IMF greenlights $1.15bn of loan for Bangladesh in third tranche

The loan amount in this tranche is higher than the previous two

The International Monetary Fund has approved a $1.15 billion loan for Bangladesh in the third tranche of a $4.7 billion credit programme.

The IMF executive board approved the decision during a board meeting at the IMF's headquarters in Washington DC on Monday.

Bangladesh Bank spokesman Mezbaul Haque told bdnews24.com they hope Bangladesh will receive the funds within the next two days.

The IMF agreed to provide a total of $4.7 billion loan in 2023, contingent upon Bangladesh's commitment to ongoing development and infrastructure projects.

This loan in the third tranche under the IMF's Extended Credit Facility (ECF) for Bangladesh surpassed previous tranches of $68.2 million in December and $47.62 million in February 2023.

After reviews and inspections upon completion of development and infrastructure tasks, the IMF releases each tranche accordingly.

In this tranche, Bangladesh will receive a total of $93.2 million under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF), along with $22 million under the Resilience and Sustainability Facility (RSF).