IMF, Bangladesh reach preliminary deal for $4.5B in loans

DHAKA,Bangladesh (AP) — The International Monetary Fund has reached a preliminary agreement with Bangladesh to provide $4.5 billion to help the country to weather disruptions caused by the war in Ukraine and manage risks from climate change. The agreement reached Wednesday is subject to approval by the IMF’s executive board, which is expected in coming weeks. Bangladesh sought the loans as its foreign currency reserves have dwindled due to a weakening currency and soaring costs for imports. The IMF said in a statement that the money is aimed at stabilizing the economy, protecting vulnerable people and promoting structural change to support strong, inclusive and sustainable growth.