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Bangladesh seeking $2 Billion from World Bank, ADB – Bloomberg News
Abstract：Bangladesh is seeking $2 billion from the World Bank and the Asian Development Bank (ADB) amid efforts to bolster its foreign exchange reserves, Bloomberg News reported on Wednesday.
Bangladeshs $416 billion economy has been one of the fastest-growing in the world for years, but rising energy and food prices because of the Russia-Ukraine war have inflated its import bill and the current account deficit.
The government wrote letters to the two lenders seeking $1 billion each, the report said, citing people familiar with the matter. (https://bloom.bg/3oQEyPO)
This comes days after Bangladeshs Daily Star newspaper reported that the country wanted $4.5 billion from the International Monetary Fund (IMF), including for budgetary and balance-of-payment support.
Last week, IMF said it would discuss with Bangladesh its loan request.
The countrys finance ministry, World Bank and ADB did not immediately respond to Reuters requests for comment.
Bangladeshs July to May current account deficit was $17.2 billion, compared with a deficit of $2.78 billion in the year-earlier period, according to central bank data, as its trade deficit widened and remittances fell.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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