IMF approved loan to Bangladesh, 4.7 billion dollars

The International Monetary Fund or IMF has approved a loan of 4.7 billion US dollars for Bangladesh.

The loan request was approved at the IMF Executive Board meeting in Washington, USA on Monday at 9 pm Bangladesh time.

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The IMF

• According to the press release published on the IMF website, Bangladesh will soon receive about 476 million US dollars as the first installment of ECF and EFF loans. The government expects it to be available in February itself.
  It is reported that this loan of 4.7 billion dollars will be paid in seven installments over 42 months. As part of this, the first tranche of $476 million will be disbursed immediately, the IMF said in a statement on Tuesday. Bangladesh is the first Asian country to receive loans from this fund. The loan will come in seven installments at 2.2 percent interest. The last installment will come in 2026.
  Earlier on Monday (January 30) night, Finance Minister AHM Mustafa Kamal announced the receipt of $4.5 billion in a statement. Meanwhile, he thanked the IMF Deputy Managing Director Antoinette Moncio Sayeh and the mission chief Rahul Anand, who visited Bangladesh on this loan. Besides, the Governor of Bangladesh Bank, Abdur Rauf, expressed his gratitude to the concerned officials.

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The Finance Minister said, 'Bangladesh Bank Governor Abdur Rauf Talukder and Finance Department Senior Secretary Fatima Yasmin along with related officials of the Finance Ministry worked on this loan program. Many doubted that the IMF might not give us this loan. They thought the fundamental areas of our macroeconomics were weak, so the IMF would refrain from lending. By sanctioning this loan, it has also been proved that the fundamental areas of our macro economy are standing on a solid foundation and are in a better position than many other countries.

Although the economy of Bangladesh has started to recover after handling the shock of the Corona epidemic, due to various incidents including the Ukraine war, the foreign exchange reserves have come under great pressure. The country's economy is now in a difficult situation due to various reasons including loss of value of money against the dollar, jump in inflation, curbing of imports, damage to the export sector in the face of energy crisis.