The Asian Development Bank (ADB) has become the first among multilateral and bilateral lenders to respond to the interim government’s call for budgetary support, approving $600 million aimed at easing pressure on foreign exchange reserves and accelerating economic recovery.
“ADB’s policy-based loan (PBL) promptly responds to Bangladesh’s immediate development financing needs following the political transition. The reforms target improvements in economic management and governance as well as economic diversification and competitiveness,” ADB Regional Lead Economist Aminur Rahman said after the loan was approved yesterday.
ADB’s programme was developed in close collaboration with the International Monetary Fund, World Bank, and other development partners, he said in a statement.