As more expensive oil depletes the region’s foreign exchange reserves, Bangladesh is the latest South Asian country to request aid from the International Monetary Fund.
According to an IMF official responding to questions sent through email, the administration of Prime Minister Sheikh Hasina has addressed the global lender with its request. The Daily Star, which first reported the event, stated that Bangladesh is asking the IMF for $4.5 billion.
After sending employees to Bangladesh, the global organization declared: “The IMF stands ready to support Bangladesh, and the team will engage with the authorities on program design.”
As of July 13, Bangladesh’s foreign exchange reserves were down to $39.79 billion from $45.33 billion a year earlier. That is slightly more than the IMF’s advised three-month cover, or about four months’ worth of imports.