Connect with us

Hi, what are you looking for?

Breaking News

IMF board clears first review of Bangladesh’s $4.7 billion bailout

The International Monetary Fund said its executive board cleared the first review of Bangladesh’s $4.7 billion bailout on Tuesday, providing $689.8 million in funding to Dhaka as it battles high inflation ahead of national elections in January.

The IMF provided Bangladesh with immediate access to about $468.3 million and also made available $221.5 million in support of the country’s climate change agenda.

Sharply rising living costs have sparked violent protests in recent months in Bangladesh as Prime Minister Sheikh Hasina’s government struggles to pay for costly energy imports due to shrinking dollar reserves and a weakening Taka currency.

The IMF said Bangladesh’s monetary policy should be tightened to restore near-term macroeconomic stability, supported by neutral fiscal policy and greater exchange rate flexibility.

“Bangladesh’s economy is navigating multi-faceted economic challenges. Despite a difficult external environment, program performance has been broadly on track…” Antoinette Sayeh, the deputy managing director of IMF, said.

“Near-term policies should continue to focus on containing inflation,” Sayeh added.

The IMF projected real GDP growth at 6% in 2024 for Bangladesh and expected inflation to moderate to 7.25% year over year by the end of 2024.

Bangladesh received an immediate disbursement of about $476 million when the IMF approved the loans in January. — Reuters

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

You May Also Like

Editor’s Choice


Editor’s Choice


Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 KingOfCashSecrets. All Rights Reserved.