Now it’s Bangladesh’s turn to ask the IMF for a loan

by | Jul 27, 2022 | World

The finance minister told a local newspaper that while the country has asked for a loan, it is ‘in no way in trouble’.Bangladesh has asked the International Monetary Fund (IMF) to start negotiations for a loan, becoming the latest South Asian nation to knock on the doors of the international agency, Reuters has reported, citing a local newspaper.
Finance minister A H M Mustafa Kamal told the Prothom Alo newspaper that while Bangladesh had started negotiations, the economy was “in no way in trouble”.
Kamal said he did not specify an amount in a letter he sent to the IMF on Sunday. Two sources with knowledge of the matter, who declined to be identified as only the finance minister is authorised to talk to the media, said the government had not yet decided how much money it wanted.
“The IMF was requested to start a formal negotiation to obtain loans for balance of payments and budget assistance,” Kamal said in the Prothom Alo report published on Wednesday.
“When and how much loan will be available will depend on them. As far as our current macroeconomic situation is concerned, we are in no way in trouble.”
Kamal did not respond to requests for comment from Reuters.
A senior IMF official told Reuters on Tuesday that Bangladesh had asked it to start talks on a new loan under the global creditor’s Resilience and Sustainability Trust. Such funds are capped at 150 percent of a country’s quota or, in Bangladesh’s c …

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