The World Bank authorized some $1.1 billion in emergency funding for Bangladesh to help secure food ​supplies, support vulnerable households and businesses due to the rising prices of ⁠fertilizers, fuel and food ⁠from the Middle East conflict.

Bangladesh is also seeking additional external financing from development partners, including ​the International Monetary Fund (IMF), to shore ​up ⁠foreign exchange reserves and ease pressure on public finances following a surge in energy import costs and broader economic challenges.

The World Bank package comprises two projects aimed at helping the country manage external shocks and maintain economic stability.

Of the total, $300 million will be provided under the Emergency Support for Food Security Project to finance imports of 600,000 metric ⁠tons ⁠of fertilizer for the upcoming rice seasons. Bangladesh imports more than 85% of its fertilizer requirements, making it vulnerable to disruptions in global supply chains.

"Rising food, fertilizer and fuel prices stemming from the Middle East conflict, coupled with tighter fiscal space, have deeply affected Bangladesh's economy, particularly smallholder farmers ⁠and poor and vulnerable households," Jean Pesme, the World Bank's division director for Bangladesh and Bhutan, said in a statement.

The ​project will support rice cultivation across 1.4 million hectares (3.46 million ​acres) of farmland.

The remaining $713 million, approved under the Contingent Emergency Response Project, will finance ⁠emergency ‌expenditures, including ‌cash transfers and livelihood support for ⁠affected households and small businesses.

It ‌will also help fund fuel and energy imports needed ​to sustain essential services, including ⁠health care, food distribution, electricity and water ⁠supplies.

The World Bank said the financing would ⁠help Bangladesh respond rapidly ​to economic shocks while protecting jobs, livelihoods and critical services.