Budget not based on IMF conditions: Kamal

The proposed budget for FY24 was not based on the conditions of the International Monetary Fund (IMF), Finance Minister AHM Mustafa Kamal said on Friday.

"Like in different countries, the IMF has come to Bangladesh and made some recommendations to help the economy," he said at a post-budget press conference held at the Bangabandhu International Conference Center in Dhaka.

“We take their prescriptions as per our needs, but do not follow them all in preparing the budget.”

In response to a question, he said, “It is good to work with the IMF. They provide advice on various aspects of economics. But we have not prepared the budget according to the IMF suggestions.”

However, he added that various organisations, including the IMF and the World Bank, have recommended increasing the country's revenue, following which, several steps have been taken to increase the revenue collection.

“Even if the conditions are not met, their suggestions, which are necessary for us, have been considered.”

He also said the loan taken from the IMF is equivalent to one-and-a-half-month worth of remittance.