IMF approves $1.3b for Bangladesh in 4th, 5th tranches of $4.7b loan
Bangladesh's programme performance has been broadly satisfactory despite the difficult political and economic context and increased downside risks, says IMF
The International Monetary Fund (IMF) Executive Board has approved over $1.3 billion in fourth and fifth instalments of its $4.7 billion loans to Bangladesh.
"The IMF Executive Board concluded the combined third and fourth reviews of Bangladesh's arrangements under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) and approved an extension, augmentation and rephasing of access. This decision provides Bangladesh with immediate access to about $884 million," reads an IMF press release issued yesterday (23 June).
"The IMF Executive Board also concluded the combined Third and Fourth Reviews of Bangladesh's arrangement under the Resilience and Sustainability Facility (RSF), making available about $453 million to support the Bangladesh economy's resilience to climate change," it adds.
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The IMF, in its release, said Bangladesh's program performance has been broadly satisfactory despite the difficult political and economic context and increased downside risks.
"Advancing the reform agenda is critical to restoring economic stability, protecting the vulnerable, and supporting inclusive and environmentally sustainable growth," it added.
Moreover, the IMF Executive Board approved a modification of performance criteria and granted a waiver for the non-observance of the performance criterion related to the non-imposition and non-intensification of exchange restrictions based on the temporary nature of the non-observance and the implementation of corrective measures, reads the release.
