For the first time, the International Monetary Fund has imposed a ceiling on Bangladesh’s foreign borrowing. According to IMF conditions, Bangladesh cannot take on more than $844 million in external loans in the current fiscal year. (Note: original amount in Bengali read as ৮৪৪ কোটি ডলার — depending on reporting conventions, this could mean $8.44 billion; the IMF document referenced sets quarter-by-quarter limits.) The IMF country report, issued after a waiver for the fourth and fifth tranches totaling $134 million in June, lists the borrowing cap among the conditions for receiving the next disbursement. It specifies quarterly ceilings: up to $191 million in the first quarter, $334 million over six months, $434 million over nine months, and $844 million for the full fiscal year. The IMF will monitor foreign borrowing on a quarterly basis. Last fiscal year the government borrowed $857 million in external loans. In July — the first month of the current fiscal year — Bangladesh drew $202.4 million. To meet IMF conditions, the government will need to restrain foreign borrowing relative to the previous year.