Rashed Al Mahmud Titumir, the prime minister’s adviser on finance and planning, said on Friday that Dhaka was in talks with major development lenders — including the Asian Development Bank, the World Bank, the International Islamic Trade Finance Corporation and Asian Infrastructure Investment Bank — to mobilise fresh funding.
“There are positive indications that we’ll receive funds from the multilateral agencies to support oil and energy, which will help accelerate economic growth,” Titumir told Reuters.
He said he expected about $1.3 billion from the International Monetary Fund under an existing programme, along with an additional $250 million to $500 million on top of roughly $500 million in budgetary support from the ADB.
“An IMF team is visiting… they were waiting for an elected government. We will request them to release the funds now, instead of July, so we receive them within the current fiscal year,” he said.
The urgency has grown amid an escalating conflict in the Middle East that has roiled global energy markets, pushed up prices and increased concerns about supply routes.
“Our financing flow for oil and energy must not be disrupted under any circumstances,” Titumir said. “We will ensure financing is available and diversify our sources of oil and energy.”
He said Bangladesh was exploring procuring additional supply from the United States, Southeast Asia, Nigeria and producers in the Middle East, to avoid over‑reliance on a single source.
Despite rising global prices, Dhaka does not plan to pass the burden on to consumers, he said.
“We are not increasing fuel prices. We will provide the necessary financing so there is no contraction in the economy,” Titumir said, stressing that the government aims to rely on multilateral support rather than private‑sector borrowing.
Bangladesh adjusts government‑set fuel prices each month, based on a global pricing formula.
Reporting by Ruma Paul in Dhaka and Kanjyik Ghosh in Barcelona; Editing by Elaine Hardcastle and Pooja Desai – Reuters
This article was originally posted at sweetcrudereports.com
Be the first to comment