IMF approves USD 4.7 billion loan for Bangladesh

IMF approves USD 4.7 billion loan for Bangladesh

• The International Monetary Fund (IMF) Executive Board on Monday approved a total of USD 4.7 billion loan for Bangladesh. It includes USD 3.3 billion under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) and USD 1.4 billion under the Resilience and Sustainability Facility (RSF) for Bangladesh.
• The fund will be disbursed to Bangladesh over a period of 42 months to support Bangladesh’s economic policies.  Bangladesh is the first country in Asia to receive financing under the RSF. The approval of ECF/ EFF enables immediate disbursement of USD 476 million to the country, says the IMF statement released on Tuesday.
• The IMF commended Bangladesh for its robust economic recovery from the pandemic which was interrupted by the Russia-Ukraine war leading to a widening of current account deficit and decline in foreign exchange reserve in the country. The IMF said that the authorities in Bangladesh realise the need to address long standing structural issues and vulnerabilities related to climate change to attract private investment and enhance productivity.

October Weekly Current Affairs (Important Dates) Bitbank: When is International Internet Day Celebrated?

                         >> Download Current Affairs PDFs Here

                              Download Sakshi Education Mobile APP

Published date : 01 Feb 2023 06:12PM