Monday, June 17, 2024
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IMF Loan Bangladesh: IMF approves $4.7 billion loan

IMF Loan Bangladesh: IMF approves $4.7 billion loan The Board meeting of the International Monetary Fund (IMF) has approved the grant of a $ 4.7 billion loan to Bangladesh. Finance Minister AHM Mustafa Kamal confirmed the approval of the loan at a meeting of the International Monetary Fund (IMF) on Monday.

In response to the approval of the loan, the finance minister said, “We are certainly grateful to the IMF for this loan. In particular, I would like to thank and express my gratitude to the team that visited Bangladesh regarding this loan, including IMF Deputy Managing Director (DMD) Antoinette Monsio Sayeh and Head of Mission Rahul Anand. I am also grateful to The Governor of Bangladesh Bank Abdur Rouf Talukder and Senior Secretary of the Finance Division Fatima Yasmin and the concerned officials of the Ministry of Finance who have worked on this loan program. ‘

According to the news agency UNB, an IMF team led by Rahul Anand visited Dhaka from October 26 to November 9 last year to find out the details of the loan program. Imf DMD Antoinette Monsio Sayeh visited Bangladesh from January 14 to 18.

Earlier, Finance Minister AHM Mustafa Kamal told the media, “We are getting the loan the way we wanted. A total of $ 4.7 billion loan will be given to Bangladesh. ‘

The money will be disbursed in seven installments till December 2026. In addition, the first installment of $ 447.78 million will be given in February. The remaining amount of $659.18 million will be given in six equal installments.

IMF Loan Bangladesh: IMF approves $4.7 billion loan

Quoting sources, UNB said that the interest rate on the loan will depend on the market rate at the time of maturity. In addition, the Finance Ministry has calculated that this rate will be around 2.2 percent.

The IMF had earlier said that its delegation led by Rahul Anand and the Bangladesh authorities have agreed to a program to support Bangladesh’s economic policies, including a 42-month arrangement of about $3.2 billion under enhanced credit facilities (ECFs) and enhanced funding facilities (EFF). In addition, resilience and sustainable benefits will be available under an RSF of about 1.3 billion.

International Monetary Fund (IMF) Deputy Managing Director Antoinette Monsio Sayeh has said that their loan program will mainly help Bangladesh to reach the status of a middle-income country by 2031 from the Least Developed Country (LDC).

In an interview on Monday, she said Bangladesh has achieved unprecedented economic growth and social development in the last decade, reduced poverty, and made steady progress on many indicators of the Sustainable Development Goals.

“In order to successfully achieve the status of a middle-income country from a least developed country by 2031, it is important to sustain this success, accelerate growth, attract private investment, increase productivity and solve structural problems to build climate resilience,” she said. ‘

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