Bangladesh Seeks $5 Billion in Emergency Funds from Lenders

Muhammad Yunus, head of the interim government, said Bangladesh has sought $5 billion from major lenders, including the International Monetary Fund, to rebuild foreign exchange reserves.

“We’re also seeking lower interest rates and longer tenures on loans from Russia and China,” he said in his televised address to the nation.

The country is under pressure to pay bills for overseas purchases. The finance ministry is in talks with Russia about the “payment of advances and outstanding balances” for the Rooppur nuclear power plant project.

Yunus said the government sought $3 billion in loans from the IMF, $1 billion from the World Bank, and $1 billion from the Japan International Cooperation Agency.

Yunus also announced six panels to reform the constitution, the electoral system, the judiciary, the police, the anti-corruption agency, and the public administration.

The reform teams are expected to formally begin work on Oct. 1 and complete their tasks in three months.