Bangladesh to secure $1.31 billion loan

Abu Sufian

The country is on track to acquire a $1.31 billion loan from various sources, including the IMF, this December, according to Bangladesh Bank.

Confirming the details, Bangladesh Bank spokesperson Md Mezbaul Haque, in a press release on Wednesday (13 December),

noted that the second tranche ($689 million) of the $4.7 billion loan package allocated for Bangladesh will be available by next Friday.

In addition to this, Bangladesh is set to receive $400 million from the Asian Development Bank (ADB) this month,

along with $90 million from South Korea and an additional $130 million from other sources.  Mezbaul Haque said,

“As per the BPM-6 manual, our forex reserves currently stand at $19 billion. These loan disbursements will notably bolster our reserves.”

Speaking on the forthcoming significant payment, the spokesperson noted, “A substantial portion from our reserve will be utilised next for ACU (Asian Clearing Union) import bill payment.

Approximately one billion will be withdrawn from our reserve for this purpose in December.”

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