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IMF’s decision on loans may come today

Times Business Report - February 21st, 2013

The International Monetary Fund (IMF) has reviewed Bangladesh’s proposal for raising its ceiling on hard-term loans from international sources by $1.5 billion to support the government spending on power projects and arms purchase from Russia.
The final decision from the IMF board may come today.
The government had earlier told the IMF that Bangladesh would borrow $2.25 billion on hard terms from various sources in 2013. Now the government has sought a waiver on its hard-term borrowing as it plans to borrow $3.75 billion this year.
The government signed a $1-billion loan agreement with Russia for setting a nuclear power plant and buying arms from Moscow in January.
The loans will not deepen the country’s risks of external debt, as they are expected to be disbursed over the next four years, officials said.
Last night, the IMF board was due to approve $141 million in second instalment under its three-year extended credit facility of $1 billion for Bangladesh.