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Withdrawing the interest rate cap or cutting back on fertiliser subsidy and tax exemption were off the table, according to Kamal.

“The fact that IMF is with us will dissipate the market’s tension and the pressure on reserves will come down in 2-3 months,” another official said.

Meanwhile, the IMF staff mission wrapped up its 15-day tour of Bangladesh yesterday with a meeting with think tanks to exchange views and to hear their opinion on the economy.

The think tanks include the Centre for Policy Dialogue, the Policy Research Institute of Bangladesh (PRI) and the South Asian Network on Economic Modelling (Sanem).

The next budget will be the key as the IMF will be watching if the government is being sincere about the reforms, said one of the meeting participants on the condition of anonymity to describe a private conversation.

“They [the IMF staff mission] are hopeful that the programme will work,” said another meeting participant.

The government’s ownership is crucial here, said Selim Raihan, executive director Sanem.

“If there is ownership, proper reforms will happen and our structural problems can be addressed.”

If the government can use the opportunity properly, the economy will become stronger and it will improve the capacity to absorb shocks, Raihan added.

“We are hopeful the programme with the IMF will be successful,” said Ahsan H Mansur, executive director of PRI.