Latest news with #Extended
Cision Canada
5 days ago
- Business
- Cision Canada
FRONTERA ENERGY CORPORATION ANNOUNCES INCREASE IN CONSIDERATION AND MAXIMUM TENDER AMOUNT, AND AMENDMENT TO CERTAIN OTHER TERMS OF THE TENDER OFFER AND CONSENT SOLICITATION FOR ITS OUTSTANDING 7.875% SENIOR NOTES DUE 2028
TORONTO, June 2, 2025 /CNW/ - Frontera Energy Corporation (TSX: FEC) (the " Company" or " Frontera") hereby announces the changes set forth below to the Company's previously announced cash tender offer (the "Offer") and consent solicitation (the "Solicitation") of its outstanding 7.875% Senior Notes due 2028 (the "Notes"), made upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated as of May 9, 2025 (as amended prior to the date hereof, the " Offer to Purchase"). Capitalized terms used but not defined in this press release have the meaning set forth in the Offer to Purchase. As of May 30, 2025, Holders of U.S.$124,134,000 aggregate principal amount of the Notes had either tendered their Notes or provided their standalone Consents in the Offer and the Solicitation, as follows: (i) Holders of U.S.$73,266,000 aggregate principal amount of the Notes had tendered their Notes; and (ii) Holders of U.S.$50,868,000 aggregate principal amount of the Notes had delivered their standalone Consents. Summary of the amendments to the Offer and Solicitation: The Maximum Tender Amount will be increased from U.S.$65 million to U.S.$80 million (the " Amended Maximum Tender Amount"). The Consent Payment for consents validly delivered at or prior to 5:00 p.m, New York City time, on June 9, 2025 (the " Extended Early Tender Date and Consent Deadline") will be increased from U.S.$15.00 for each U.S.$1,000 principal amount of Notes to an aggregate amount of U.S.$8 million, to be divided pro rata among all tendering and consenting Holders (the " Amended Consent Payment") in the Offer and Solicitation in aggregate. Based on the percentage of the aggregate principal amount of Notes (i) that are validly tendered pursuant to the Offer and (ii) in respect of which standalone Consents are delivered pursuant to the Solicitation, the pro rata Amended Consent Payment will be approximately between U.S.$20.70 and U.S.$41.50 per U.S.$1,000 principal amount of Notes. The consideration for each U.S.$1,000 principal amount of Notes validly tendered at or prior to the Extended Early Tender Date and Consent Deadline, and accepted for purchase pursuant to the Offer, will be increased from U.S.$700.00 to U.S.$720.00 (the " Amended Tender Consideration"). Additionally, the Amended Tender Consideration will be modified such that Holders that validly tender their Notes and deliver their Consents at or prior to the Extended Tender Date and Consent Deadline and whose Notes are accepted for purchase will receive both the Amended Tender Consideration and the Amended Consent Payment. Holders who (i) validly tender their Notes at or prior to the Extended Tender Date and Consent Deadline, but whose Notes are not accepted for purchase due to oversubscription of the Offer and (ii) validly deliver Consents but do not validly tender their Notes at or prior to the Extended Tender Date and Consent Deadline, will only receive a pro-rata share of the Amended Consent Payment. For illustrative purposes only, the table below sets forth the approximate Amended Tender Consideration and Amended Consent Payment, as the case may be, that each Holder whose Notes are accepted for purchase pursuant to the Offer and/or who validly delivers its Consent pursuant to the Solicitation will be entitled to receive, subject to the terms and conditions of the Offer and the Solicitation, assuming certain overall participation scenarios: __________ (1) To be divided pro-rata among all tendering or consenting holders. (2) Per U.S.$1,000 principal amount of Notes. This is the approximate pro rata share of the Amended Consent Payment expected to be payable to each tendering or consenting Holder. U.S.$6 million principal amount of Notes held by the Company and U.S.$8 million principal among of Notes held by the Catalyst Funds (as defined below) shall be excluded from purposes of calculating the Requisite Consents and the pro rata share of the Amended Consent Payment.. (3) Per U.S.$1,000 principal amount of Notes. This is the approximate pro rata share of the Amended Consent Payment expected to be payable to each tendering or consenting Holder. U.S.$6 million principal amount of Notes held by the Company and U.S.$8 million principal among of Notes held by the Catalyst Funds (as defined below) shall be excluded from purposes of calculating the Requisite Consents and the pro rata share of the Amended Consent Payment. 4. The treatment of minimum authorized denomination and the acceptance of tenders in the event that the Amended Tender Amount is oversubscribed will be as follows: Subject to the Amended Maximum Tender Amount, if the principal amount of Notes, after applying proration, results in (i) an acceptance of Notes in a principal amount of less than U.S.