IMF's 3rd review mission due in October
The International Monetary Fund (IMF) is scheduled to send its third review mission to Bangladesh next October to assess the progress in meeting the conditions for releasing the fourth tranche of the $4.7 billion loan agreement.
IMF Resident Representative for Bangladesh, Jayendu De, disclosed the information in a letter to the Ministry of Finance.
As per the letter, the mission aims to complete the review before the IMF's annual meeting in Washington in October.
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Consequently, the organisation has expressed interest in conducting the review mission in Bangladesh from 2 to 17 October, the letter says.
Bangladesh has received three instalments under the IMF loan agreement so far, with the fourth instalment expected to be released in December.
To facilitate this, the IMF has set a target for Bangladesh's net foreign exchange reserves to reach at least $14.90 billion by the end of September and $15.31 billion by the end of December.
Bangladesh was initially required to have a minimum net foreign exchange reserve of $20.10 billion by the end of June to qualify for the third instalment of the loan agreement. When Bangladesh failed to meet this target, it was reduced to $14.78 billion at the government's request.
On 24 June this year, the IMF approved the release of $1.11 billion as the third tranche of Bangladesh's $4.7 billion loan.
