The IMF projects that consumer prices in the country will rise by 7.9 percent by the end of the fiscal year
Bangladesh seeks $1.75bn additional funds from ADB over COVID-19 crisis
Finance Minister AHM Mustafa Kamal has sought $1.75 billion in additional funding from the Asian Development Bank or ADB to shield Bangladesh’s economy from the impact of the coronavirus pandemic.
Published : 20 April 2020, 08:01 PM
Updated : 20 April 2020, 08:01 PM
He sought the assistance during a discussion with ADB President Masatsugu Asakawa on the situation on Monday, the ministry said in a media release.
Kamal sought $500 million in budget aid for 2019-20 fiscal year and the rest for the 2020-21 fiscal year. Of the total amount, he sought $1 billion as budget aid.
He said the government would be able to spend $100 million more on the frontline responders in the fight against the outbreak and an extra $150 million to create jobs for those who have been left unemployed by the nationwide lockdown over the outbreak.
The minister also urged the ADB president to cut commitment fees on the money still in the pipeline after the signing of deals.
Asakawa said they would consider the requests and inform the government about its decisions, according to the media release.
The ADB had already pledged $602.3 million to help Bangladesh battle outbreak and its impact on the economy.
It announced $20 billion funds last week for the health and financial sectors of the developing countries
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