While disbursement of the third instalment of the International Monetary Fund’s $4.7 billion loan for Bangladesh in June is to be expected, counting on the $1.15 billion tranche to provide “much-needed relief to the country's dwindling foreign exchange reserves” is misguided. By now, it should be clear to policymakers that the issue centring our reserves, which have fallen effectively below three months’ import cover, is more deep-rooted than anything a $1.15 billion loan instalment can relieve.