Bangladesh seeks $4.5bn IMF loan as forex reserves shrink – South Asia Time

Bangladesh seeks $4.5bn IMF loan as forex reserves shrink

 July 27, 2022  

Bangladesh: According to the major newspaper in the nation, Bangladesh has applied for a $4.5 billion loan from the International Monetary Fund, joining its South Asian neighbors Pakistan and Sri Lanka in need of assistance to deal with increasing strain on their economies.

Bangladesh, which is well-known for its significant garment export business, has requested the funding for its budgetary and balance of payment needs as well as for initiatives to combat climate change, according to documents that were reviewed by the Daily Star on Tuesday.

It stated that on Sunday, IMF Managing Director Kristalina Georgieva received a letter from Finance Minister A H M Mustafa Kamal.

Requests for comment from representatives of the finance ministry and the IMF office in Bangladesh were not immediately answered.