Dhaka, May 25 -- Bangladesh is moving toward a new loan program worth $4 to $4.5 billion with the International Monetary Fund (IMF), dropping the lender's ongoing multi-billion dollar credit facility, according to the Ministry of Finance.

Confirming the development in a press release issued on Monday (May 25), the decision was conveyed during a high-level virtual meeting held last Thursday (May 21) between government officials, led by Finance Minister Amir Khosru Mahmud Chowdhury, and IMF Deputy Managing Director (DMD) Nigel Clarke.

Bangladesh, IMF agree to work on new reform-focused programme

Central Bank Governor Md. Mostaqur Rahman, Finance Secretary, Md. Khairuzzaman Mozumder, and other top officials were also present at the meetin...