IMF headquarters in Washington. Photo: Getty Images
Dhaka, Bangladesh (BBN) - The International Monetary Fund (IMF) has agreed to release nearly US$1.12 billion soon for Bangladesh in the third tranche of a $4.7 billion loan package for the South Asian country.
The decision was taken on Monday in Washington DC when the IMF Executive Board completed its second reviews of the 42-month credit facility approved on 30 January 2023.
"The IMF board has approved the third instalment of our credit. We are expecting $1.115 billion to be released by the next two days," Bangladesh Bank (BB) Spokesperson Mezbaul Haque told local media this evening.
To secure the third tranche, the IMF has set a target for Bangladesh to maintain its net international reserves (NIR) at $14.69 billion by June 30 this year, down from an earlier target of $20.11 billion.
The first tranche of around $470 million was disbursed on February 02 just two days after the approval of the loan package. The entire amount of the IMF loan will be released to Bangladesh in seven instalments over three and a half years until 2026.