IMF agrees on USD4.7B loan package for Bangladesh


(MENAFN) The International Monetary Fund (IMF) on Monday accepted a much-anticipated USD4.7 billion loan package for Bangladesh, in line with an announcement by the fund.

The loan accepted by the fund’s Executive Board contains USD3.3 billion below the Extended Credit Facility (ECF) as well as Extended Fund Facility (EFF), in addition to USD1.4 billion under the Resilience and Sustainability Facility (RSF).

The glob’s top economic agency also pointed out that “The 42-month program will help preserve macroeconomic stability, protect the vulnerable, and foster inclusive and green growth.”

Talking about the prevailing financial hardship the South Asian delta country of 170 million people is presently passing via, the IMF highlighted that Bangladesh’s strong financial regain from the epidemic has been interrupted by Russia’s attack in Ukraine.

Highlighting the utility of the loan, the announcement also mentioned that “Reforms will focus on creating fiscal space to enable greater social and developmental spending; strengthening the financial sector; modernizing policy frameworks; and building climate resilience.”

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