The International Monetary Fund (IMF) has made adjustments to various targets, including foreign exchange reserves, revenue collection, and fuel price adjustments, concerning Bangladesh’s $4.70 billion loan package.
Earlier this year, the IMF had set specific targets for Bangladesh, requiring foreign exchange reserves to reach $25.34 billion by September and $26.81 billion by June of the following year as prerequisites for the loan package.
Under the BPM6 reserve calculation method, Bangladesh’s foreign exchange reserves currently stand at $21.15 billion. On a net basis, this figure has dwindled to less than $18 billion.
In light of this situation, officials from the Finance Division approached the IMF to request a relaxation of the forex reserves target.
In response to the request, the IMF has agreed to relax the targets. Bangladesh has committed to maintaining reserves at $18.4 billion by the end of December this year and at $20 billion by the end of June next year.
A visiting IMF delegation conducted discussions with relevant officials from the Finance Division of the Ministry of Finance last Tuesday and Wednesday. During these meetings, the IMF exhibited flexibility regarding certain conditions. Finance Secretary Md. Khairuzzaman Majumder led the government’s delegation, while the IMF mission was headed by Rahul Anand, the head of the IMF’s Asia-Pacific division.
