Dhaka, Bangladesh (BBN)- Bangladesh expects that the first installment (tranche) of the International Monetary Fund (IMF) loan under Extended Credit Facility (ECF) will be disbursed on April 25.
"Official formalities have already been completed to facilitate disbursement of the fund tomorrow (Wednesday)," a senior official of the Bangladesh Bank (BB) told BBN in Dhaka, adding that the fund would help improve foreign exchange reserve position further.
Earlier on April 11 last, the IMF approved $987 million in loan to Bangladesh under its ECF to help the country overcome its macroeconomic pressure.
The loan will be given in seven equal installments or tranches, with immediate disbursement of $141 million, an IMF official earlier said, adding that the central bank would receive the first installment of the IMF loan fund at the earliest opportunity.
The Bangladesh government had sought the credit to improve the country's overall BoP situation which entered the negative territory in FY11 after a decade, due to widening trade gap, lower growth of remittances and deficit balance in the financial account.
The BoP has recorded a deficit of $516 million during the July-February period of the FY12 from of $222 million in the corresponding period in the previous fiscal, the BB data showed.
BBN/SSR/AD-24Apr12-4:15 pm (BST)
