IMF’s stringent conditions undermine public interest: speakers
Speakers at a human chain today expressed concern at the stringent conditions imposed by the International Monetary Fund.
The IMF's conditions, such as to cut back on government's subsidies, undermine the financial interests of ordinary people, they said, urging resistance to this end.
Equity and Justice Working Group (EquityBD) organised the human chain in front of National Press Club in Dhaka.
An IMF team is now in Bangladesh to negotiate the release of its third installment of loan to Bangladesh government.
The government requested for a $4.7 billion loan from the IMF last year after the reserves fell from $41 billion in 2021 to $19.5 billion in 2023.
Highlighting the need to rationalise subsidies and crackdown on financial crimes rather than imposing punitive measures on the public, the speakers said the IMF mission is neither addressing critical issues like capital flight and money laundering, nor suggesting ways to increase tax revenue.
They also urged the government to only accept loans that are free from stringent conditions.
"Subsidies for electricity, oil, and gas are crucial, because they benefit the poor and ensure food security by supporting agricultural production. Instead, the government should focus more on capital flight," said Rezaul Karim Chowdhury, president of EquityBD.
IMF's lack of concern for bankruptcy and capital flight raises questions about their intentions, said Badrul Alam, president of Bangladesh Krishok Federation.
Representatives from different rights groups, including Water Keepers Bangladesh and COAST Foundation, joined the programme.
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