IMF Approves Major Funds for Bangladesh Amid Reform Progress
(MENAFN) The International Monetary Fund (IMF) has approved the disbursement of the next two installments, totaling $1.3 billion, of its $4.7 billion loan to Bangladesh. The funds are set to be released in June.
This move comes after a series of discussions in Washington between Bangladesh Bank Governor Ahsan H Mansur and high-ranking IMF officials, according to a central bank spokesperson cited by United News of Bangladesh (UNB) on Tuesday.
Previously, the loan disbursement had been delayed due to unresolved matters related to the implementation of a more flexible exchange rate system, particularly the proposed crawling peg mechanism, as well as concerns about Bangladesh's tax-to-GDP ratio.
An IMF team, led by Chris Papageorgiou, visited Dhaka from April 6 to 17 to conduct a combined review of Bangladesh’s economic reforms under the Extended Fund Facility, Extended Credit Facility, and Resilience and Sustainability Facility.
Mansur is expected to provide further details on the negotiations' outcome during a press conference on May 14 at the Bangladesh Bank headquarters.
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