BNP on Tuesday voiced concern that the ongoing economic crisis and growing inflation have turned into a national crisis, leaving common people in the lurch. Speaking at a press conference at the BNP chairperson’s Gulshan office, party Secretary General Mirza Fakhrul Islam Alamgir also said the nation will not get rid of the ongoing economic crisis unless the ‘corrupt and incompetent’ Awami League government is removed from power. “The people of the country are living a miserable life due to increasing price inflation of daily necessities, including, electricity, fuel, transportation, and food. Almost all macroeconomic indicators are becoming weaker and acute,” he said. In present-day Bangladesh, the BNP leader said there is only screaming all around for want of food and money. “The entire country has become a kingdom of scarcity. People are facing a suffocating situation, due to the high prices of everyday goods. Thus, the country's economy has plunged into a great crisis." Also Read: Seeking grassroots support, BNP to march at thana-level of cities March 4 He said the government has shown the inflation rate was 9.52 percent in August last but  the non-food inflation is hovering around double digits. “In January, this rate was 9.8 percent.” Fakhrul said the prices of all goods in the market are gradually going up. “The prices of rice, lentils and eggs are skyrocketing while the per kg of broiler chicken is now over Tk 200. But the government's Bureau of Statistics (BBS) shows general price inflation at 8.57 percent and food inflation at 7.76 percent. The economists are expressing doubt about the data.” He alleged that an economic anarchy has been created in the country because of repeated increase in electricity and gas prices, dwindling reserves, unprecedented dollar crisis and devaluation of money against the dollar, mismanagement in banking and financial sector, wrong policies, rampant corruption, siphoning off money abroad, increase in loan defaults, economic income inequality, lack of good governance and lack of democracy. Coming out of its usual denial syndrome, the  government was forced to admit the persisting economic crisis in the country in its letter sent to the IMF,  the BNP Secretary General said. “The government is taking loans from the IMF on tough conditions to deal with the situation. In other words, they are now relying on borrowing from banks and IMF loans.” He said the government does not want to acknowledge the country's economic crisis as it has  no accountability. “They’re not elected by the people and public votes.” The BNP leader said the government is always running a false campaign through the media by spreading fear among journalists and establishing its control on the press. “This propaganda is essential for those who are fascists and dictators to give people a false impression.” Replying to a question, he said the current government must quit power to overcome the current economic crisis. “When this regime will go, the competent people can work and take effective steps to resolve the problems.”  

Sri Lanka’s government said Tuesday it was cutting down expenses in the latest austerity drive to help it recover from its worst economic crisis. Government spokesman and Media Minister Bandula Gunawardena said each ministry’s annual budget will be cut 5%. He said that the government was “trying its best to curtail other expenses too.” Sri Lanka’s Parliament last month approved a 5.82 trillion rupee ($15 billion) budget, which provides for the restructuring of state-owned enterprises, reduces subsidies for electricity, and increases taxes to boost revenues based on proposals by the International Monetary Fund under a preliminary $2.9 billion bailout plan. Unsustainable government debt, a severe balance of payments crisis and the impact of the COVID-19 pandemic led to a shortage of essentials such as fuel, medicine and food. Soaring prices have caused severe hardships for Sri Lankans, leading to a political upheaval that forced the resignation of then-President Gotabaya Rajapaksa. His successor, Ranil Wickremesinghe, has somewhat reduced the shortages of fuel and cooking gas, but power outages continue, along with shortages of imported medicines. Also Read: Bangladeshi passport’s ranking improves in 2023, still behind Iran and Sri Lanka as per Henley Index   Gunawardena told reporters on Tuesday the country’s economy suffered a 7% negative growth rate in 2022. “As a result, we expect that the government’s income from the taxes would drastically decline within the first three months of this year. We think this income loss would prevail throughout this year.” Also Read: Sri Lanka's Parliamant approves budget amid economic crisis “The treasury is facing its worst economic crisis,“ he said, adding that the government was struggling to raise the money needed to pay salaries of public servants. The government is under pressure to reduce its massive bureaucracy of 1.6 million civil servants and is facing severe criticism over hiking taxes and the electricity bill. Also Read: ‘’We are grateful to the Sri Lankan navy and all who have acted to save lives’’ Last year, Sri Lanka suspended repayment of nearly $7 billion in foreign debt due this year. It has since entered into a preliminary agreement with the IMF, which has agreed to provide $2.9 billion over four years depending on the willingness of Sri Lanka’s creditors to restructure their loans. Sri Lanka’s total foreign debt exceeds $51 billion, of which $28 billion has to be repaid by 2027.

