Bangladesh has received $1.15 billion in the the third instalment of a $4.7 billion loan package of International Monetary Fund (IMF) as the global lender authorised the disbursal for the country.

“We have received $1.15 billion from the IMF. We also received around $900 million from other sources like Korea, IBRD, IDB, etc. The gross reserve will be around $26+ billion. We are yet to finalise the accounts, as today is the day before the closing date. We will get the final figure the next day. The provisional reserve figure is around $26.5 billion," Mezbaul Haque, a spokesperson for Bangladesh Bank, told the Daily Sun.

Earlier on Monday, the International Monetary Fund's executive board approved the third installment of $1.115 billion in loans.

Including the IMF's third tranche, Bangladesh will have received over $2.3 billion from three multilateral lenders and one bilateral partner by the end of this month.

Bangladesh received  $681 million as loan from the International Monetary Fund (IMF) in the second installment and $476.3 million as the first installment of the $4.7 billion package on 2 February this year.

Bangladesh sought a loan from the IMF in July 2022. After assessing the situation for six months, the organisation decided to lend $4.7 billion to the country. 

It is learnt that the money will be released in seven instalments over a period of seven and a half years until 2026.