Forex reserve target for IMF loans may be revised down to $18b

Bangladesh has proposed to the IMF to revise down the Net International Reserves (NIR) target for June below $18 billion, as the existing $20.11 billion target appears difficult to achieve due to the prevailing external sector situation. Meeting the NIR target is a condition for securing the fourth tranche of IMF’s $4.7 billion loan programme. Bangladesh has also requested to revise down the tax revenue collection target for June.