Bangladesh Seeks $5 Billion in Emergency Funds from Lenders

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

“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. 

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

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