$200,000 and/or (ii) Notes in a principal amount of less than U.S.$200,000 being returned to the applicable Holder, the Company will accept the relevant electronic tender instruction in full. Holders who (i) validly tendered and did not validly withdraw their Notes at or prior to 5:00 p.m., New York city time, on May 23, 2025 (the " Original Early Tender Date and Consent Deadline") and (ii) validly tender their Notes after the Original Early Tender Date and Consent Deadline but at or prior to the Extended Early Tender Date and Consent Deadline, and, in each case, whose Notes are accepted for purchase pursuant to the Offer, will be eligible to receive (a) both the Amended Tender Consideration and the Amended Consent Payment with respect to their Notes, subject to proration and certain conditions as set forth in the Offer to Purchase, and (b) accrued and unpaid interest from, and including, the last interest payment date for the Notes to, but excluding, the Tender Settlement Date (as defined below). There will be no Total Consideration, Tender Offer Consideration or Consent Payment (as each of such terms is defined in the Offer to Purchase). The amount of Notes that may be purchased in the Offer is subject to the Amended Maximum Tender Amount. Tendered Notes will be subject to proration, with the proration factor depending on the aggregate principal amount of Notes validly tendered at or prior to the Extended Early Tender Date and Consent Deadline. For the avoidance of doubt, all Notes tendered after the Original Early Tender Date and Consent Deadline and at or prior to the Extended Early Tender Date and Consent Deadline will be prorated equally in conjunction with all Notes tendered at or prior to the Original Early Tender Date and Consent Deadline. Pursuant to the terms of the Offer, Holders may not tender their Notes without delivering their Consents to the Proposed Amendments to the Indenture governing the Notes. Holders who (i) validly delivered and did not validly revoke their Consents at or prior to the Original Early Tender Date and Consent Deadline and (ii) validly deliver their Consents after the Original Early Tender Date and Consent Deadline but at or prior to the Extended Early Tender Date and Consent Deadline, will be eligible to receive the Amended Consent Payment, irrespective of whether or not they tendered their Notes. All the amendments to the Offer and the Solicitation set forth herein are for the benefit of the Holders. Any Notes validly tendered or Consents validly delivered after the Withdrawal Deadline, which occurred at 5:00 p.m., New York City time, on May 23, 2025, may not be withdrawn. Consummation of the Offer and the Solicitation and payment for the Notes tendered and Consents delivered is subject to the satisfaction of certain conditions set forth in the Offer to Purchase, including obtaining the Requisite Consents to the Proposed Amendments under the Indenture governing the Notes. Except for the Financing Condition, these conditions have not yet been satisfied in full, and the Company has the right, in its sole discretion, to amend or terminate the Offer and/or the Solicitation at any time, and settlement for all Notes tendered and consents delivered at or prior to the Extended Early Tender Date and Consent Deadline is contingent on the satisfaction or waiver of these conditions. Settlement for the Notes validly tendered (and not validly withdrawn) and for Consents validly delivered (and not validly revoked) in each case, at or prior to the Extended Early Tender Date and Consent Deadline, up to the Amended Maximum Tender Amount, is expected to occur on June 11, 2025 (the " Tender Settlement Date"), subject to the satisfaction or waiver of the conditions referred to above. The Company reserves the right to further increase or decrease the Amended Maximum Tender Amount at its reasonable discretion, although no assurance can be given that the Amended Maximum Tender Amount will be further increased or decreased. Settlement of all tendered Notes will be subject to proration as set forth herein and in the Offer to Purchase. Unless otherwise amended as expressly described above in this press release, the terms and conditions of the Offer to Purchase remain the same. The terms and conditions of the Offer and the Solicitation are described in the Offer to Purchase, as supplemented and amended by this announcement. The Offer and the Solicitation are made by, and pursuant to the terms of, the Offer to Purchase, as supplemented and amended by this announcement, and the information in this announcement is qualified by reference to the Offer to Purchase. Citigroup Global Markets Inc. and Itau BBA USA Securities, Inc. are acting as dealer managers for