World News / 15 August 2022
Bangladesh hits the economic skids
Fuel prices in Bangladesh have risen by more than 50% in a week, putting the nation on track for economic and political failure in the range of what’s happened to Sri Lanka in recent weeks. Petrol, diesel and kerosene prices are all up significantly, putting the livelihoods of many of the nation’s 168 million people at risk. “We know the price increase is big, but what can we do if the cost of the fuel increases in foreign countries?” asked Energy Minister Nasrul Hamid. The cause is the same as it’s been everywhere – Russia’s war in Ukraine. The government says it can’t prevent that, but its economy is ok, even though its foreign reserves are falling fast. That’s seen Bangladesh become the 3rd South Asian nation to seek a loan from the International Monetary Fund, alongside Sri Lanka and Pakistan. In recent weeks, thousands of people have taken to the streets in protest, and reports say the anger and resentment are growing.
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