IMF's scrutiny and advice beneficial for Bangladesh: Finance Minister
Finance Minister AHM Mustafa Kamal has commented that the advice made by the International Monetary Fund (IMF) are not bad.
During a post-budget press briefing held at the Bangabandhu International Conference Center on Friday, the finance minister said the IMF's role is not only giving loans but also scrutinising the financial statements, revenue accounts, and income-expenditure of the nations it collaborates with. He said the benefits of this oversight for those working with the IMF.
"Many countries have achieved success by collaborating with the IMF," said Kamal.
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However, he denied that the budget for the fiscal year 2023-24 was not based on the advice provided by the IMF, even though Bangladesh is receiving a $4.7 billion loan from the organisation.
Presenting the national budget worth Tk7.61 lakh crore for the upcoming financial year in parliament on Thursday, the minister said, "In today's interconnected world, we are all interdependent. No one can live in isolation. Whether it's import or export, we will always need someone." He considered this interdependence a positive aspect, as it not only provides financial assistance but also offers valuable suggestions.
Kamal said that the IMF provides guidelines for delivering projects efficiently and within shorter timeframes, which he believes are beneficial. He also acknowledged the success Bangladesh has achieved in the past by following the IMF's advice.
Kamal said the budget aligns with the government's vision of building a happy, prosperous, developed, and smart Bangladesh by 2041.
It is the 52nd budget in the country's history and the 24th budget during the five terms of the Awami League government.
