IMF agrees to provide Bangladesh with $1.15B as 3rd installment of its multi-billion-dollar loan program

DHAKA: The International Monetary Fund (IMF) said on Wednesday that it has agreed to provide Bangladesh with $1.15 billion as the third installment of its multi-billion-dollar loan program. Earlier in Jan. 2023, the IMF approved a $4.7 billion loan to the country, which was facing a foreign reserves crisis due to high inflation. IMF staff and Bangladesh authorities have reached a staff-level agreement on the policies required to complete the second review of the government program supported by the IMF, according to a statement. 'The review is pending IMF Executive Board approval. Upon the Board's approval, Bangladesh will have access to SDR871 million (about US$1,152 million) in financing,' it said. The IMF said Bangladesh authorities adopted some critical reforms to address macroeconomic imbalances, , such as realigning the exchange rate, implementing a crawling peg regime, and fully liberalizing retail interest rates. 'The authorities' reform program supported by the IMF will continue to help Banglades h navigate a difficult external environment and preserve macroeconomic stability, while accelerating economic reforms and delivering on their climate agenda to achieve sustainable, inclusive, green growth,' it added. Source: Anadolu Agency