IMF board okays $1.152b for Bangladesh

Bangladesh now goes to receive US$1.152 billion from the ongoing $4.7- billion IMF loan programme as the Executive Board of the International Monetary Fund approved the third tranche of the loan. Bangladesh Bank Executive Director Md Mezbaul Haque, also spokesman for the central bank, told the FE on Monday night the IMF board meeting, held in Washington, DC, endorsed disbursement of the much-sought-after fund. The multilateral lender granted the loan to Bangladesh in January last year to help regain macroeconomic stability as the economy of the South Asian nation had been facing severe turbulence since the Covid-19 pandemic and the war in Ukraine. Earlier on May 08, the IMF reached a staff-level agreement with the government of Bangladesh on the policies needed to complete the second review of the ongoing lending programme. This time, Bangladesh was supposed to get $668 million after the completion of second review but the IMF staff team agreed to raise the dollop to $1.15 billion on request from the government. Of the total sum, $932 million is coming as Extended Credit Facility (ECF)/ Extended Fund Facility (EFF) while $220 million comes as Resilience and Sustainability Facility (RSF).

Source: https://today.thefinancialexpress.com.bd/first-page/imf-board-okays-1152b-for-bangladesh-1719248019

Foreigners repatriate $130m from BD in 10 months

Foreign nationals residing in Bangladesh repatriated US$130.58 million of their income during the July-April period of the current fiscal year (FY) 2023-24. Indian citizens sent the highest amount, repatriating $50.60 million from Bangladesh during the first ten months of this fiscal year. According to the information provided by the finance minister, Chinese citizens repatriated the second-highest amount of foreign currency from Bangladesh, at $14.56 million. This was followed by Sri Lankans $12.71 million, Japanese $6.89 million and Koreans $6.21 million during the July-April period. Thai citizens repatriated $5.30 million, while citizens of the United Kingdom, Pakistan, the United States, Malaysia and other countries repatriated $3.59 million, $3.24 million, $3.17 million, $2.40 million and $21.92 million, respectively, during the same period. a total of 56 government organisations owed around Tk513.91 billion to various public and private banks as of March 31 of this year, reports United News of Bangladesh (UNB).

Source: https://today.thefinancialexpress.com.bd/first-page/foreigners-repatriate-130m-from-bd-in-10-months-ali-1719248308

ADB to provide $800m in loans as budget support in FY25

The Asian Development Bank (ADB) is expected to provide $800 million in loans to Bangladesh in the next fiscal year 2024-2025 as budget support to ensure the country’s smooth graduation from least developed country (LDC) status. The government has requested a total of $800 million under the two sub-programmes, each amounting to $400 million. Under this programme, the NBR has to increase the tax-GDP ratio by 2 percentage points to 9.4 by 2027. The financing could be higher than requested, potentially reaching $1 billion to $1.2 billion. Earlier, under the $4.7 billion loan deal with the IMF, the Washington-based financial institution gave conditions to Bangladesh to increase a 0.5% in the tax-GDP ratio for 2023-24. In the next two fiscal years, it has to increase by 0.5% and 0.7%, respectively.

Source: https://www.tbsnews.net/economy/adb-provide-800m-loans-budget-support-fy25-883701

EBL opens first ever ATM services at Dhaka metro rail station

EBL becomes first to introduce ATM services at Dhaka metro rail stations, according to a press release. M. A. N. Siddique, managing director of Dhaka Mass Transit Company Limited (DMTCL), and Ali Reza Iftekhar, managing director of EBL, inaugurated the first ever ATM at the Agargaon metro rail station. M. Khorshed Anowar, deputy managing director, Ziaul Karim and others were present at the event.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/ebl-opens-first-ever-atm-services-at-dhaka-metro-rail-station-1719243759

Mr. Fazlul Haque joins IIFC as Managing Director

Mr. AKM Fazlul Haque has recently joined as the Managing Director of Infrastructure Investment Facilitation Company (IIFC). He was a secretary of the Government of Bangladesh. Mr. Haque hails from Barhatta upazila under Netrakona district. He completed his graduation and post-graduation in social welfare from the Dhaka University. He also completed Diploma in Education from the Dhaka University and obtained a master’s degree in Public Health from the North South University. In 1993, Mr Haque joined the BCS (Admin) cadre as Assistant Commissioner & Magistrate. He served as Senior Assistant Secretary in Power Division, Ministry of Power, Energy & Mineral Resources, and at Ministry of Youth and Sports.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/fazlul-haque-joins-iifc-as-managing-director-1719244737