IMF Approves $732Mln To Help Bangladesh Address Effects Of Coronavirus Measures On Economy

WASHINGTON (Pakistan Point News / Sputnik - 30th May, 2020) The International Monetary Fund (IMF) said in a statement that it has approved a $732 million funding to help Bangladesh overcome the impact of the measures implemented to fight the novel coronavirus pandemic on the country's garment exports-oriented economy.

"The COVID-19 pandemic is severely impacting the Bangladeshi economy. Two major sources of external financing, namely exports of Ready-Made Garments (RMG) and remittance inflows, are projected to decline rapidly," the statement said on Friday.

The IMF explained that it had approved two separate disbursements of $244 million and $488 million to assist Bangladesh in the economic recovery.

Bangladesh, a country of 164 million people, has reported nearly 43,000 novel coronavirus cases since February. The country has managed to cap deaths related to the novel coronavirus disease (COVID-19) at around 580.