A rise in the value of the dollar is increasing the debt burden

A rise in the value of the dollar is increasing the debt burden
A rise in the value of the dollar is increasing the debt burden

The country is implementing many more development projects with foreign loans. Mega projects are also being implemented with huge loans from China, India, Russia. Loans are generally available from international multilateral donor agencies at low interest rates. Its rate ranges from 75 percent to 1 percent. It has to be paid in 40 years. And finally, the interest rate of the loan taken from any country has been reduced to one and a half to two and a half percent due to the addition of various conditions including service and management charges. Apart from this, there are strict conditions in some cases.

When the current government came to power in 2009, the dollar rate was 69 rupees. Now the price of that dollar is 106 rupees. And the fixed rate of Bangladesh Bank is Tk 96. So the government now has to spend more money per dollar to repay the loan installments it initially took.

All major project contractors are foreign. They have to pay most of their debts in dollars. Due to the increase in the value of the dollar, it takes more money to pay off the contractor’s debt first. Again due to the increase in the price of fuel, oil and gas, the government’s import expenditure is increasing, so the project expenditure is also increasing.

17,000 crore rupees have been allocated in this year’s budget to pay installments of foreign loans. And 7 thousand 200 crores allocated for loan interest payment. So, in the current situation, the allocation will need to be increased further, according to the relevant sources.

The article is in Bengali

Tags: rise dollar increasing debt burden

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