Bangladesh to be first in Asia to receive loan from IMF’s ‘Resilience and Sustainability Fund’
17 January 2023, 05:01 pm | Updated: 22 November 2024, 11:02 am
Bangladesh is going to be the first country in Asia to receive loan from International Monetary Fund’s (IMF) ‘Resilience and Sustainability Fund’ (RSF).
The first country in the world to receive this IMF loan was Barbados, followed by Costa Rica and Rwanda. After that, there are five more countries on the list to receive loans from the RSF. Bangladesh is at the top of the list.
The IMF board approved the fund on April 13, 2022, and it became effective on May 1, 2022. The fund was created for low and middle-income countries that are at risk due to climate change.
According to the IMF, this fund is for countries with low incomes, high debt burdens, high costs to deal with climate change risks, and deficits in development spending.
The global lender says borrowing has increased in many low- and middle-income countries in the post Covid-19 period.
