Bangladesh is seeking a loan from the International Monetary Fund, becoming the latest South Asian nation to ask for assistance as costlier oil eats into the region’s foreign-exchange stockpiles.
Prime Minister Sheikh Hasina’s government has written to the multilateral lender with its request, an IMF spokesperson said in response to emailed queries. The Daily Star newspaper, which reported the development earlier, said Bangladesh wants $4.5 billion from the IMF.
“The IMF stands ready to support Bangladesh, and the staff will engage with the authorities on program design,” the multilateral agency said after its staff visited the country.
Foreign exchange reserves in Bangladesh slipped to $39.79 billion as of July 13 from $45.33 billion a year earlier. That’s enough to cover roughly four months of imports, slightly higher than the IMF’s recommended three-month cover.
Calls to Finance Minister AHM Mustafa Kamal remained unanswered.
