Dhaka, June 24 -- After extensive negotiations, the International Monetary Fund (IMF) has approved the fourth and fifth tranches of its loan agreement with Bangladesh, totalling nearly $1.34 billion.

The agency issued a press release on the loan's approval by its executive board around midnight Bangladesh time on Monday.

The fourth instalment of the loan was delayed due to several issues, including Bangladesh's need for more time to make the exchange rate with the dollar fully market-oriented.

During the last IMF visit, it was announced that the international lender had agreed to release the fourth and fifth instalments of the loan together, following discussions with Bangladesh.

After a series of meetings, progress was made in the lo...