Economy
IMF to lend loan to BD starting Feb’23
International Monetary Fund (IMF) agrees to lend $4.5 billion loan to Bangladesh which was affirmed by the Finance Minister AHM Mustafa Kamal.
The Finance Minister added that the first installments will be given in February 2023.
On Wednesday, 9 November, after finishing up the meeting with the International Monetary Fund (IMF) he said this to the news media.
The Finance Minister also added, “The way we wanted the loan, we are getting exactly the same way.” Within the next 3 months, all the discussions regarding the loan will be finished.
“The amount will be disbursed in seven installments till December 2026. The first installment, $447.78 million, of the loan will be cleared in February next year. The rest will be $659.18 million each.”
Out of the $4.5 billion loan, Bangladesh asks for $1.5 billion to $3 billion for Balance of Payments (BoP) and budget support. The remaining $1.5 billion was requested from the International Monetary Fund’s (IMF) new initiative, the Resilience and Sustainable Development Fund (Trust).
As Russia, Ukraine war began in February where Bangladesh’s economy recovered from the pandemic Covid-19 recession. The war disrupted the global supply of goods and led to inflation in various countries, including Bangladesh.
Bangladesh expects to receive more than $3 billion loans from the World Bank (WB), International Monetary Fund (IMF) and other bankers in the current fiscal year.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