the Offer and solicitation agents for the Solicitation (the " Dealer Managers and Solicitation Agents"). The information and tender agent is Morrow Sodali International LLC, trading as Sodali & Co (the " Information and Tender Agent"). Requests for documentation should be directed to the Information and Tender Agent at the offer website: Questions regarding the Offer or the Solicitation should be directed to the Dealer Managers and Solicitation Agents at (212) 723-6106 (for Citigroup) or (212) 710-6749 (for Itaú BBA). This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. The Offer and the Solicitation are being made only pursuant to the Offer to Purchase. None of the Company, the Dealer Managers and Solicitation Agents or the Information and Tender Agent makes any recommendation as to whether Holders should tender or refrain from tendering their Notes or delivering their Consents. Holders must make their own decision as to whether to tender Notes (and, if so, the principal amount of Notes to tender) and/or deliver Consents. Based on publicly available information, The Catalyst Capital Group Inc., which manages funds (the " Catalyst Funds") that hold approximately 40.97% of the common shares of the Company, exercises control or direction over U.S.$8 million principal amount of the Notes. As a result of the holdings of the Catalyst Funds, the Offer and the Solicitation are "related party transactions" of the Company as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions of the Canadian Securities Administrators (" MI 61-101"). The Offer and the Solicitation will be exempt from the valuation and minority approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(a) of MI 61-101, respectively. The material change report dated May 15, 2025, filed by the Company in connection with the Offer and the Solicitation contains additional disclosure required under MI 61-101. The Company holds U.S.$6 million principal amount of the Notes. The Notes held by the Company are not subject to the Offer or the Solicitation. The Notes held by the Company and the Catalyst Funds will not be considered outstanding for purposes of calculating the Requisite Consents to the Proposed Amendments. About Frontera: Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including strategic investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets which consists of interests in 22 exploration and production blocks in Colombia, Ecuador and Guyana, and in pipeline and port facilities in Colombia. Frontera's common shares are listed for trading in the Toronto Stock Exchange under the ticker symbol "FEC." The Company is committed to conducting business safely and in a socially and environmentally responsible manner. This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the timing and terms of the Offer and Solicitation) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: failure to meet all conditions of the Offer and Solicitation (including the receipt of the Requisite Consents); level of participation in the Offer and Solicitation; the newly imposed U.S. trade tariffs affecting over 50 countries and escalating tensions with China; the impact of the Russia-Ukraine conflict and conflict in the Middle East; actions of the Organization of Petroleum Exporting Countries (OPEC+); liabilities inherent with the exploration, development, exploitation and reclamation of oil and natural gas; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; uncertainties associated with estimating oil and natural gas reserves; failure to establish estimated resources or reserves; volatility in market prices for oil and natural gas; fluctuation in currency exchange rates; inflation; changes in equity markets; perceptions of the Company's prospects and the prospects of the oil and gas industry in Colombia and other countries where the Company operates or has investments; uncertainties relating to the availability and costs of financing needed in the future; the Company's ability to complete strategic initiatives or transactions to enhance the value of its securities and the timing thereof; the Company's ability to access additional financing; the ability of the Company to maintain its credit ratings; the ability of the Company to meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; political developments in the countries where the Company operates; the uncertainties involved in interpreting drilling results and other geological data; timing on receipt of government approvals; the inability of the Company to reach an agreement with the Government of Guyana in respect of the Company and its joint venture partner's interests in, and the petroleum prospecting license for, the Corentyne block; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 10, 2025 filed on SEDAR+ at Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Al-Ahram Weekly
19-05-2025
- Business
