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IFC to provide $235m for pvt sector

Privatisation process to be completed in 2 yrs: Kibria
Finance Minister Shah A M S Kibria said yesterday that the current privatisation process in the country would be completed in the next two years, report agencies.
'Financial sector reform process will take a definite shape within the current fiscal year," said the finance minister while addressing a press conference at the Secretariat in the city.
However, he said, the reform of administrative sector was a complex issue and it would take some time.
The finance minister said he was not happy with the present !»ace of implementation of re-orms programme. The pace should be more faster', the minister said.
Kibria informed that the International Finance Corporation has arranged funds totaling 235 million US dollars which will lead to investment of 800 million dollars in private sector.
He disclosed that an IMF team would be visiting Bangladesh in mid-November to negotiate an ESAF loan while negotiations for a 500 million-dollar education-sec-tor loan, where World Bank will Sve 200 million dollar, are at e final stage.
The finance minister who returned home Friday after at-
tending the annual meeting of IMF and WB. said the Bank's affiliate which lends to the private sector had so far given 40.5 million dollars this year.
Another amount of 195.5 million US dollars is in the pipeline and will be disbursed as soon as the negotiations are completed, he said, adding that the investment from the IFC is growing very fast in the coun-
The 800 million dollar to be generated by the IFC loans will be invested shortly in units like
cement, hospital, mobile phone, power plant, jute mills and denim. Kibria said.
He said the IFC would beef up its office in Dhaka with more expertise to help the private sector.
About the enhanced structural adjustment facility (ESAF) loan, the minister said he had talks with IMF Managing Director Michel Camdessus in Hong Kong during the September 23-25 period.
A mission from IMF will visit Bangladesh for final negotiations for the ESAF loan In mid-November. he said.
Bangladesh sought a 600 million-dollar loan under the ESAF programme. But the country can get a maximum 435 million US dollars as per its quota in the international monetary watchdog.
In this context. Kibria said the IMF annual meeting agreed to augment its total quota by 45 per cent which will benefit the member-countries, including Bangladesh, through large-scale operations.
Finance Secretary Dr Akbar Ali Khan, a member of the Bangladesh team in the Hong Kong meeting, who was also present at the press conference, said the increase in the quotas would take some time, at least two years. Bangladesh's quota in IMF would rise in absolute term. But in relative terms, the change would be small, he said.
Kibria declined to elaborate on the conditions tagged by the IMF to the ESAF loan but said there is a 'consistency' between the government's avowed reform policy and the IMF conditionalities.
They would tag conditions like reducing the size of the government, limiting wastage and reforms in various sectors, including the administration, he said. 'We have already taken steps towards those adjustments."
The minister, however, clarified that Bangladesh is not seeking the ESAF loan to face any crisis. "We are not in a crisis, we are negotiating from a strong position."
Both the world Bank and IMF have agreed to provide cooperation in strengthening the financial sector of Bangladesh, he told reporters.
Kibria informed that Bangladesh would get 200 million dollars from the World Bank for an education project, for which negotiations are at the final stage. "An agreement will be signed shortly." he said.
The Asian Development Bank will provide 100 million dollars for the 500 million-dollar education project. The rest will be given by other donor agencies and countries.
The minister indicated that the signing would take place during the visit of World Bank President James Wolfensohn from October 13.