It will get $3.3 billion under the IMF's extended credit facility and related arrangements, with an immediate disbursement of about $476 million. The IMF executive board also approved $1.4 billion under its newly created resilience and sustainability facility for climate investments for Bangladesh, making it the first Asian country to access it.
"Bangladesh's robust economic recovery from the pandemic has been interrupted by Russia's war in Ukraine, leading to a sharp widening of Bangladesh's current account deficit, depreciation of the Taka and a decline in foreign exchange reserves," the IMF said in a statement.Bangladesh's foreign minister also said food security is another problem the country is struggling with that the G-20 leaders need to tackle.
"We are really upset also because this war …. has broken the supply chain as well as financial transition mechanism. And these are hurting us, it's hurting the poor developing countries a lot," said Momen. "Next time, when they come up with the sanctions and counter sanctions they should at least consult with people like us — the developing countries — to get some idea as how much it will hurt them. And should create a mechanism so that the countries that would be hurt- that they should be compensated with."
Bangladesh should ask for compensation from its neighbour India who is one of the biggest profiteers of the war through cheap Russian oil.