMEA president said Bangladesh Bank always gives priority to the apparel industry so that the apparel exporters can open LC smoothly amid the ongoing dollar crisis.
The meeting also discussed various issues like current status of the industry, the global trade situation, and its implications on Bangladesh’s export performance.
The challenges and prospects of the apparel industry amid the changing economic reality emerging from Covid-19 pandemic and Russia-Ukraine war were discussed at the meeting.
The issues concerning Bangladesh’s graduation from the LDC status and its potential impact on the economy and trade also got due importance in their discussions where they emphasized the necessity for preparedness to address the challenges that may arise in the post-LDC era, according to the meeting sources.