Bangladesh Bank (BB) expects to receive $681 million in the second tranche of a $4.7 billion loan from the International Monetary Fund (IMF) in December, after the global lender of last resort's board meeting.
Executive Director and Spokesperson of BB Md Mezbaul Haque on Thursday in a briefing on the IMF and the central bank meeting disclosed as much.
He said the IMF had several conditions and the BB worked with these conditions, some of the conditions already have been met.
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However, in the last meeting, both sides agreed on several issues. So, it is expected that Bangladesh will receive the second part of the loan of $681 million. The IMF will decide on this in its board meeting in December, he said.
In response to a query, the spokesperson said: "The IMF had given us some conditions while approving the loan. Some of these conditions are fulfilled. There are failures in two areas. These are – low foreign exchange reserves and a shortfall of revenue collection."
“But many of the IMF’s desires have been met. The financial stability report of the banks was supposed to be released, but the central bank released it. Reserves are being calculated as per BPM-6,” Mezbaul said.
Besides, market-determined exchange rates of currencies were introduced. New rules of interest have been introduced, he said.
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In January this year, the IMF approved a loan proposal of USD $4.70 billion to Bangladesh. In the first part of the loan, Bangladesh received $476.2 million last February.