Speaking at a seminar in Dubai yesterday he was critical of the IMF's rigidity and inflexibility in defining and monitoring many of its programmes.

"IMF's timetable of reforms must take into account the fact that institutional and structural reforms take time," Saifur told the seminar on the role of the IMF in low-income member countries in the Middle East, according to a message received here yesterday.

Ultimately, it is the government, as the elected representatives of the people, which has to take the final decision on reforms and its content, timing and spacing, he said, hinting at the inherent problems of initiating reforms.

The finance minister returns home today for family emergency, cutting short his visit to the Gulf state to attend the World Bank-IMF annual joint meeting scheduled for September 23-24.

Given the not-so-good experience with privatisation of some services as railway in some developed countries, Saifur called for rethinking the prescription about blanket privatisation of essential services such railways, power and water supply.

He also rejected the idea that low-income countries can depend on private flows to meet the large investment requirements for physical infrastructure.

Saifur said implementation of Poverty Reduction Strategy Paper (PRSP) recommendations goes beyond macroeconomic stabilisation and requires an accelerated employment-intensive and pro-poor growth.

"In doing so, IMF and other development partners come face to face with socioeconomic issues which are much more complex," he pointed out.

While playing the role of the 'gatekeeper' in mobilising donor support for low-income countries, the IMF needs to go beyond its traditional core areas of fiscal systems and coordinate works of other development partners.

Moreover, he said, the Fund needs to examine how it could better contribute to attainment of Millennium Development Goals (MDGs), accepted by low-income countries around the world.

Saifur Rahman also met IMF Deputy Managing Director Shigemitsu Sugisaki and discussed various issues related to IMF assistance and pace of reforms here.

Bangladesh Bank Governor Fakhruddin Ahmed, Alternative Executive Director of the World Bank Dr Akbar Ali Khan, Economic Relations Division Secretary Mirza Tassaduq Hussain Beg and Bangladesh Ambassador to UAE Mirza Shamsuzzaman were present at the meeting.