The International Monetary Fund (IMF) has given the green light for Bangladesh to receive the third tranche of its $4.7 billion loan package, amounting to $1.12 billion.
The approval was finalized during an executive board meeting held in Washington at 9:30pm Bangladesh time on Monday.
According to Md Mezbaul Haque, spokesperson for Bangladesh Bank, the funds are anticipated to be disbursed within the next two days, bolstering the country`s reserves.
Bangladesh initially received the first tranche of $447.8 million on February 2, 2023, following the IMF`s approval on January 30, 2023. The full loan amount will be dispersed to Bangladesh in seven installments over three and a half years, concluding in 2026.
Commenting on the development, economist and former governor of Bangladesh Bank, Dr Atiur Rahman, emphasized that the approval of the third tranche signifies the IMF`s confidence in Bangladesh`s macroeconomic management and commitment to implementing essential reforms for inclusive and sustainable growth.
Dr Atiur highlighted the technical expertise provided by IMF experts, stressing that Bangladesh stands to benefit significantly from the program, particularly in reforms aimed at enhancing revenue generation, bolstering foreign exchange reserves, improving governance within the banking sector to minimize non-performing assets, and better targeting social protections for the most vulnerable segments of society.
This latest financial assistance underscores the IMF`s continued support for Bangladesh`s economic development efforts amidst ongoing global economic challenges.
