Dhaka: Due to rising fuel prices in Bangladesh, the prices of food and other basic commodities have risen, which has caused public anger and despair and the country’s economy has come under severe pressure. . At the same time, due to harsh criticism from the opposition and protests, the pressure on Prime Minister Sheikh Hasina’s government has increased. In view of the protests, Hasina sought help from the International Monetary Fund (IMF) to ensure the country’s economic security. However, experts say the situation in Bangladesh is not as dire as that in Sri Lanka.
Significantly, the economy in Sri Lanka is going through a serious crisis, due to widespread protests, the president has to flee the country. At the same time, people face severe shortages of food, fuel and medicine and are forced to queue for essentials. Bangladesh also faces similar problems such as overspending on ambitious development projects, corruption, public anger at dynasticism, and deteriorating trade balance. This affects the growth of Bangladesh.
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Last month, the government raised fuel prices by more than 50% to cope with rising costs due to high oil prices. Due to this rising cost of other necessities, the public began to protest. After that, officials ordered the sale of rice and other essentials by government dealers at low prices.
The country’s Commerce Minister, Tipu Munshi, said that in the latest phase of the program which started on September 1, about five million people would be helped. He said the government has taken several steps to reduce pressure on low-income people. It should be noted that due to the war in Ukraine, the prices of many basic products have increased, while prices were already increasing due to the easing of the impact of the Covid-19 epidemic and the improving demand. Meanwhile, the currencies of several countries like Bangladesh, Sri Lanka and Laos have weakened against the dollar, increasing the cost of importing oil and other raw materials.
Tags: Bangladesh, fuel price hike
FIRST POST: September 23, 2022, 5:07 p.m. HST