DHAKA, Dec 03, 2024 (BSS) – Bangladesh has fulfilled most of the suggestions set by the International Monetary Fund (IMF) for releasing the fourth tranche of the US$4.7 billion loan agreement, said Bangladesh Bank (BB) Spokesperson and Executive Direction Husne Ara Shikha.  

Referring to the observation of IMF visiting team, she said Bangladesh’s Net International Reserves (NIR) is above than the IMF suggestion and the country is also able to maintain stability in the exchange rate.

The third review mission of the IMF led by mission Chief Chris Papadakis arrived in the capital today to assess the progress in meeting the suggestions.

 The mission today met BB Governor Dr Ahsan H Mansur at the central bank headquarters in the city. Senior officials of the central bank also attended on the occasion.

After the meeting, Husne Ara Shikha said that the IMF team urged the central bank to provide more efforts for modernization of the monetary policy and reducing inflation.

“The central bank has already taken different initiatives and issued circulars, including master circular on loan classification and provisioning as per IMF suggestions. During the meeting, the IMF team informed that we have achieved most of the issues as per their suggestions. But we have to provide more efforts for reducing inflation,” she added.

BB has issued master circular on loan classification and provisioning to enhance risk management capabilities of banks and strengthen the transparency of the financial reporting.    

Husne Ara Shikha, however, said Bangladesh will receive fund from IMF, ADB, the World Bank and some other agencies within this month.

Before the meeting with Bangladesh Bank, IMF team met finance adviser Dr Salehuddin Ahmed at his secretariat office in the city.

After the meeting, Salehuddin said that about the developments of the ongoing $4.7 billion loan package, they are expecting to get $1.1 billion this time.  

Earlier in January 2023, the IMF approved a $4.7 billion loan for Bangladesh. The IMF delegation is reviewing each installment of this loan, which was given in seven installments, before releasing it.