{
  "title": "Bangladesh: Requests for an Arrangement Under the Extended Fund Facility, Request for Arrangement Under the Extended Credit Facility, and Request for an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Bangladesh",
  "publication": "IMF Staff Country Reports, February 2, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/02/02/bangladesh-requests-for-an-arrangement-under-the-extended-fund-facility-request-for-528951",
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  "summary": "This paper presents Bangladesh’s Requests for an Extended Arrangement under the Extended Fund Facility, an Arrangement under the Extended Credit Facility, and an Arrangement under the Resilience and Sustainability Facility (RSF).",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Presents Bangladesh’s requests for:\n  - an Extended Arrangement under the Extended Fund Facility (EFF);\n  - an Arrangement under the Extended Credit Facility (ECF);\n  - an Arrangement under the Resilience and Sustainability Facility (RSF).\n- Authorities are concurrently requesting access to the RSF to meet large climate financing needs.\n- IMF proposes access at SDR 1000 million under the RSF."
    },
    {
      "heading": "Access and Justification",
      "content": "- IMF proposes access at SDR 1000 million under the RSF.\n- Access at the maximum nominal limit is justified by:\n  - the strength and breadth of the proposed reforms;\n  - the balance of payment need associated with the implementation of reform measures;\n  - sound capacity to repay the IMF."
    },
    {
      "heading": "Program Scope, Duration, and Objectives",
      "content": "- Program duration: 42-month program.\n- Stated program objectives:\n  - preserve macroeconomic stability;\n  - protect the vulnerable;\n  - foster inclusive and green growth."
    },
    {
      "heading": "Policy Content and Reform Focus",
      "content": "- The Letter of Intent and Memorandum of Economic and Financial Policies demonstrate program ownership and appropriate policies to reach the authorities’ program goals.\n- Reforms will focus on:\n  - creating fiscal space to enable greater social and developmental spending;\n  - strengthening the financial sector;\n  - modernizing policy frameworks;\n  - building climate resilience."
    },
    {
      "heading": "Key Risks and Constraints",
      "content": "- Main program risk: limited scope to relax fiscal or monetary policy in the event of additional adverse real shocks.\n- Underlying constraints cited:\n  - narrowing fiscal space;\n  - high inflation;\n  - reserve losses."
    },
    {
      "heading": "Staff Assessment and Rationale",
      "content": "- IMF staff view the proposed arrangements and reforms as sufficiently strong to justify RSF access at the maximum nominal limit, given balance of payments needs and repayment capacity.\n- Program expected to support implementation of reform measures while addressing climate financing needs.\n\n---\n\n Content in this bundle\n\n- 1bgdea2023001\n  - 1bgdea2023001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1bgdea2023001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 2, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400232206.002",
    "Presents Bangladesh’s requests for:",
    "Authorities are concurrently requesting access to the RSF to meet large climate financing needs.",
    "IMF proposes access at SDR 1000 million under the RSF.",
    "IMF proposes access at SDR 1000 million under the RSF.",
    "Access at the maximum nominal limit is justified by:",
    "Program duration: 42-month program.",
    "Stated program objectives:",
    "The Letter of Intent and Memorandum of Economic and Financial Policies demonstrate program ownership and appropriate policies to reach the authorities’ program goals.",
    "Reforms will focus on:",
    "Main program risk: limited scope to relax fiscal or monetary policy in the event of additional adverse real shocks.",
    "Underlying constraints cited:",
    "IMF staff view the proposed arrangements and reforms as sufficiently strong to justify RSF access at the maximum nominal limit, given balance of payments needs and repayment capacity.",
    "Program expected to support implementation of reform measures while addressing climate financing needs.",
    "**1bgdea2023001**"
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