IMF approves 2nd tranche of $4.7bn loan for Bangladesh
The International Monetary Fund (IMF) at its December board meeting approved the release of a second tranche of a $4.7 billion loan that was approved last January. The meeting was held on Tuesday.
This second transfer will see $682mn transferred to Bangladesh's account, to go with close to $450mn in the first transfer.
Alongside the $400mn the country received as loan from the Asian Development Bank (ADB), the IMF monies will help to ease significant pressure that has been building on the country's forex reserves in the last two years.
Bangladesh Finance Minister AHM Mustfa Kamal confirmed it Tuesday night.
The IMF board approved the $4.7 billion loan on January 30 this year.
In the first tranche, Bangladesh received $447.8 million on February 2. The South Asian nation is expected to receive the rest in another five tranches.
Earlier, in October, an IMF delegation came to Bangladesh on a two-week visit, reviewed the loan program, and placed the second loan tranche proposal before the IMF board.
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