Authorities on Wednesday ordered shopping malls and markets to close by 8:30 p.m. as part of a new energy conservation plan aimed at easing Pakistan's economic crisis, officials said. The move comes amid talks with the International Monetary Fund. On Tuesday, Pakistan Defense Minister Khawaja Mohammad Asif and Minister for Power Ghultam Dastghir said the government decided to shut establishments early as part of the new energy conservation plan approved by the Cabinet. Authorities also ordered wedding halls and restaurants to shut at 10 p.m. The government expects these measures to save energy and curtail the costs of imported oil, for which Pakistan spends $3 billion annually. In Pakistan, most of the electricity is generated by using imported oil. So far, there has been a mixed reaction from representatives of shopping malls, restaurants and shop owners who want the government to reverse the decision. Many Pakistanis do their shopping and dine at restaurants as late as midnight. Also Read: Pakistan troops search for attackers after 6 soldiers killed Business leaders say the new measures will have a negative impact on their establishments, which suffered during the pandemic under government-imposed lockdowns to contain the spread of the coronavirus. Since 2021, the coronavirus has caused 36,000 deaths out of 1.5 million cases in Pakistan. Pakistan is currently in talks with the IMF to soften some conditions on its $6 billion bailout, which the government thinks will cause a further increase in inflation. The fund released the last crucial tranche of $1.1 billion to cash-strapped Pakistan in August. Since then, there has been a stalemate in talks between the two parties. Pakistan says last summer's devastating floods caused up to $40 billion in damages to the country's economy, making it difficult for the government to comply with some of the IMF's conditions, including increases in the price of gas and electricity and new taxes.

Finance Minister AHM Mustafa Kamal on Wednesday urged world leaders to normalise the global economy for the sake of humanity. The minister said this while addressing virtually at the 7th Board of Governors meeting of the Asian Infrastructure Investment Bank (AIIB). Read:Bangladesh has one of the lowest debt-to-GDP ratios: Finance Minister tells ADB Kamal said all the developing countries were already facing huge challenges amid their efforts to recover from the COVID-19 pandemic. But another blow of the Russia-Ukraine war has made their struggle more difficult. The theme of the 2022 AIIB Annual Meeting is “Sustainable infrastructure toward a connected world”, which aims to reaffirm infrastructure's crucial role in supporting recovery, growth and connectivity. The annual meeting provides a diverse range of engaging sessions on topics and issues that impact sustainable economic development and the improvement of infrastructure connectivity in Asia and beyond. Read:Market-based foreign exchange rate may be introduced soon: Finance Minister It is the flagship event of the AIIB. It provides an opportunity to report on the bank's work and receive guidance from shareholders on the AIIB's strategic direction and activities. It also gathers and facilitates discussions among senior official delegates from the AIIB Members, as well as partners, business leaders, civil society organisations, and experts from a range of fields. The meeting was also addressed by - Kun Liu, Governor of China; Ken Ofori-Atta, Governor of Ghana, Nirmala Sitharaman, Governor of India; Sardar Ayaz Sadiq, Governor of Pakistan; Indrani Raja, Governor of Singapore; Jamshid Khodzaev, Governor, Uzbekistan; Samad Bashirli, temporary substitute Governor, Azerbaijan; Rudiger von Kleist, temporary substitute Governor, Germany; Nathalie Labuschagne, alternate interim governor of New Zealand and Leonardo Rodriguez Garcia, provisional Alternate Governor of Spain.

