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The Islamic Development Bank plans to provide around $4 billion to $5 billion of support to Bangladesh over the next three years, the bank's regional head said on Tuesday.
Political turmoil in Bangladesh after Prime Minister Sheikh Hasina's ouster last month has added to its economic struggles that began during the COVID-19 pandemic and were exacerbated by costly fuel and food imports following the 2022 war in Ukraine.
The South Asian country is urgently seeking $5 billion in financial aid from international lenders to stabilise its dwindling foreign exchange reserves and its central bank has raised key interest rates to tame soaring inflation.
"Part of the (bank's) Member Country Partnership Strategy is to help the country for the next three years with around $4-$5 billion," Muhammad Nassis Bin Sulaiman, head of the Islamic Development Bank's regional hub, told reporters in Dhaka.
"The government is also seeking further support from the bank," he said after a meeting with Bangladesh's interim finance ministry head Salehuddin Ahmed. He added that more discussions will be held on how the support can be augmented.
(Reporting by Ruma Paul in Dhaka and Shivam Patel in New Delhi; Editing by Mark Potter and Jonathan Oatis)