DHAKA: Bangladesh expects to obtain USD 1.1 billion in loans from the Worldwide Financial Fund (IMF) and the Asian Growth Financial institution (ADB) by subsequent month, a central financial institution spokesperson stated on Friday, because it tries to deal with a fall in reserves.
“We hope to get the quantity from the IMF and ADB by December,” central financial institution spokesperson Mezbaul Haque stated. The IMF and the ADB didn’t instantly reply to Reuters requests for remark.
Bangladesh has been battling stubbornly excessive inflation spurred by a spike in vitality and meals costs, together with a weakening foreign money, which has triggered a headache for Prime Minister Sheikh Hasina’s authorities forward of a basic election on Jan. 7.
The nation expects USD681 million from the IMF as a part of a USD 4.7 billion bailout agreed in January and one other USD 400 million from the ADB, stated Haque.
Bangladesh and the IMF in October reached a staff-level settlement to launch extra funds for the nation of 170 million individuals.
Its gross international trade reserves have fallen greater than 1 / 4 prior to now yr to hit USD 25.16 billion in November, based on central financial institution knowledge.
Bloomberg first reported the potential launch of further funds citing a central financial institution spokesperson.
Road protests by opposition events have drawn tens of hundreds of individuals, together with staff from the nation’s large clothes trade, offended over the excessive price of dwelling.
Bangladesh’s USD 416-billion economic system was one of many world’s quickest rising for years, however the nation has just lately struggled to pay for pricey imported gas.
“We hope to get the quantity from the IMF and ADB by December,” central financial institution spokesperson Mezbaul Haque stated. The IMF and the ADB didn’t instantly reply to Reuters requests for remark.
Bangladesh has been battling stubbornly excessive inflation spurred by a spike in vitality and meals costs, together with a weakening foreign money, which has triggered a headache for Prime Minister Sheikh Hasina’s authorities forward of a basic election on Jan. 7.
The nation expects USD681 million from the IMF as a part of a USD 4.7 billion bailout agreed in January and one other USD 400 million from the ADB, stated Haque.
Bangladesh and the IMF in October reached a staff-level settlement to launch extra funds for the nation of 170 million individuals.
Its gross international trade reserves have fallen greater than 1 / 4 prior to now yr to hit USD 25.16 billion in November, based on central financial institution knowledge.
Bloomberg first reported the potential launch of further funds citing a central financial institution spokesperson.
Road protests by opposition events have drawn tens of hundreds of individuals, together with staff from the nation’s large clothes trade, offended over the excessive price of dwelling.
Bangladesh’s USD 416-billion economic system was one of many world’s quickest rising for years, however the nation has just lately struggled to pay for pricey imported gas.