- Al-Ahram Weekly
Egypt proud of partnership with IMF across various reform programmes: PM Madbouly - Economy
Prime Minister Mostafa Madbouly expressed Egypt's pride in its partnership with the IMF over the past few years across various economic reform programmes. Madbouly said this on Sunday evening during a press conference with Nigel Clarke, the IMF's deputy managing director. The prime minister also reaffirmed Egypt's commitment to its $8 billion Extended Fund Facility (EFF) loan programme with the International Monetary Fund (IMF), highlighting the notable progress achieved over the past few months. Madbouly and Clarke gave press statements following their extended meeting on Sunday at the cabinet headquarters in the New Administrative Capital. The meeting occurred as part of the IMF delegation's current visit to Egypt to conduct the fifth review of the country's ongoing economic reform programme, implemented by the Egyptian government and the Central Bank of Egypt (CBE) in cooperation with the fund. CBE Governor Hassan Abdalla, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, Minister of Finance Ahmed Kouchouck, and Executive Director and IMF Board Member Mohamed Maait, who represents the Arab group and the Maldives, attended the meeting. In his remarks, Madbouly welcomed Clarke and his accompanying IMF delegation in his first official visit to the country since he was appointed in October 2024 as the official in charge of Egypt's IMF portfolio. Longstanding partnership PM Madbouly noted that the reform programmes, implemented in partnership with the IMF, came amid significant internal and international challenges that heavily impacted the country's economy. Since 2016, Egypt has sealed four loan agreements with the IMF, totalling nearly $30 billion. This is in addition to the newly approved $1.3 billion loan programme under the fund's Resilience and Sustainability Facility (RSF). PM Madbouly noted that the current national economic reform programme, designed by the Egyptian government with IMF support, represents a tangible model of success. The programme is being implemented steadily, based on a flexible exchange rate regime, increased foreign currency reserves, and ongoing efforts to maintain fiscal discipline and reduce the debt-to-GDP ratio. Egypt's economic resilience amid challenges He added that Egypt's economy has demonstrated resilience and a capacity to absorb severe external shocks, like other nations during recent global turmoil. The IMF itself confirmed that Egypt is progressing steadily on its reform path. Moreover, he highlighted key macroeconomic indicators that reflect this progress, including a real GDP growth rate of approximately 3.9 percent in the first half (H1) of the current FY2024/2025 (July-December 2024), an essential and positive sign. According to Madbouly, private sector investments also rose by 80 percent, and foreign direct investment (FDI) increased by about 17 percent from July to December 2024. He further noted that Egypt's non-oil exports grew by around 33 percent during the year's first nine months. Madbouly clarified that these figures contributed to robust growth in productive sectors such as manufacturing, ICT, and tourism, boosting investor confidence in the Egyptian economy. He also highlighted the latest drop in the country's unemployment rate, which dropped below seven percent, the lowest level recorded in Egypt's history. Inflation, debt on track The prime minister pointed out that the country's inflation rates have declined significantly, dropping to 13.9 percent in April, down from over 37 percent during the same period in 2024. He also highlighted Egypt's progress in debt reduction, a key component of the current EFF loan programme. In line with the programme, Egypt aims to reduce its debt-to-GDP ratio to 85 percent by June 2025, down from 96 percent in June 2023. Furthermore, Madbouly noted that the budget deficit decreased to 6.5 percent over the past 10 months, compared to 6.7 percent. He reaffirmed that the state is fully committed to continuing on the path of economic reform. He said Egypt had completed four previous programme reviews and is currently engaged in the fifth review, which will continue in collaboration with the IMF in the coming days. According to the reviews schedule, the fifth review is anticipated to be completed before the end of June. Once completed, Egypt will be eligible to receive a tranche of $1.2 billion. Praising Egypt's achievement For his part, Clarke affirmed that Egypt has made tangible progress on its macroeconomic reform programme. 