Washington, DC (BBN) – The International Monetary Fund (IMF) has decided to release US$140.9 million immediately to Bangladesh under the Extended Credit Facility (ECF).
The IMF decision came after completing its executive board fourth’s review of the country’s economic programme under a three-year arrangement supported by the ECF.
“This would bring total disbursements under the arrangement to SDR 457.115 million (about US$704.3 million). The decision was taken without a formal board meeting,” the IMF said in a statement on Thursday.
The three-year ECF arrangement for Bangladesh was approved by the Executive Board of IMF on April 11, 2012 for a total amount equivalent to SDR 639.96 million (about US$986 million).
Bangladesh has made further progress in strengthening macroeconomic stability under the ECF-supported programme, according to the IMF.
“While economic activity was affected by unrest and uncertainty in the run-up to the January 2014 general elections, international reserves have continued to increase, the ratio of public debt to GDP is on a downward path, and underlying inflation has been easing. All performance criteria under the ECF arrangement for end-December 2013 were met. There has also been progress on structural reforms, and all structural benchmarks for this review were completed,” it noted.
BBN/SSR/AD-30May14-1:50 pm (BST)
