BB receives 1st IMF loan installment
Dhaka, Apr 25 (UNB) - Bangladesh Bank on Wednesday received US$ 141 million as the first installment of the International Monetary Fund (IMF) loan under its Extended Credit Facility (ECF).
“The central bank received the first installment of the credit facility on behalf of the government today (Wednesday),” BB general manager AFM Asaduzzaman told UNB over phone. The foreign exchange reserve stood at US$ 10.15 billion on Wednesday, he added.
Earlier, on April 12, the IMF approved a US$ 987 million loan to Bangladesh under its Extended Credit Facility (ECF) to help the country overcome macroeconomic pressures.
The loan, under a three-year arrangement, was approved by the IMF executive board at its meeting in Washington DC and will be given in seven equal installments or tranches with immediate disbursement of $141 million.
The Bangladesh government had sought the credit to improve the country’s overall balance of payment (BoP) position as it entered the negative territory in FY11 after a decade, due to widening trade gap, lower growth of remittances, and deficit balance in the financial account.
The BoP has recorded a deficit of $516 million during the July-February period of the current fiscal (FY12) from of $222 million in the corresponding period of the previous fiscal, the BB data showed.
“The central bank received the first installment of the credit facility on behalf of the government today (Wednesday),” BB general manager AFM Asaduzzaman told UNB over phone. The foreign exchange reserve stood at US$ 10.15 billion on Wednesday, he added.
Earlier, on April 12, the IMF approved a US$ 987 million loan to Bangladesh under its Extended Credit Facility (ECF) to help the country overcome macroeconomic pressures.
The loan, under a three-year arrangement, was approved by the IMF executive board at its meeting in Washington DC and will be given in seven equal installments or tranches with immediate disbursement of $141 million.
The Bangladesh government had sought the credit to improve the country’s overall balance of payment (BoP) position as it entered the negative territory in FY11 after a decade, due to widening trade gap, lower growth of remittances, and deficit balance in the financial account.
The BoP has recorded a deficit of $516 million during the July-February period of the current fiscal (FY12) from of $222 million in the corresponding period of the previous fiscal, the BB data showed.
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