DHAKA (Bureau Report):- The International Monetary Fund (IMF) has agreed to sign loan program with Bangladesh which is facing serious issues to control the current account deficit due to hyperinflation in international market.

According to a foreign news agency, the IMF has announced that the Fund will provide financial assistance to Bangladesh to help build up the forex reserves, depleting day by day.

It should be noted that in the past few days there were reports that Bangladesh has asked for a loan of $4.5 billion from the IMF.

According to media reports, Bangladesh’s current account deficit stood at $17.20 billion in 11 months and Bangladesh has sought a loan from the IMF for external payments and budget support.

Bangladesh Finance Minister AH Mustafa said that the country has approached to IMF for loan program, but the economy is not in trouble.

Bangladesh’s foreign exchange reserves fell to $39.67 billion dollars within a year as of July 20, which is only enough for five months of imports of the country.

On the other hand, the country is facing heavy load shedding of electricity due to fuel crisis in Bangladesh.

As long power outages continue across the country, experts have advised Bangladesh to reduce its dependence on imported fuel and step up efforts to further increase the country’s gas production.

Bangladesh’s Minister of State for Electricity, Energy and Mineral Resources, Nasrul Hamid, says that due to the ongoing conflict between Russia and Ukraine, energy prices have increased in the global market. Due to which Bangladesh is facing shortfall in gas supply and this is the reason that power generation is affected across the country.

It should be noted that earlier Bangladesh was quite proud of its 97% electrification rate, Bangladesh claimed that almost 100% of its population had access to electricity and increased its electricity production capacity from 15,000 MW. It was increased to 25700 MW, but the power outage that started from June across the country has opened the fortress of all the government claims and the people are suffering due to long load shedding of electricity.

On the other hand, the Bangladeshi government is busy trying to reduce the rising cost of fuel, two weeks ago the government announced scheduled load shedding, control of air conditioning use and reduced working hours to reduce pressure on fuel imports. was

President of Dhaka Chamber of Commerce and Industry Rizwan Rahman says that the power outage and increase in energy prices will increase the cost of doing business.

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