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Bangladesh: IMF says Bangladesh seeks loan under fund's resilience trust

DHAKA, 29 July 2022, (TON): Krishna Srinivasan, director of the IMF's Asia Department said “Bangladesh asked the International Monetary Fund to start talks on a new loan under the creditor's Resilience and Sustainability Trust, which is designed to help countries ensure sustainable growth.”

Bangladesh's $416 billion economy is the first in Asia to put such a request forward to the Washington-based lender as it seeks to ramp up its attention on how to mitigate the impact of climate change.

Srinivasan told media "the RST comes also with an (upper credit tranche) program, so it's a joint initiative. The amounts will have to be discussed subsequently.”

This means that Bangladesh will need a regular IMF-supported program such as a stand-by agreement or an extended fund facility to be able to get this new type of financing.

He said "this facility is aimed at addressing transformational changes in countries, notably climate change and pandemic preparedness.”

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