IMF DMD Antoinette Sayeh arrives in Dhaka Friday to finalise $4.5 billion loan

The deputy managing director (DMD) of the International Monetary Fund (IMF) Antoinette Monsio Sayeh will arrive in Dhaka on Saturday for a five-day visit.

She will stay in Bangladesh till 18 January. During her time in the country she will meet with prime minister Sheikh Hasina, the finance minister, the governor of Bangladesh Bank and other senior officials of the government, reports news agency UNB.

According to finance ministry sources, Sayeh will come to Dhaka from Delhi after completing her current India visit.

The IMF DMD will with prime minister Sheikh Hasina is scheduled for 16 January and visit Padma Bridge on 18 January.

Sayeh will report to the IMF headquarters regarding the $4.5 billion loan Bangladesh is seeking to combat the global recession. She will present her report at the IMF board meeting and based on that, the process of providing the loan will be finalised.

The government already has a loan agreement in principle with the IMF.

The government has already implemented some of IMF’s conditions for the loan. Electricity prices were hiked by an average of five per cent on Thursday to implement one such condition of IMF condition.

The government will seek some time to implement some of the other conditions.

Meanwhile, Bangladesh Bank will announce the new monetary policy for the period from January to June of the current financial year on Sunday in accordance with the conditions of the IMF.

The government hopes to receive the first installment of the IMF loan in February. In the first instalment, the government will receive $454.5 million. After that, Bangladesh will receive one instalment every six months.