Dhaka, June 23 -- The International Monetary Fund (IMF) has sought a time-bound action plan for comprehensive banking sector reforms, specifically raising structural objections over the newly added Section 18(A) of the Bank Company Act, finance ministry sources said.

The global lender has placed these conditions as part of ongoing negotiations for a completely new loan package formally requested by the government on June 1.

A senior official of the ministry told UNB on Tuesday in anonymity that the IMF has expressed strong reservations regarding Section 18(A) of the Bank Company Act-a controversial provision incorporated into the legislation that creates a legal window to return the ownership of forced-merged or restructured banks back ...