Bangladesh is seeking billions in external financing to secure fuel and liquefied natural gas imports, as the new government led by Prime Minister Tarique Rahman moves to stabilize the economy amid a worsening global energy outlook due to the Iran war.
The nation of 175 million relies on imports for about 56 percent of its energy needs, and state-run agencies have increasingly turned to the volatile market to plug the gap. The government has been rationing fuel, though the restrictions were eased for the Eid al-Fitr festival.
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 mobilize 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 said.
He said he expected about $1.3 billion from the International Monetary Fund under an existing program, along with an additional $250 million to $500 million on top of roughly $500 million in budgetary support from the ADB.
