Bangladesh on the verge of bankruptcy and needs a $4.5Bn bailout to balance the books by the International Monetary fund urgently.
The Daily Start newspaper reported on Tuesday, the latest country in South Asia to seek such support amid rising pressure on the economies of the region.
Weary of the turmoil that is taking place in Sri Lanka, the Bangladesh parliament is acting swiftly. If it doesn’t receive the bailout soon the country will be on the verge of bankruptcy.
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Bangladesh on the verge of bankruptcy – $4.5Bn bailout
The country has an energy shortage, with Bangladeshi suffering from 10-hour electricity cuts during the day in the Capital cities.
The exchange rate of the US dollar against the taka today hit a record of Tk 112 in the country’s kerb market.
Traders in the kerb market, an open market where people sell and buy cash dollars, have seen an increase sharply in the last couple of weeks.
Bangladesh has sought a $4.5 billion loan from the International Monetary Fund.
Bangladesh has sought the funds for its balance of payment and budgetary needs, as well as for efforts to deal with climate change, the Daily Start said citing documents it had seen. It said the request was made on Sunday.