DHAKA, June 24: The International Monetary Fund (IMF) approved the disbursement of 1.3 billion U.S. dollars to Bangladesh soon following completion of the third and fourth reviews under its 4.7 billion dollars loan package for the South Asian nation.
The multilateral lender had disbursed 2.3 billion dollars in three tranches as of June 2024 under the loan program initiated in 2023.
The Washington-based lender said in a statement that it’s Executive Board on Monday concluded the combined third and fourth reviews of Bangladesh’s arrangements under the Extended Credit Facility and Extended Fund Facility and approved an extension, augmentation and rephasing of access.
The decision provided Bangladesh with immediate access to about 884 million dollars, the statement said.
The IMF also concluded the combined third and fourth reviews of Bangladesh’s arrangement under the Resilience and Sustainability Facility, making available about 453 million dollars to support the Bangladesh economy’s resilience to climate change, it added.
According to the statement, 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.
Bangladeshi finance adviser Salehuddin Ahmed has recently expected the availability of an extra 3.5 billion dollars, including the IMF’s 1.3 billion dollars, as budget support from multilateral and bilateral lenders in the outgoing 2024-25 fiscal year ending this month.
(UNI)