Dhaka, May 8 -- An International Monetary Fund (IMF) mission team led by Chris Papageorgiou reached a staff-level agreement with the Bangladesh authorities on the policies needed to complete the second review under the ECF/EFF/RSF arrangements, says a IMF press release.

The staff-level agreement is subject to approval by the Executive Board, which is expected in the coming weeks. Completion of the second review will make available US$932 million, equivalent of 66 per cent of quota under the ECF/EFF and $220 million under the RSF.

"The authorities have made significant progress on structural reforms under the IMF-supported program, including the implementation of a formula-based fuel price adjustment mechanism for petroleum products. Non...