Govt eyes new IMF programme by February: finance minister

Detailed summary

The government expects to enter a new programme with the International Monetary Fund (IMF) by February next year, Finance Minister Amir Khosru Mahmud Chowdhury said today.

The government expects to enter a new programme with the International Monetary Fund (IMF) by February next year, Finance Minister Amir Khosru Mahmud Chowdhury said today.

Two working groups are currently working to resolve differences between the government’s economic priorities and the conditions of the IMF programme, and their work is expected to be completed by January or February, he said.

“So, everything will be on,” he told journalists on the sidelines of a two-day international debt conference jointly organised by the Ministry of Finance and the Asian Development Bank (ADB) in Cox’s Bazar.

Khosru dismissed the possibility of Bangladesh withdrawing from the IMF programme, saying the government had never considered such a move.

“The question is how closely we can align our programmes so that we can implement our plans properly. If my programme is not aligned with those of the IMF, the World Bank and the ADB, how will I execute it?” he said.

He said the previous programme had been negotiated during the tenure of the previous unelected government, and some of its conditions were difficult for an elected administration to implement.

“Many of the conditions require proper sequencing and time. If I try to implement them overnight, I will have to take decisions that would make people suffer. The economy and businesses would also be affected,” he said.

Khosru said the World Bank, ADB, Japan International Cooperation Agency (JICA) and other development partners had aligned their support with the government’s development priorities.

“The IMF is also aligning with our programme. We are working on some areas where there are differences through two working groups,” he said, expressing hope that the discussions would be concluded by January.

Opening of the article, excerpted from The Daily Star. To read the rest, open the article on the publisher's site.