Bangladesh to receive US$1.3bil from IMF as reform deal reached

International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, US, as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. - Reuters file

DHAKA: The International Monetary Fund (IMF) is set to release US$1.3 billion to Bangladesh in June, after completing a fourth review of its US$4.7 billion loan programme and a key breakthrough in talks on exchange rate reforms, the finance ministry said.

The funds, covering both the fourth and fifth tranches, had been held up as the IMF pressed for greater exchange rate flexibility, particularly the adoption of a crawling peg mechanism.