Govt seeks $1b from IMF, World Bank
Bangladesh yesterday sought $1 billion on support from the International Monetary Fund and the World Lender as the united states looks to aid its people, businesses and industries reeling from the coronavirus pandemic.
The government also requested the global multilateral loan providers to the stand by position Bangladesh so that it can tackle coronavirus, which is progressively getting worse in the united states.
"A single country can't tackle this type of disastrous situation alone. We wish to earnestly demand the World Lender and the IMF that they would ensure greater cooperation considering the risky condition facing Bangladesh," Financing Minister AHM Mustafa Kamal told the global loan providers in a video conference yesterday.
The government expects to get $750 million from the IMF and $200 million from the WB.
The coronavirus stands to get rid of 1.1 % of Bangladesh's GDP as per a projection of the Asian Creation Lender (ADB), the minister stated.
"It came at a time when Bangladesh is targeting to achieve the Sustainable Development Goals and become a higher middle-income country by 2030," said a affirmation from the finance ministry quoting him.
If the pandemic prolongs, the global economic growth might fall to 1 1.5 %.
Bangladesh has already began to feel the heat of the coronavirus. "We are worried that the Covid-19 crisis may offer multi-faced blows to your economy," Kamal said.
Garment shipments, Bangladesh's key export earner, are being damaged following the fall in demand for apparel items due to lockdown in the US and Europe. The country's infrastructure projects are set to handle delays.
Remittance sent by migrant personnel have kept the market dynamic somewhat so far, but the flow would find negative impact soon while a substantial number of migrant employees returned to Bangladesh as a result of outbreak of the virus, the minister said.
Changyong Rhee, IMF's director for Asia Pacific; Hartwig Schafer, vice-president of the WB for South Asia; Nena Stoiljkovic, vice-president of the International Finance Company for global partnerships; and Ceyla Pazarbasioglu, vice-president of the WB for equitable expansion, finance and institutions, as well spoke during the video-conferencing.
Abu Hena Md Rahmatul Muneem, chairman of the National Panel of Earnings; Md Ashadul Islam, senior secretary of the FINANCE INSTITUTIONS Division; Abdur Rouf Talukder, financing secretary; and Fatima Yasmin, secretary of the Economic Relations Division, were present.
