Dhaka, Bangladesh (BBN)- Three International Monetary Fund (IMF) missions including the first Extended Credit Facility (ECF) monitoring one are scheduled to arrive in Dhaka next month to assess the country’s overall economic condition, officials said Thursday.
“Three IMF missions will start arriving in Dhaka from the second week of next month that will continue until last week,” a senior official told BBN in Dhaka.
He also said the first ECF monitoring mission will arrive in Dhaka in the middle of September to review different aspects of the agreement with the government under the ECF.
Earlier on April 11 last, the IMF approved nearly US$ 1.0 billion loan to Bangladesh under its ECF to help the country overcome its macroeconomic pressures.
The IMF earlier set 16 conditions, including increase of fuel prices, withdrawal of the cap on the lending rates, amendment to the value added tax (VAT) law and raising the interest rate on repurchase agreement (REPO), under the ECF deal.
“We’re now taking preparations for discussions with the ECF monitoring mission about implantation of its conditionality for the loan,” a senior official of the Bangladesh Bank (BB) said.
The central banker also said the authorities concerned are giving high priority to the discussion with ECF mission before releasing second installment of the loan.
“We expect that the next installment of the IMF loan will be received by the end of November this year,” another BB official said, adding that the rest of amount of IMF loan will be given in six equal installments in the next three years.
The country received US$ 141 million as the first installment of the ECF loan in late April last.
A single member IMF mission will also arrive in the capital next month to look into the progresses of introduction of the automated fuel price adjustment policy, the officials added.
Currently, the finance and energy ministries are now working to introduce the policy.
Besides, an IMF Article IV mission is also scheduled to arrive in the capital next month to review the latest position of the country’s overall economic situation.
BBN/SSR/AD-16Aug12-11:40 pm (BST)