Bangladesh has requested a $4.5 billion loan from the International Monetary Fund, according to the country’s largest newspaper, joining South Asian neighbors Pakistan and Sri Lanka in requesting assistance to deal with rising economic pressures.
Bangladesh, renowned for its large garment exporting sector, has requested the funds for its trade balance and budgetary needs, as well as initiatives to combat climate change, according to papers reviewed by the Daily Star on Tuesday.
On Sunday, Finance Minister A H M Mustafa Kamal wrote to IMF Managing Director Kristalina Georgieva, according to the statement.
Officials from the finance ministry and the IMF’s Bangladesh office didn’t initially reply to calls for clarification.
The Bangladesh Bank has declared a strategy to conserve cash by limiting the importation of luxury products, fruits, non-cereal meals, canned and processed foods.
The bank’s forex reserves decreased to $39.67 billion as of July 20 — enough for more than five months of imports – from $45.5 billion a year earlier.
Source: Aljazeera
