South Korea to provide $50m to Bangladesh to tackle Covid-19
Sunbd Desk || Published: 2020-07-05 04:15:47 || Updated: 2020-07-05 04:16:44
South Korea will provide Bangladesh $50 million in a flexible loan as budget support to combat the economic fallout of the Covid-19 pandemic.
The ERD has sent a letter to the Finance Division requesting an opinion on the loan.
The South Korean government agreed to provide Bangladesh a $50 billion flexible loan as budget support. The loan will be provided under South Korea’s development partner, “EDCF Program Loan for Covid-19 Emergency Response Program of Bangladesh,” to fight the economic fallout of the Covid-19 pandemic, mentioned the letter signed by ASM Mostafizur RAhman, deputy secretary at ERD.
Earlier, the World Bank on Saturday approved $1.05 billion for three projects to help Bangladesh create quality jobs and accelerate economic recovery from the Covid-19 pandemic as well as build resilience to face future crises.
According to the Bangladesh Institute of Development Studies (BIDS) survey report, Bangladesh will have 16.4 million new poor in 2020 as the incomes of the working class in urban and rural areas have fallen sharply due to the prolonged lockdown.
Even in a post-lockdown optimistic scenario, the country’s overall poverty would increase by 25.13%, where rural poverty will be 24.23%and urban poverty will be 27.52%.Report:Dhaka Tribune
- Media workers are fearless warriors of the Corona period
- Central bank bought 4.2 billion dollars in four months
- Government fully prepared to provide 5G services
- Padma Bridge main structure’s work progress 91pc: Quader
- Javier Mascherano announced his retirement
- Wata Chemicals disclose first Quarter earnings report
- Daffodil Computers disclose first Quarter earnings report
- H.R TEXTILE MILLS disclose first Quarter earnings report
- Far East Knitting disclose first Quarter earnings report
- Reserve will be 50 billion dollar by 2021: Finance Minister
- E-commerce market will be 3 billion dollars
- Turkey wants enhanced ties with Bangladesh exceeding $2 bln trade
- The Sundarbans is being opened for tourists
- Investors will keep the gold market strong in 2021
- Padma Bridge 5 kilometers visible now
- Bangladesh wants self-sufficient in onion production
- Asia-Pacific garment industry suffers from Covid-19 fallout