The conditions for obtaining the loan are – withdrawal of interest rate limits for bank loans, letting the market decide the dollar exchange rate, maintaining foreign exchange reserves at a fixed level, adjusting fuel prices with the international market, Increasing the tax-GDP ratio and reducing debt collection by selling savings bonds etc.
On October 4, an IMF mission led by Rahul Anand, its senior economist in the Asia Pacific Department, arrived in Dhaka to monitor progress in implementing the conditions. He held meetings with various ministries, divisions and organizations here for more than two weeks.
The IMF mission found that neither Bangladesh could maintain the $24.46 billion earmarked as foreign exchange reserves at the end of June, nor could it achieve the targeted tax-GDP ratio. At that time the foreign exchange reserves were 20.47 billion dollars.
The Bangladesh side told the IMF mission that the country will meet the reserve requirement and tax-GDP ratio after the upcoming 12th parliamentary elections.