{"id":772,"date":"2022-11-09T11:22:24","date_gmt":"2022-11-09T11:22:24","guid":{"rendered":"https:\/\/thecrimebd.net\/english\/?p=772"},"modified":"2022-11-09T11:23:48","modified_gmt":"2022-11-09T11:23:48","slug":"imf-lending-as-expected-finance-minister","status":"publish","type":"post","link":"https:\/\/thecrimebd.net\/english\/news\/772\/","title":{"rendered":"IMF lending as expected: Finance Minister"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Dhaka Bureau:<\/strong> Finance Minister AHM Mustafa Kamal said that the International Monetary Fund (IMF) is providing loans as per the expectations of Bangladesh. He said this in the briefing organized by the Ministry of Finance after the meeting with the IMF delegation in the meeting room of the Ministry of Finance at the Secretariat on Wednesday (November 9).<\/p>\n<p style=\"text-align: justify;\">He said, &#8220;In February, the IMF will release 352.35 million SDR for the first installment.&#8221;<\/p>\n<p style=\"text-align: justify;\">The finance minister said the amount of debt is 4.5 billion dollars. This loan will come in seven installments till 2026. The first installment will come in February next year. The rest of the loan will be available through 2026 in 6 equal installments of SDR 660 million (Special Drawing Rights) every six months.<\/p>\n<p style=\"text-align: justify;\">AHM Mustafa Kamal said, the IMF mission has informed that according to their work plan, all the formalities and final board approval of the loan proposal will be completed within the next three months. The loan is for four years till 2026.<\/p>\n<p style=\"text-align: justify;\">He said the total loan amount will be 3.468 billion SDR. Which according to the current exchange rate is about 4 and a half billion US dollars.<\/p>\n<p style=\"text-align: justify;\">The minister said, I hope that the IMF will be able to release the first installment of 352.35 million SDRs by next February. The remaining loan will be available in six equal installments of SDR 519 million every six months until December 2026.<\/p>\n<p style=\"text-align: justify;\">The finance minister said that the economy of the whole world is going through a transitional period. Abnormal inflation has occurred in all developed and developing countries. Almost all countries&#8217; currencies depreciated against the dollar. Foreign exchange reserves have decreased. The heat of the global economy has affected our economy to some extent. We requested the IMF loan as a pre-emptive measure to ensure that this instability does not escalate into a crisis. They have met several times before. We have successfully completed the ongoing loan negotiation phase today.<\/p>\n<p style=\"text-align: justify;\">&#8220;I hope we are going to get the same loan as we asked for. The visiting IMF team held discussions with all stakeholders of the Bangladesh government. They told us that our macroeconomic management is better than many other countries. The IMF team agrees with our ongoing economic reforms. Accordingly, we are going to take a four-year loan program.<\/p>\n<p style=\"text-align: justify;\">Regarding the objectives of this loan program, he said, stabilizing the external sector of the economy, giving a solid base to the economy in view of the transition from LDC in 2026, strengthening the financial sector, achieving high growth by countering the risks of global climate change and achieving high-middle income within the stipulated time as per the government&#8217;s plan. Become a country.<\/p>\n<p style=\"text-align: justify;\">The minister also said that the budget deficit of the government will be kept at a manageable level, which we have been doing for the last 14 years. Our government always strives to limit the budget deficit to 5 percent of GDP. Last year our budget deficit was 5.1 percent, which is estimated at 5.5 percent this fiscal year. Increasing government spending on social sectors like health, education and social security, which we have been increasing incrementally every fiscal year.<\/p>\n<p style=\"text-align: justify;\">He said, in the current fiscal year, we have allocated Tk 1 lakh 13 thousand 576 crore for social security sector, which is about 17 percent of the total budget. Government revenue collection will be increased by expediting the ongoing process of enactment of new laws and amendments of old laws important to the financial sector, strengthening revenue system reforms and enhancing the efficiency of tax administration. We have taken the initiative to set up EFD machines for VAT collection. So far 6 thousand 732 machines have been installed. Another 60 thousand machines will be installed in the next year and 240 thousand machines will be installed in the next 4 years.<\/p>\n<p style=\"text-align: justify;\">He also said that the system of adjusting the price of fuel oil is adjusted from time to time with the price of the international market, so that if the price of oil in the international market decreases in the future, it can be reduced in the same way in the country. We have already begun to gradually leave the task of determining the exchange rate to the market. Considering the risk of climate change seriously in formulating the government&#8217;s development plan and implementing the annual development program and taking development projects with that in mind. Planning a disaster risk financing, including disaster relief etc.<\/p>\n<p style=\"text-align: justify;\">Bangladesh Bank Governor Abdur Rauf Talukder, Finance Ministry Senior Secretary Fatima Yasmin were present at the press conference.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dhaka Bureau: Finance Minister AHM Mustafa Kamal said that the International Monetary Fund (IMF) is providing loans as per the expectations of Bangladesh. He said this in the briefing organized by the Ministry of Finance after the meeting with the IMF delegation in the meeting room of the Ministry of Finance at the Secretariat on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,2],"tags":[],"location":[],"class_list":["post-772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-national"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF lending as expected: Finance Minister - The Crime BD<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thecrimebd.net\/english\/news\/772\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF lending as expected: Finance Minister - The Crime BD\" \/>\n<meta property=\"og:description\" content=\"Dhaka Bureau: Finance Minister AHM Mustafa Kamal said that the International Monetary Fund (IMF) is providing loans as per the expectations of Bangladesh. 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