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IMF agrees to provide $ 80 m as additional funding support

By Moazzem Hossain
The International Monetary Fund (IMF) has agreed in principle' to provide 80 million US dollars as additional funding support to Bangladesh in the current fiscal year.
Official sources said the proposal for the additional funds will be placed for approval at a meeting of the IMF's Board of Directors in Washington scheduled for May 3
It has already been cleared by the operation staff members of the Fund.
The additional funds will come ' under the IMF-supported economic reforms programme. known fn Bangladesh Enhanced Structural Adjustment Facility (ESAF).
The Fund will be placing
additional funds under ESAF for Bangladesh because of the severe financial strains on the country's balance of payments as the fallout of the Gulf crisis. The import bill on account of petroleum, oil and lubricants alone surged by over 30 per cent in the first seven months of fiscal 1990-91.
Remittances plummeted and exports suffered setbacks.
The Import prices also went up while the govern ment’s budgetary resources were strained because of the repatriation of over 70,000 Bangladeshis from Kuwait and Iraq.
The overall economy witnessed a recession in the wake of the Gulf crisis.
The situation was further
worsened by the political turmoil in the first half of the current fiscal year.
Bangladesh approached the IMF for additional funding support under the ESAF programme to help It tide over the pressing financial prob-
The Fund has already communicated its decision to the government, responding to the latter's request for additional balance of payments support in 1990-91.
The decision now awaits formal clearance by the IMF Board of Directors.
The funding support of 80 million US dollars will come tn addition to 60 million dollars to be released by the IMF in Its second tranche (Instalment) release under the ESAF before next June.
The ESAF arrangement In favour of Bangladesh was approved last July.
Bangladesh then received 60 million US dollars as the first tranche (Instalment) drawings under ESAF.