JavaScript is off. Please enable to view full site.

Bangladesh seeking $2 Billion from World Bank, ADB: Bloomberg News

Bangladesh seeking $2 Billion from World Bank, ADB: Bloomberg News

Wednesday, August 03, 2022, 14:39 GMT+7
Bangladesh seeking $2 Billion from World Bank, ADB: Bloomberg News
Workers package tiffin carriers inside a factory in Dhaka, Bangladesh, August 2, 2022. Photo: Reuters

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.

Bangladesh's $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. 

This comes days after Bangladesh's 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 country's finance ministry, World Bank and ADB did not immediately respond to Reuters requests for comment.

Bangladesh's 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.



Read more




‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news

A friend to wild elephants in Vietnam

Over time, 70-year-old farmer Nguyen Van Binh, a resident of Cam La Village in Que Lam Commune, Nong Son District, Quang Nam Province, central Vietnam has made a name for himself

Need for critical metals poses dilemmas for investors

With demand for fossil fuels expected to peak by the end of the decade, the focus is shifting towards lithium, cobalt, copper and other materials that are extracted from the earth through heavy labour and leave scars in the environment

Indonesia, Vietnam energy transition financing under JETP

JETP, a financing scheme made up of equity investments, grants and concessionary loans from members of Group of Seven (G7), multilateral banks and private lenders, is aimed at helping developing nations accelerate their shift towards cleaner energy sources in the power sector and cut reliance on dirty fuel such as coal