IMF to give $1 bn loan to Bangladesh

Dhaka, April 12 (IANS) The International Monetary Fund (IMF) has approved a loan of around $1 billion for Bangladesh to restore economic stability, an IMF official said Thursday.

Eteri Kvintradze, IMF resident representative to Bangladesh, told Xinhua the global body Wednesday approved the loan of $987 million in a three-year arrangement.

The Washington-based lender would immediately disburse $141 million for the country, she said.

The IMF said that during the programme period, "the authorities are committed to taking actions to create fiscal space, reinvigorate the financial sector, and catalyze additional resources, so as to boost social and development-related spending, tackle power shortages and infrastructure deficit, and stimulate export-oriented investment and job growth".