Sources say that following Bangladesh’s request, IMF may fix the net reserves anew at USD 20 billion (USD 2000 crore), which presently is below USD 18 billion (USD 1800 crore). As part of the loan conditions, IMF had fixed the reserve target at USD 26.81 billion (USD 2,681 crore) till June next year. That means the target till June may be brought down by over USD 6 billion (USD 600 crore).
When asked by IMF was softening its stance, an official of the finance division said, “We informed that that we had no choice by to sell dollars from the reserve in order to meet import costs. Bangladesh has never faltered in repaying its foreign loans. That is why, in order to maintain this good reputation, the installments are being duly paid despite the crisis. Also, the rising price of commodities in the international market has also had a negative impact. Export revenue hasn’t been up to the mark either.”
IMF was also informed that it will not be possible to meet the conditions unless the revenue target of Tk 4,104 billion (Tk 4 lakh 10 thousand 400 crore) set for the National Board of Revenue (NBR) for the 2023-24 fiscal is reduced by Tk 160 billion (Tk 16,000 crore).
