IMF announces $4.5 billion assistance to Bangladesh to combat rising inflation
IMF-Bangladesh
Similar to many other Asian nations, Bangladesh's economy is also facing a sudden increase in cost of living, mainly due to the ongoing Ukraine conflict.
To help Bangladesh cope with soaring prices,the International Monetary Fund (IMF) on Wednesday announced $4.5 billion in assistance for the Asian country.
IMF team leader Rahul said, " Bangladesh's robust economic recovery from the pandemic has been interrupted by Russia's war in Ukraine, leading to a sharp widening of the current account deficit, the rapid decline of foreign exchange reserves, rising inflation and slowing growth."
The 170 million people nation requested assistance earlier this year, followed by a $4.5 billion deal for its 'economic objectives.' As per the official stats, the country's inflation rate is near 10 per cent, however, many independent analysts claimed the rate to be easily around 20 per cent, AFP reported.
The IMF loan will mostly be used to bolster Bangladesh's foreign exchange reserves which drastically fell from $46 billion to $34 billion. The currency has lost nearly 25 per cent to the US dollar in the past few months.
)
Bias or safety concerns? Bengaluru CEO says firm will not hire men from UP, Bihar, Rajasthan, MP. Here's why
)
Yemen's war escalates: Saudi-backed leader calls for general mobilisation against the Houthis
)
OpenAI AI Agents hacked 4 websites before Hugging Face, researchers reveal
)
Asian Games: Shooting spree continues as India win silver in women’s 50m rifle 3P team event
)
Pentagon quietly adds 37 wounded troops to Iran war tally without explaining when or how
)
Indian diplomat Petal Gahlot raises deteriorating situation in Pakistan-occupied Kashmir in right of reply at UN
)
Pakistan deploys over 20,000 security personnel as PTI vows march for Imran Khan's release
)
US court backs Pentagon's decision to exclude Anthropic over Claude AI restrictions
)
Nigeria Navy moves to boost oil security, tackle crude theft and infrastructure threats
)
India-New Zealand FTA is ‘an expression of trust’, NZ High Commissioner Patrick John Rata says
)
Scientists detect first radio signals directly from faraway planet
)
Red Sea crisis: Houthis promise not to target European ships; UNSC condemns Saudi attacks
)
US Supreme Court backs Trump administration's use of SAVE database to check voter citizenship
)
India's UN Envoy slams Pakistan: 'They claim security by day, terrorism by night'
)
'FIRST LOOK from inside Noah’s Ark': Researchers share video from inside mysterious mound in Turkey
)
‘Not just a local tragedy’: Nepal PM Shah warns UN of growing climate threat, says Nepal floods were 'a warning to the world'
)
Trump-Xi summit wrap: Big pageantry, Iran talks, few major developments and more meetings planned
)
Beijing to Washington! Ivanka Trump makes a style statement in Chinese designer Guo Pei for President Xi Jinping’s White House welcome
)
'A terrorist country is asking me that question?': Jaishankar hits back at Pakistani journalist at UN; flags attacks on commercial shipping
)
WATCH | As Shehbaz Sharif claims Pakistan’s ‘victory’ during 2025 conflict, Indian diplomat R Srinivas laughs at UN
)
10,000 gather in support of 87-year-old forcefully evicted from home of 71 years
)
Outrage erupts after 3-year-old is married to 60-year-old man in Pakistan, link to her sister's murder being probed
)
‘Attack on Mecca a red line for Pakistan’: Shehbaz Sharif warns Houthis at UN
&im=FitAndFill=(700,400))
‘Absolutely savage, sickening’: Zelensky slams Russia as daytime strikes kill 5 in Kyiv
)
Gaza's war turned environmental damage into second crisis
)
Heart of the Beast review: Brad Pitt leads a gripping tale of survival and loyalty
)
Bollywood mourns Mushtaq Khan: Sunny Deol, Rajpal Yadav and others pay tribute
)
Tesla is preparing something big for Optimus: new Gen 3 models surface in app
)
Myanmar training camp case: US national, 6 Ukrainians allowed to meet their families abroad
&im=FitAndFill=(700,400))
New Friday OTT releases (September 25, 2026): Don’t Be Shy, Hunkkaar: The Roar, Mango Pachcha- 6 movies and TV shows on Netflix, Prime Video and more
)
‘It is all possible’: Putin weighs next steps on Ukraine talks, rules out Europe conflict
)
'We do not wish to continue. It's America that must choose': Iran president Pezeshkian calls on US to end war
)
Trump rejects Iran's 7-day ceasefire proposal as US weighs renewed bombing after midterms: Report
)
'Making history': Xi Jinping praises Trump as US-China leaders dine at White House
)
Army chief reviews operational preparedness along LoC, visits mega eye camp in Tangdhar
)
Cindy Crawford’s son Presley Gerber cremated as death probe continues
Bangladesh is unable to buy fossil fuels due to currency depreciation. To preserve the existing supplies, PM Sheikh Hasina has announced to shut down diesel pants, and implemented long power outages for up to 13 hours a day. These outages have provoked protests. A recent police raid claimed the lives of three people and injured over 100 people.
By 2031, the country aims to move ahead of its designation as a 'Least Developed Country' and be counted among 'middle-income countries.'
Bangladesh will also advocate for major climate actions and look for more funding. Sri Lanka, another South Asian country falls under the category and has asked for IMF assistance because of the economic crisis the country has been facing.
(With inputs from agencies)
WATCH WION LIVE HERE