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.&nbsp;

To help Bangladesh cope with soaring prices,&nbsp;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."

<a href="https://www.wionews.com/south-asia/imran-khan-compares-himself-to-mujibur-rehman-bangladeshs-founding-father-530544">Also read |&nbsp;Imran Khan compares himself to Bangladesh's founding father Mujibur Rehman</a>

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.&nbsp;&nbsp;

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.&nbsp;

<a href="https://www.wionews.com/south-asia/bangladesh-cyclone-sitrang-lashes-country-claiming-16-lives-528272">Also read |&nbsp;Bangladesh: Cyclone Sitrang lashes country claiming 24 lives</a>

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.&nbsp;

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.&nbsp;

(With inputs from agencies)

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

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.

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." Also read | Imran Khan compares himself to Bangladesh's founding father Mujibur Rehman 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. Also read | Bangladesh: Cyclone Sitrang lashes country claiming 24 lives 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

IMF announces $4.5 billion assistance to Bangladesh to combat rising inflation

IMF has warned the Asian economies by looking at the major challenges faced by global economies especially Asia. IMF has cut Asia's economic forecast on global monetary tightening rising inflation and Ukraine war.

WION Business Watch: IMF cuts Asia's economic forecasts; 'China slowdown to drag on Asia's growth'

imf-asia-economy

Imf Asia Economy, News on Imf Asia Economy, stories on Imf Asia Economy, articles on Imf Asia Economy, Imf Asia Economy stories at Wion, Imf Asia Economy news, Imf Asia Economy latest news

imf asia-economy

IMF announces $4.5 billion assistance to Bangladesh to combat rising inflation

WION Business Watch: IMF cuts Asia's economic forecasts; 'China slowdown to drag on Asia's growth'