Bangladesh seeks $5 bln from China to boost forex reserves, Bloomberg reports
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July 3 (Reuters) -Bangladesh was in talks with China for a loan of about $5 billion to help boost its foreign exchange reserves, the South Asian nation's central bank governor told Bloomberg in an interview on Tuesday.
Bangladesh has sought credit assistance from a number of countries to address its dollar shortage and declining foreign exchange reserves, with China one of the nations approached, Finance Ministry officials said.
Prime Minister Sheikh Hasina will visit China July 8-11, her first trip there since taking a record fourth consecutive term in office.
The economy has slowed sharply since the Russia-Ukraine war pushed up prices of fuel and food imports, forcing Bangladesh to turn last year to the International Monetary Fund (IMF) for a $4.7 billion bailout.
Bangladesh's foreign exchange reserves fell below $20 billion at the end of January, central bank data showed, which can cover only four months of imports, less than the six months of import bills considered adequate.
Foreign exchange reserves rose to $21.79 billion at the end of June from $18.65 billion a month earlier, the central bank said.
Reporting by Kanjyik Ghosh in Bengaluru; Editing by Jacqueline Wong and Miral Fahmy
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