'This is an Egyptian-led programme that has resulted in a sharp decline in inflation and unemployment, while foreign currency reserves have surged, and the availability of foreign exchange has significantly improved," he said. "This is no longer a major issue as it once was. We've also seen a steady increase in GDP growth, and Egypt's economy is clearly moving toward greater stability,' Clarke added. He noted that the Egyptian government's bold decisions and actions made these important positive outcomes of the economic reform programme possible. These reforms include the adoption of a flexible exchange rate regime, a monetary policy focused on achieving economic stability, and ongoing efforts to mobilize domestic revenues to ensure a sustainable and stable fiscal policy. He further emphasized that progress in Egypt's economic reform programme also encompasses a social dimension, including measures to support the most vulnerable segments of society. Welcoming Egypt's reforms 'I welcome these reforms that have led to such positive results,' Clarke said, calling for the continued implementation of the economic reform programme. Clarke also pointed to the increase in private sector financing and its rising share in the GDP. 'All of this is a direct response to the improvements and stability witnessed in the macroeconomic environment,' he stated. He also stressed that a swift transition to a more sustainable economic model requires the private sector to lead economic growth and activity. He confirmed that Egypt is already on this path, and the IMF is working with the government to accelerate this transition, reduce the state's role in economic activity, open space for the private sector, and promote fair competition across financial sectors. 'This will enhance the dynamism of the economy, attract both domestic and international investment, and lead to greater progress and prosperity for the Egyptian economy. Most importantly, it will help establish a more sustainable economic model,' Clarke stated. In addition, he addressed the issue of economic shocks, which he described as a prominent feature of today's global economic system. He stressed that the critical question for this region in particular is how to build a resilient economy to absorb such shocks. Clarke stated that achieving such resilience strongly depends on economic stability and sustained efforts to shift toward a more stable economic model. He also expressed the IMF's appreciation for its longstanding partnership with Egypt, describing the country as a key fund member. He reaffirmed the IMF's ongoing support for Egypt as it implements bold economic reforms that will benefit the Egyptian people. Ambitious indicators During his meeting with Clarke, Minister Kouchouk stated that Egypt's economy is improving with strong and ambitious indicators. The robust financial performance over the past ten months reinforces the country's commitment to a comprehensive national reform plan. Kouchouk added that Egypt has achieved its highest-ever primary surplus, amounting to 3.1 percent of GDP, from July to April. He also stressed that the government is pursuing an advanced path in fiscal policy management with more effective and stimulating initiatives to boost economic activity. Furthermore, Kouchouk asserted that private sector empowerment efforts are bearing fruit, accounting for 60 percent of total investment during the fiscal year's first half. He also anticipated a strong impact from the recent package of tax relief initiatives, which aim to broaden the tax base. Kouchouk further emphasized that tax reform is grounded in building trust with taxpayers and is underpinned by strong partnerships and support for the business community. Follow us on: Facebook Instagram Whatsapp Short link:
Business Recorder
19-05-2025
- Business
- Business Recorder
IMF warns Pakistan-India tensions could threaten reform, fiscal goals
ISLAMABAD: The rising tensions between Pakistan and India, if sustained or deteriorate further, could heighten enterprise risks to the fiscal, external and reform goals of the program, says the International Monetary fund (IMF). The Fund in its latest report stated that reputational risks could also come from any perceived lack of even handed or if there was a perceived misuse of Fund disbursements. As mitigants, the Pakistani authorities have reiterated their strong commitment to the program, which is designed to help restore economic stability, build resilience through stronger reserve buffers, and advance reforms to create stronger and inclusive growth. IMF reaffirms support for Pakistan's bailout, calls for deesclation with India Moreover, disbursements under the Extended Fund Facility (EFF) are dedicated to build reserves, and the program's ambitious fiscal and reserve goals (including floors on social spending) limit the space for non-priority spending and the use of reserves to finance imports. Given the Resilience and Sustainable Facility (RSF)'s different purpose, its disbursements are available for fiscal financing, although there cannot be any disbursements outside of an EFF review and not before completion of the second review. Careful Fund communication will be essential to underscore the Fund's neutral role and avoid misperceptions about its lending activities, it added. Copyright Business Recorder, 2025
