REJAUL KARIM BYRON

Bangladesh has secured about $3.11 billion in emergency budget support from four development partners, including the World Bank and the Asian Development Bank, this month to cushion the economic fallout from the US and Israel’s war on Iran.

Officials said the assistance, equivalent to about Tk 38,132 crore at the prevailing exchange rate, would help ease budgetary pressures, strengthen foreign exchange reserves and finance higher import costs stemming from the conflict.

The WB approved $450 million on June 24 to support banking sector reforms. Yesterday, it approved another $1.1 billion for food security and energy-related emergency financing, bringing its total budget support this month to $1.54 billion.

Earlier, the ADB approved $1 billion, the Japan International Cooperation Agency (JICA) provided $314 million, and the Asian Infrastructure Investment Bank (AIIB) cleared $250 million.

The war in the Middle East broke shortly after the current government assumed office in February, sending global prices of fuel, liquefied natural gas, fertiliser and other essential commodities sharply higher while disrupting supplies.

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