World / Bangladesh government at the door of the World Bank, the sound of economic crisis in the country

Bangladesh | After Sri Lanka, there is an economic crisis in neighboring Bangladesh with the increase in fuel prices. Prime Minister Sheikh Hasina has indicated that all is not well here by increasing fuel prices by 51 percent. According to the report of the Finance Ministry of Bangladesh, the country had a total debt of more than $ 13,114 million in the last financial year. According to the report, every year in the last three years, the debt of $ 164.5 million has increased on the government.

Government extended a helping hand

The already debt-ridden Bangladesh government has approached the World Bank, the Asian Development Bank (ADB) and the International Monetary Fund (IMF) for financial help. The Sheikh Hasina government has sought a loan of $100 million from the World Bank and ADB. At the same time, IMF has asked for a loan of $ 450 million. The IMF has agreed to help Bangladesh but it has not clarified how much money it will give.

Foreign exchange reserves are also depleting rapidly

According to the government, for the first time in two years, the foreign exchange reserves have come down below $ 400 million. Last year it was $4800 million. In the year 2021-22, there has also been a loss of $ 5208 million in export earnings.

less tax payers

According to economist Debapriya Bhattacharya, the GDP ratio of Bangladesh in 2020-21 was 9.4 percent. This rate was the lowest compared to South Asian countries. There are 74 lakh taxpayers in the country with a population of 16.4 crores. Out of this, only 23 lakh people have deposited their taxes.

20 Project Throat

According to Bhattacharya, 20 mega projects are going to be the neck of the economy. All these projects are from Japan, Russia and China whose cost is estimated at $ 4300 million. Between 2024 and 2026, there will be a time for their payment, which can be very difficult for Bangladesh.

Loss of $ 85 million to the oil company

The Finance Ministry said Bangladesh Petroleum Corporation suffered a loss of $85 million from the sale of oil. The hike came at a time when oil prices in the international market are at their lowest since February. On August 5, the price of crude oil in the international market was 95 while in March it was 133.18 per barrel.