Dhaka, Nov. 1 -- The International Monetary Fund (IMF) delegation welcomed Bangladesh's transparency in revealing the full extent of hidden loan defaults. Despite Bangladesh Bank's earlier assurances to curb them by next year, non-performing loans (NPLs) in the country continue to surge uncontrollably.

At a meeting held at Bangladesh Bank on Thursday, October 30, the IMF voiced concerns over the creation of the Export Development Fund (EDF) using foreign exchange reserves, along with related refinancing and pre-financing facilities.

The delegation was led by Chris Papagiorgio, Head of the IMF's Development Macroeconomics Department, and included Bangladesh Bank Deputy Governor Dr. Habibur Rahman, Research Department Executive Director D...