Staff Correspondent: The government will start its talk with the International Monetary Fund (IMF) and the World Bank (WB) over teleconference from today (Wednesday) about the financial facilities of $850 million about the spread of the new coronavirus. Finance minister AHM Mustafa Kamal will attend that teleconference at NEC auditorium at 9 am titled ‘High-level talk of IMF and WB on implication of Coronavirus”. Economic Relation Division under finance ministry will arrange the teleconference. IMF resident representative in Dhaka Ragnar Gudmundsson and World Bank country director for Bangladesh and Bhutan Mercy Miyang Tembon will attend the teleconference. Source of finance ministry not be named said the World Bank and Asian Development Bank have already declared $100 million financial support each to tackle to possible impact of corona on Bangladesh economy. The allocation of two development lenders’ fund will be used for budgetary support.
“We have already started discuss with IMF officials about $ 750 million aid under the Rapid Credit Facility to the country’s balance of payment support” official also said. IMF and WB will set several conditions for the aid for possible impact on economy in corona virus epidemic.
We have not complied with the IMF conditions under a package of reform to the country’s banking sector, the source added.
Source of ERD said the IMF has sanctioned $50 billion for the coronalvirus affected countries to tackle the economic shake. The funds will be approved in the next month Annual Spring Meetings of WB and IMF to be held in April.
The Spring Meetings are scheduled to be held during 17-19 April and some 10,000 government officials, journalists, business people and civil society representatives from across the globe to be gathered in the headquarters of WB at Washington. But this year the meeting will conducted thorough virtual form due to the corona spread.
The IMF now is making available about $50 billion through its rapid-disbursing emergency financing facilities for low income and emerging market countries that could potentially seek support. Of this, $10 billion is available at zero interest for the poorest members through the Rapid Credit Facility.
Opening Remarks by IMF Managing Director Kristalina Georgieva at Joint Press Conference with World Bank Group President David Malpass on the Coronavirus Response said that almost all of our 189 member countries have been affected by the outbreaks of Coronavirus. So, the aid support will be distributed on the basis of urgency among the poor nations.
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