South Korea to provide $50m to Bangladesh to deal with Covid-19 fallout
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South Korea provides Bangladesh $50 million found in a flexible loan due to budget support to fight the economic fallout of the Covid-19 pandemic.
A highly credible origin at the Economic Relations Division (ERD) confirmed this to Dhaka Tribune.
The ERD has sent a letter to the Financing Division requesting an judgment on the loan.
The South Korean government agreed to provide Bangladesh a $50 billion flexible mortgage loan as funds support. The loan will be provided under South Korea’s development spouse, "EDCF Program Loan for Covid-19 Crisis Response Program of Bangladesh," to combat the economical fallout of the Covid-19 pandemic, described the letter signed by ASM Mostafizur RAhman, deputy secretary at ERD.
Earlier, the World Bank on Saturday approved $1.05 billion for three tasks to greatly help Bangladesh create quality jobs and accelerate financial recovery from the Covid-19 pandemic as well as build resilience to handle future crises.
In line with the Bangladesh Institute of Production Studies (BIDS) survey survey, 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.
Possibly 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%.
Source: https://www.dhakatribune.com