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The IMF said on Monday its executive board approved a support package for Bangladesh worth $4.7 billion at current exchange rates, making the South Asian nation the first to use its new Resilience and Sustainability Fund (RSF). nation.
The funding includes $3.3 billion under the IMF’s Extended Credit and Expansion Fund program and $1.4 billion under the new RSF, which is aimed at helping vulnerable middle-income and island states.
The IMF said its board approved a staff agreement reached in November that allowed for an immediate disbursement of about $476 million to Bangladesh.
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The IMF said the 42-month borrowing program “will help maintain macroeconomic stability, protect vulnerable groups and promote inclusive and green growth.”
The fund said its reforms focused on creating fiscal space to increase social and development spending, strengthening Bangladesh’s financial sector, advancing fiscal and governance reforms, and building climate resilience.
Funding from the RSF will help support the country’s climate change adaptation and mitigation efforts, the IMF said.
(Reporting by Ismail Shakil; Editing by Tim Ahmann and Deepa Babington)
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