IMF’s Executive Board makes available about $1.148 billion to Bangladesh

By Thomson Reuters Jun 24, 2024 | 1:56 PM

WASHINGTON (Reuters) – The International Monetary Fund said on Monday its Executive Board has concluded a second review of Bangladesh’s bailout program, giving the country immediate access to about $928 million in loans for economic support and about $220 million to combat climate change.

“Bangladesh’s economy is navigating multiple macroeconomic challenges,” IMF Deputy Managing Director Antoinette Sayeh said in a statement.

“Even in the difficult environment, program performance has been broadly on track and the authorities remain committed to undertaking the necessary policy actions and reforms,” she said.

Bangladesh’s $4.7 billion bailout was approved by the fund’s Executive Board in January 2023.

The board’s first review of the bailout plan was cleared in December and gave Bangladesh immediate access to about $468.3 million for its economy and about $221.5 million in support of its climate change agenda.

(Reporting by Eric Beech; editing by Rami Ayyub and Costas Pitas)