The International Monetary Fund has recommended the government reinforce the asset declaration process for public officials to combat high-level corruption effectively.
For the purpose, the Washington based multilateral lender also wanted the government to enforce sanctions for non-compliance and to adopt a standardized approach for the usage and regular updating of the declarations.
The IMF made the recommendations in the country report in connection with the current $4.7 billion loan programme with Bangladesh.
The report was released on June 24 from Washington, immediately after the approval for disbursement of $1.1 billion dollar as the third tranche by the IMF board.
The recommendations by IMF came amid media reports about ill-gotten assets and wealth by retired senior police officials and a serving customs officer.
The IMF said, 鈥楨nhancing governance and reducing vulnerability to corruption would contribute to a better business environment.鈥�
It also said that further improvement in fiscal and financial governance, increased transparency, and strengthening of policy frameworks remained critical to enhance the business climate.
Progressive digitalization of government administration and services will help promote transparency and reduce corruption, noted the IMF.
Focusing on banking sector, the IMF said that the government had committed to conducting onsite examinations of at least five high-risk banks in FY25.
It also said that they had already helped the government to develop a tool to conduct risked-based bankin g supervision for money laundering and terrorism financing.
