By Elishya Perera
DHAKA, Bangladesh (CWBN)_ South Korea has agreed to to provide $50 million in budget support to Bangladesh, to help Bangladesh continue its battle against the COVID-19 pandemic.
The South Korean Embassy in Dhaka informed the Ministry of Foreign Affairs as well as the Ministry of Finance that the South Korean Government has accepted the request made by Dhaka for financial assistance to address the Covid-19 fallout.
Accordingly, a loan of $50 million will be disbursed through Korea Eximbank, under the Economic Development Cooperation Fund, and the Embassy has informed the Bangladeshi Government to complete the formal procedures to finalise the loan agreement.
The South Korean ambassador to Bangladesh, Lee Jang-keun, said these funds will provide Bangladesh the support required to fight against the pandemic, and assured Korea’s firm solidarity with Dhaka in this joint fight against COVID-19.
It is reported that Bangladesh has received more than $2 billion in financial assistance from the World Bank, the International Monetary Fund and the Asian Development Bank, to recover from the economic downturn.
These funds have been utilised to address immediate public health requirements ranging from the procure equipment and supplies to upgrading the country’s medical infrastructure to prevent, detect and respond to the pandemic.
A portion of the funds have also been invested as budget support for economic recovery.
The Economic Relations Division of Bangladesh estimates that the country would need between $1.65 billion and $2 billion to vaccinate the 165 million people in the country, and is seeking financial assistance from its development partners to procure vaccines as soon as a viable vaccine candidate hits the international market.
Edited by Chathushka Perera
