DHAKA: Bangladesh is expected to get a US$1.1 billion loan from the International Monetary Fund (IMF) and the Asian Development Bank (ADB) by next month as it looks to deal with a decline in reserves, a central bank spokesman said on Friday. Is trying.
“We expect to receive funds from the IMF and ADB by December,” central bank spokesman Mazbaul Haq said. The IMF and ADB did not immediately respond to Reuters requests for comment.
Bangladesh is battling extremely high inflation caused by a weak currency as well as rising energy and food prices, which has created a headache for Prime Minister Sheikh Hasina’s government ahead of general elections on January 7.
The country expects US$681 million from the IMF and US$400 million from the ADB as part of a US$4.7 billion bailout package agreed in January, Haq said.
Bangladesh and the IMF reached a staff-level agreement in October to release more funds for the country of 170 million people.
Its gross foreign exchange reserves fell by more than a quarter to US$25.16 billion in November from last year, according to central bank data.
Bloomberg first reported the release of additional funds, citing a central bank spokesperson.
Street protests by opposition parties have drawn thousands of people, including workers in the country’s massive textile industry, angry over the high cost of living.
Bangladesh’s US$416 billion economy was for years one of the world’s fastest-growing economies, but the country has recently struggled to pay for expensive imported fuel.
“We expect to receive funds from the IMF and ADB by December,” central bank spokesman Mazbaul Haq said. The IMF and ADB did not immediately respond to Reuters requests for comment.
Bangladesh is battling extremely high inflation caused by a weak currency as well as rising energy and food prices, which has created a headache for Prime Minister Sheikh Hasina’s government ahead of general elections on January 7.
The country expects US$681 million from the IMF and US$400 million from the ADB as part of a US$4.7 billion bailout package agreed in January, Haq said.
Bangladesh and the IMF reached a staff-level agreement in October to release more funds for the country of 170 million people.
Its gross foreign exchange reserves fell by more than a quarter to US$25.16 billion in November from last year, according to central bank data.
Bloomberg first reported the release of additional funds, citing a central bank spokesperson.
Street protests by opposition parties have drawn thousands of people, including workers in the country’s massive textile industry, angry over the high cost of living.
Bangladesh’s US$416 billion economy was for years one of the world’s fastest-growing economies, but the country has recently struggled to pay for expensive imported fuel.
(TagstoTranslate)International Monetary Fund(T)Economic bailout(T)Bangladesh protests(T)Bangladesh debt(T)Asian Development Bank