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IMF ANTI-POVERTY LOAN

Unmet conditions make $70m tranche uncertain

STAFF CORRESPONDENT
Disbursement of about $70 million in the fourth instalment of the Poverty Reduction Growth Facility (PRGF) loan of the International Monetary Fund (IMF) hangs in the balance as Bangladesh failed to fulfil its conditions.
The funds might be released in April if the country could meet two conditions -- privatisation of Rupali Bank and reforms in the National Board of Revenue (NBR) -- sources said.
After a meeting with the visiting IMF mission yesterday, Finance Minister M Saifur Rahman told reporters, "Not commitment, but we
need to fulfil the conditions." He did not specify the conditions.
The fourth instalment was scheduled to be released by January but the government sought an extension of time since it was yet to meet the conditions.
"It is basically when the policies are implemented, it will go to the board," IMF Advisor for Asia and the Pacific Nissanke Weeresinghe told reporters in reply to a question on disbursement of the fourth instalment.
"We had very productive discussions with the government. We have reached understanding on what would be done," he added.
The IMF had deferred the review
mission visit, due last month, as the government could not fulfil some conditions including privatisation of Rupali Bank.
The IMF wants full reconstruction of Rupali Bank's board and meeting its capital inadequacy according to the central bank's standards. The IMF relaxed its earlier stand for maintaining international standard of capital adequacy.
In the latest development on the IMF conditions, the government has appointed two directors -- former managing director of Sonali Bank Mohammad Hossain and chartered accountant Golam Kibria -- to the Rupali Bank board.
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The IMF however insists on full reconstitution of the board.
On this issue, Saifur said, "We also want to bring changes but there is shortage of expert manpower."
On capital adequacy of the bank, he said, "We are required to inject huge funds even if we want to maintain local standard."
The government wants to have some stake in the bank to maintain some control on it despite the IMF suggestion for privatisation. "We are considering this model for privatisation of the bank along with other possible ways," the minister added.
The IMF raised questions about the shortfall in revenue collection. The NBR could not launch joint audit programme for income tax and value added tax (VAT) of 1,000 large taxpayers. The NBR has so far audited only three large taxpayers' estimates.
The government had a revenue deficit of about Tk 1,500 crore in the last seven months of the current fiscal year.