We do not print US dollar, we’ve to earn it: Kamal says

Finance minister AHM Mustafa Kamal on Wednesday said that the government has sought a loan from the International Monetary Fund (IMF), but did not mention any specific amount.

“We have asked for budget support from the IMF without mentioning the amount. We want to use the loan as budget support for the next couple of years,” Kamal told reporters after a cabinet committee meeting on public purchase. The meeting was held virtually.

“We do not print US dollars, we’ve to earn it,” he replied to a question on the depleting reserves.

The finance minister also talked about the bargain while taking loans from the IMF. He said seeking loans from them frequently squeeze a borrower’s bargaining power.

Kamal expressed his gratitude to expatriate Bangladeshis and exporters who earn foreign currency and he sought help from them to keep foreign exchange reserves stable.

The finance minister on Tuesday sent a letter to the IMF about a budget support for financing SME and social safety net for the next couple of years.

Earlier, media reported that Bangladesh has decided to seek a $4.5 billion loan from the IMF, joining South Asian neighbours like Pakistan and Sri Lanka who solicited aid to cope with mounting pressure on their economies.