Economy

Bangladesh secured $4.7 billion from IMF while Pakistan to conclude 9th IMF review

Pakistan reaffirms commitment to IMF program after Geneva meeting

Bangladeshi Prime Minister Sheikh Hasina ahead of a general election has successfully blessed with loans of $4.7 billion for disbursal starting immediately, making it the first to secure such funds out of three South Asian countries that applied last year amid economic trouble.

Bangladesh will get about $3.3 billion under the IMF’s extended credit facility and related arrangements, with an immediate disbursement of about $476 million.

IMF’s deputy managing director Antoinette M. Sayeh said, since independence, Bangladesh has made steady progress in reducing poverty and significant improvements in living standards.However, the COVID-19 pandemic and subsequent Russia’s war in Ukraine interrupted this long period of robust economic performance.

On ther side Pakistani government and the International Monetary Fund (IMF) on Tuesday began discussions on the country’s economic and fiscal policies and the reforms required to complete the much-delayed ninth review of a $7 billion loan programme.

 


Finance minister Ishaq Dar assured Fund officials that Pakistan would complete the ongoing programme. He extended all his support to the mission and committed to working together to reach an agreement to complete the ninth review under the Extended Fund Facility (EFF).

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