Dhaka: Can Bangladesh go to the path of economic crisis like Sri Lanka? Dismissing such concerns, Prime Minister Sheikh Hasina claimed that despite the shock of the Covid epidemic and the Russia-Ukraine conflict, her country’s economy is still strong enough.
In an interview with news agency ANI, Prime Minister Sheikh Hasina said that the entire world is currently facing challenges, which are not limited to Bangladesh. However, Hasina claims that her government takes a high level of caution while taking any loan.
“Don’t spend any unnecessary money”
The Prime Minister of Bangladesh said, “Our economy is still very strong. However, we are faced with the Covid-19 pandemic, along with the Ukraine-Russia war. Here are the implications. But about the debt, Bangladesh always pays all the debts on time. So our loan rates are very low. In the context of Sri Lanka’s economic crisis (Sri Lanka Crisis), it is very planned in the context of the trajectory and development of our economy”.
He further said, “I think the whole world is facing economic problems. We are no exception. But yes, some people have brought this up. Saying, Bangladesh will be like Sri Lanka, this will happen, that will happen. But I can confirm, no, it won’t. Because we… when making and implementing all our development plans we must look at what the return will be? How will people benefit? We do not take up any project just by spending money unnecessarily.”
Bangladesh also takes loans for development purposes. However, what benefits can be obtained from that loan money is considered and analyzed in advance. Hasina said, “How will our economy develop? And how the people will be benefited, that is what we keep in the priority list. That’s how we are taking all the plans and programs. We don’t spend any money unnecessarily”.
Debt-ridden Sri Lanka has a grim picture of what could happen if foreign currency reserves run out. However, not only this island nation, but some other countries in the world are now at the extreme level of foreign exchange crisis, as claimed by various media reports.
Sri Lanka, Lebanon, Russia, Suriname and Zambia are already in default. Belarus stands at the threshold. A dozen more countries have recently been identified as being in this danger zone. Economic analysts claim that rising borrowing costs, inflation and debt have all contributed to the economic downturn. According to them, countries like Argentina, Ukraine, Tunisia, Ghana, Egypt, Kenya, Ethiopia, El Salvador, Pakistan, Belarus, Ecuador and Nigeria are also facing economic crisis.
In this situation, Hasina emphatically stated that due to different measurement methods, her country is in a safe position economically. He said, Bangladesh did not take any loan until it was confirmed whether it would be possible to benefit from the project.
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