BB slashes EDF by $400m to boost depleting forex reserves

Business Report :
The Bangladesh Bank reduced the Export Development Fund (EDF) by $400 million in May to increase net forex reserves, as per the conditions set by the International Monetary Fund (IMF).
The IMF, while granting $4.7 billion loans at the end of January this year, suggested Bangladesh increase its net reserves to over $24 billion by June, which is currently a bit lower than the prescribed amount, according to officials.
With the latest adjustment, the EDF size stood at $4.6 billion, which was $7 billion until the first cut in December last.
The fund was reduced by $2.4 billion over the span of 6 months.