Bangladesh requests $2 billion from World Bank and AfDB: report – Markets

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Bangladesh is requesting $2 billion from the World Bank and the Asian Development Bank (AfDB) as part of efforts to boost its foreign exchange reserves, Bloomberg News reported Wednesday.

Bangladesh’s economy, worth $416 billion, has been one of the fastest growing in the world for years, but rising energy and food prices due to the Russian-Ukrainian war inflated its import bill and current account deficit.

The government wrote letters to the two lenders asking for $1 billion each, the report said, citing people familiar with the matter.

This comes days after Bangladesh daily star The newspaper reported that the country wanted $4.5 billion from the International Monetary Fund (IMF), including for fiscal and balance of payments support.

Bangladesh seeks $4.5bn IMF loan as foreign reserves dwindle

Last week, the IMF announced that it would discuss with Bangladesh its request for a loan.

The country’s Ministry of Finance, World Bank and AfDB did not immediately respond to Reuters requests for comments.

Bangladesh’s July-May current account deficit was $17.2 billion, down from a deficit of $2.78 billion a year earlier, central bank data showed, as its trade deficit narrowed. is widened and remittances have declined.

Bangladesh seeks IMF loan but economy not in trouble: finance minister

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