Expedite release of foreign funds in pipeline: IMF

The International Monetary Fund (IMF) has suggested the Economic Relations Division (ERD) to expedite the release of foreign funds meant for different development projects which are stuck in the pipeline.

Around $50 billion in foreign aid are in the pipeline for different projects in Bangladesh, ERD officials said.

The global lending agency made the suggestion when a four-member delegation led by its mission chief Rahul Anand met ERD Secretary Sharifa Khan at her office at Sher-e-Bangla Nagar in the capital on Monday.

After the meeting, a senior official of ERD told The Business Post, “IMF called for speeding up the implementation of development projects. They also laid emphasis on releasing $50 billion foreign funds stuck in the pipeline and spending it to accelerate the implementation of different projects.”

“IMF has also suggested increasing the project implementation skills of ministries, divisions and departments. They also called for increasing the efficiency of the ERD in various contracts,” he said.

The delegation also focused on increasing inter-ministerial coordination in foreign debt management and project implementation.

After the meeting, ERD Secretary Sharifa Khan avoided journalists and refused to make any comment.

A representative of the ERD secretary later told reporters that it was a mere courtesy call.

“The Finance Ministry and the IMF will hold a formal briefing on the tour of the IMF mission on Tuesday. IMF will highlight the issues of meetings of their few days visit,” the representative said.