Bangladesh, May 26 -- The government has decided to move away from the existing loan arrangement signed with the International Monetary Fund (IMF) under the previous Awami League administration and instead pursue a new financing package worth approximately $5 billion under revised terms and conditions.

The policy shift was confirmed during a virtual meeting held on 21 May between a Bangladesh delegation led by Finance and Planning Minister Amir Khasru Mahmud Chowdhury and an IMF team headed by Deputy Managing Director Nigel Clarke.

According to a Finance Ministry press release issued on Monday, the discussions focused on Bangladesh's macroeconomic outlook, progress under the current IMF-supported programmes, and the future direction of...