In October, at least 130 million people in Bangladesh were left without power after a grid failure caused widespread blackoutsDHAKA - The International Monetary Fund said Wednesday it reached a preliminary agreement to provide Bangladesh with a $4.5 billion support package to help it cope with soaring energy and food prices.
An IMF delegation and Dhaka representatives"reached a staff-level agreement to support Bangladesh's economic policies" with a total of $4.5 billion under various facilities, the institution said in a statement, adding the deal was subject to IMF management approval. Household budgets have been hit hard and the government has pledged to cap the price of several staple foods, including rice, to quell public discontent.
Prime Minister Sheikh Hasina's government has been forced to close diesel plants, leave some gas-fired power stations idle and impose lengthy power cuts of up to 13 hours a day to conserve existing stocks. The blackouts have sparked widespread public anger and helped mobilise large demonstrations on the streets of Dhaka.