IMF approves $4.7 billion Bangladesh support package

The has signed off on a $4.7 billion support loan package for Bangladesh to help it cope with soaring energy and food costs that have sparked huge protests.

Bangladesh and other South Asian countries dependent on fossil fuel imports were hit hard by sharp cost-of-living increases followingRussia’s invasion of Ukraine.

Nationwide blackouts of up to 13 hours a day hit the electricity grid last year and the government extended food relief for households unable to afford rice and other staples.

Bangladesh plans to use the IMF loan to prop up its Foreign Exchange reserves, which have nosedived from $46 billion to $34 billion.