Business Recorder
19-05-2025
- Business
- Business Recorder
IMF warns India-Pakistan tensions could threaten reform, fiscal goals
ISLAMABAD: The rising tensions between India and Pakistan, if sustained or deteriorate further, could heighten enterprise risks to the fiscal, external and reform goals of the program, says the International Monetary fund (IMF). The Fund in its latest report stated that reputational risks could also come from any perceived lack of even handed or if there was a perceived misuse of Fund disbursements. As mitigants, the Pakistani authorities have reiterated their strong commitment to the program, which is designed to help restore economic stability, build resilience through stronger reserve buffers, and advance reforms to create stronger and inclusive growth. IMF reaffirms support for Pakistan's bailout, calls for deesclation with India Moreover, disbursements under the Extended Fund Facility (EFF) are dedicated to build reserves, and the program's ambitious fiscal and reserve goals (including floors on social spending) limit the space for non-priority spending and the use of reserves to finance imports. Given the Resilience and Sustainable Facility (RSF)'s different purpose, its disbursements are available for fiscal financing, although there cannot be any disbursements outside of an EFF review and not before completion of the second review. Careful Fund communication will be essential to underscore the Fund's neutral role and avoid misperceptions about its lending activities, it added. Copyright Business Recorder, 2025
&w=3840&q=100)
Business Standard
14-05-2025
- Business
- Business Standard
Bangladesh requested $762 million hike in financial support, says IMF
The International Monetary Fund said Wednesday that Bangladesh sought an increase of about $762 million in financial support amid significant macroeconomic challenges, bringing the total financial assistance for the country under various arrangements to about $4.1 billion. The IMF staff and the Bangladesh authorities have reached a staff-level agreement on the policies needed to complete the combined third and fourth reviews under the Extended Credit Facility (ECF), Extended Fund Facility (EFF), and Resilience and Sustainability Facility (RSF). The staff-level agreement awaits IMF Executive Board approval and depends on prior actions, including tax reforms and full exchange rate liberalisation, the Fund said in a statement. Amid significant macroeconomic challenges, the authorities requested an augmentation of SDR (Special Drawing Rights) 567.2 million (approximately $762 million) in IMF financial support to Bangladesh under the ECF and EFF arrangements," IMF Mission Chief for Bangladesh Chris Papageorgiou said. "This increase would bring the total financial assistance under the ECF and EFF arrangements to SDR 3,035.65 million (about $4.1 billion), alongside concurrent RSF arrangements of SDR 1 billion (about $1.3 billion), Papageorgiou added. Upon completion of the combined third and fourth reviews, SDR 983.8 million (about $1.3 billion) will be made available, comprising SDR 650.5 million (about $874 million) under the ECF and EFF and SDR 333.3 million (about $448 million) under the RSF. IMF noted that the Bangladeshi economy remains under pressure from ongoing challenges and rising external financing requirements. As announced in December 2024, the authorities have requested an augmentation of IMF support of about $760 million to help preserve macroeconomic stability and enhance the country's resilience to external shocks, it said. Impacted by disruptions from the popular uprising, real GDP growth slowed to 3.3 per cent year-on-year (y-o-y) in the first half of FY25; however, it is projected to rebound in the second half reaching 3.8 per cent for the full fiscal year," it said. "Inflation, which has approached double digits, has begun to decline and is projected to be around 8.5 per cent (y-o-y) by end of FY25. Nonetheless, domestic factors such as stress in the banking sector and elevated global uncertainty tilt risks to the downside, IMF said. It said that to address the emerging external financing gap and support a continued decline in inflation, near-term policy tightening is essential. IMF said strengthening governance and promoting greater transparency are essential to improving the business environment, attracting foreign direct investment, and broadening the export base beyond the ready-made garment sector. Institutional reforms to bolster the independence and governance of Bangladesh Bank will be essential for ensuring long-term macroeconomic and financial stability and for the effective implementation of broader financial sector reforms, the agency said.
