Bangladesh received 1.15 billion dollars from the International Monetary Fund (IMF) on Thursday, marking the third tranche of a 4.7 billion dollars loan package. Besides the IMF funds, Bangladesh also received around 900 million dollars from other sources including the International Bank for Reconstruction and Development (IBRD). The gross forex reserve of Bangladesh will be around 26 billion dollars, said Spokesperson of Bangladesh Bank on Thursday.
Since the middle of 2022, the Bangladesh economy has been facing a crisis. To mitigate the liquidity and forex issue, Bangladesh took preventative steps in 2022 and reached out to the International Monetary Fund (IMF) and other international lenders to avert a meltdown. The poor corporate governance, a culture of willful loan defaults, fuel and electricity price hikes, customs evasion and money laundering all play a significant role in exacerbating the economic challenges of Bangladesh.
On June 24, the IMF executive board approved the release of the third installment of the 4.7 billion dollars loan, reports UNB.
The IMF approved the first tranche of the loan package on January 30, 2023, with Bangladesh receiving 447.8 million dollars on 2nd February, 2023. The entire IMF loan will be disbursed to Bangladesh in seven installments over three and a half years, concluding in 2026, Bangladesh receives 1.15 billion dollars from IMF
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