IMF agrees to release $1.3bn loan tranche for Bangladesh
The International Monetary Fund (IMF) has agreed to disburse the next two tranches of its $4.7 billion loan package for Bangladesh, amounting to $1.3 billion, in June.
The decision follows a series of meetings held in Washington between Bangladesh Bank Governor Ahsan H Mansur and senior IMF officials, UNB reports quoting the central bank spokesperson.
The funds had previously been withheld due to unresolved issues concerning the implementation of a more flexible exchange rate regime, particularly the adoption of a crawling peg mechanism, and concerns over the country's tax-to-GDP (gross domestic product) ratio.
An IMF staff mission, led by Chris Papageorgiou, visited Dhaka from April 6 to 17 to carry out a combined third and fourth review of Bangladesh's economic reform progress under the Extended Fund Facility, the Extended Credit Facility and the Resilience and Sustainability Facility.
Mansur is expected to elaborate on the outcome of the negotiations during a press conference scheduled for May 14 at the Bangladesh Bank headquarters.
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