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Bangladesh seeks $1 bn from IMF, WB to face COVID-19
31 Mar '20
1 min read
Pic: Shutterstock
Bangladesh has recently sought $1 billion in support from the International Monetary Fund (IMF) and the World Bank (WB) to support its people, businesses and industries suffering from the COVID-19 pandemic, according to Finance Minister AHM Mustafa Kamal, who recently requested the global lenders in a video conference to stand by Bangladesh during crisis.
The government expects to receive $750 million from the IMF and $200 million from the World Bank, according to Bangla media reports.
The coronavirus stands to wipe out 1.1 per cent of Bangladesh's gross domestic product, as per a projection of the Asian Development Bank (ADB), the minister said.
Remittance sent by migrant workers have kept the economy dynamic to some extent so far, but the flow would see negative impact soon as a significant number of migrant workers have returned to Bangladesh because of the outbreak, he said.
The government expects to receive $750 million from the IMF and $200 million from the World Bank, according to Bangla media reports.
The coronavirus stands to wipe out 1.1 per cent of Bangladesh's gross domestic product, as per a projection of the Asian Development Bank (ADB), the minister said.
Remittance sent by migrant workers have kept the economy dynamic to some extent so far, but the flow would see negative impact soon as a significant number of migrant workers have returned to Bangladesh because of the outbreak, he said.
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