Image: Reuters Berita 24 English - In an effort to increase its foreign exchange reserves, Bangladesh is requesting $2 billion from the Worl...
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| Image: Reuters |
Berita 24 English - In an effort to increase its foreign exchange reserves, Bangladesh is requesting $2 billion from the World Bank and the Asian Development Bank (ADB), according to a Wednesday report by Bloomberg News.
Bangladesh's $416 billion economy has long been among the fastest-growing in the world, but the Russia-Ukraine war's rising energy and food costs have increased the country's import bill and current account imbalance.
According to the story, which cited persons familiar with the situation, the government sent letters to the two lenders requesting $1 billion from each of them.
This comes after the Bangladeshi government requested $4.5 billion from the International Monetary Fund (IMF), among other things for budgetary and balance-of-payment support, according to the Daily Star newspaper.
IMF announced last week that it would talk with Bangladesh about its loan request.
Requests for comment from Reuters were not immediately answered by the nation's finance ministry, the World Bank, or the ADB.
According to central bank data, Bangladesh's current account deficit from July to May was $17.2 billion, up from a deficit of $2.78 billion in the same period last year as its trade deficit increased and remittances decreased.
