Monday, 24 June, 2024, Reg No- 06
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IMF agrees to disburse 3rd tranche of credit to BD in June : Mahmood Ali

Published : Monday, 27 May, 2024 at 12:00 AM  Count : 137

Finance Minister Abul Hassan Mahmood Ali said on Sunday that the International Monetary Fund (IMF) agreed to disburse in June $1.15 billion, the third installment of its multi billion dollar credit to Bangladesh.

He said this after visiting IMF executive director Krishnamurthy V Subramanian met him at his secretariat office.

He said, "We are trying to increase the flow of dollar. We hope we can solve this problem through negotiations. We are working on it."

Asked whether Bangladesh will get the third installment of IMF credit in June, he said, "They will give it in June. There is no barrier."

Ali said that Subramanian told him that Bangladesh was on the right track.

He said that the IMF would provide the 3rd tranche out of committed $4.7 billion loan to Bangladesh within this June.

Ali said the IMF advised the government to reduce Non Performing Loans (NPLs).

"We are taking action against the loan defaulters and I want to catch loan defaulters," he said.

Subramanian  said, "The Bangladesh government is on the right track. We support the work you are doing to solve the problem." In January 2023, while facing dwindling foreign exchange reserves, Bangladesh signed a $4.7 billion loan agreement with the IMF.

The credit is being disbursed in seven installments by 2026.

In February 2023, the IMF cleared $447.8 million, the first installment of the credit.

In December 2023, the IMF cleared the second trance worth $681 million.

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