Staff Correspondent: Finance Adviser Dr Salehuddin Ahmed declared that Bangladesh is no longer dependent on the International Monetary Fund (IMF) or the World Bank, emphasising a shift away from loans tied to stringent conditions.
Speaking to journalists after the Advisory Council Committee on Government Procurement meeting at the Cabinet Division Conference Room on Tuesday, April 29, he stated, "We do not want to take loans by complying with all the IMF's conditions. "Bangladesh no longer dependent on IMF, WB, says Salehuddin.
He also said that the interim government is not desperate for loan disbursement from the International Monetary Fund.
He said, "All of the conditions of IMF for loan disbursement are not possible to implement right now.
"Especially, it's not possible to let the exchange rate be fully market-driven. If that is done, the exchange rate could rise to Tk160-200. The situation can become like that of Sri Lanka or Pakistan."
Bangladesh is getting $4.7 billion from the IMF, of which $2.31 billion has already been disbursed, and $2.39 billion is still pending.
Finance Adviser said that the International Monetary Fund had acknowledged the macroeconomic stability of Bangladesh, including the stable state of foreign currency reserves and exchange rate compared to the situation in the last December.
"Without receiving any further fund from the IMF, we've managed to make stable the foreign currency reserves and the exchange rate. We've ensured macroeconomic stability without their support and this is a proof," he added.
Dr Salehuddin said that the international financing institution would not be able to shoulder anything on the country.
"They (IMF) told us that they will continue while they have also said that they are arriving to an agreement," he added.
About the upcoming project related support, he said supports are in the pipeline from ADB, the World Bank, NDB, and IsDB. "Regarding project support, we're not apprehending any problem," he added.

Apart from separating the NBR, the Finance Adviser said that the IMF had earlier suggested for making flexible the foreign exchange market. "But, some issues are there to consider before making it wide open … since it is a major policy tool," he said.
He said if the foreign exchange market is opened fully, then the country can experience currency depreciation like in Sri Lanka and Pakistan. "But, we've told them that it is already stable," he added.
The Finance Adviser if there is any volatility in the foreign exchange market, then the multinational companies, foreign investors and private investors might get a wrong signal.