The number of account holders with deposits of Tk 1 crore and above, has gone up to 1,08,457 as of June in Bangladeshi banks, amid the economic crisis. Bangladesh Bank’s updated data revealed that at the end of June quarter, the number of accounts with Tk 1 crore and above deposit stood at 1,08,457. In March quarter, the number of these accounts was 1,03,597. Read: Bangladesh Bank extends retention period to 30 days for repatriating export income This means, the number of accounts with Tk 1 crore and above has increased by 4,860 in three months. Economist and former governor of Bangladesh Bank, Dr. Salehuddin Ahmed, told UNB that it happened due to the country’s income and wealth inequality. He said the rich are getting richer and the incomes of the lower-middle and middle-income people are shrinking. At the beginning of this year, in the quarter of December 2021, the number was 1,00976. And a year ago in June 2021, the number of bank accounts with Tk 1 crore and above was 99,918. Read: Saving electricity: Bangladesh Bank issues notice to close evening banking According to the Bangladesh Bank report, the total number of depositors in the banking sector till June 2022 stood at 12,95,14,513. The deposit amount was around Tk 15.74 lakh crore. The number of depositors till March 2022 was 12,73,52,893 and total deposits were Tk 15.15 lakh crore.

Sri Lanka’s former president, Gotabaya Rajapaksa, who fled the country in July after tens of thousands of protesters stormed his home and office in a display of anger over the country’s economic crisis, has returned to the country after seven weeks. Rajapaksa flew into Colombo’s Bandaranaike international airport around midnight Friday from Bangkok via Singapore. On being welcomed by lawmakers in his party, Rajapaksa left the airport in a motorcade heavily guarded by armed soldiers and reached a government-owned house allocated to him as a former president, at the center of the capital, Colombo. On July 13, the ousted leader, his wife and two bodyguards left aboard an air force plane for the Maldives, before traveling to Singapore from where he officially resigned. He flew to Thailand two weeks later. Rajapaksa has no court case or arrest warrant pending against him. The only court case he was facing for alleged corruption during his time as the secretary to the ministry of defense under his older brother’s presidency was withdrawn when he was elected president in 2019 because of constitutional immunity. Read: Sri Lanka leader proposes 25-year plan for crisis-hit nation For months, Sri Lanka has been in the grips of its worst economic crisis, which triggered extraordinary protests and unprecedented public rage that ultimately forced Rajapaksa and his brother, the former prime minister, to step down. The situation in the bankrupt country was made worse by global factors like the pandemic and Russia’s invasion of Ukraine, but many hold the once-powerful Rajapaksa family as responsible for severely mismanaging the economy and tipping it into crisis. The economic meltdown has seen monthslong shortages of essentials such as fuel, medicine and cooking gas due to a severe shortage of foreign currency. Though cooking gas supplies were restored through World Bank support, shortages of fuel, critical medicines and some food items continue. The island nation has suspended repayment of nearly $7 billion in foreign debt due this year. The country’s total foreign debt amounts to more than $51 billion, of which $28 billion has to be repaid by 2027. On Tuesday, President Ranil Wickremesinghe, who took over after Rajapaksa resigned, and his administration reached a preliminary agreement with the International Monetary Fund for a $2.9 billion bailout package over four years to help the country recover.  Rajapaksa, a former military officer, was elected on promises to uplift the country’s economy and ensure national security after Islamic State-inspired bomb attacks killed some 270 people in churches and hotels on Easter Sunday 2019. He relinquished his American citizenship when he contested the election because laws at the time made dual citizens ineligible from holding political office. As a top defense official he is accused of overseeing human rights violations by the military during the country’s three-decade civil war with the now-defeated Tamil Tiger rebels who fought for an independent state for the country’s ethnic minority Tamils. In April, protesters started camping outside the president’s office in the heart of Colombo and chanted “Gota, go home,” a demand for Rajapaksa to quit, which quickly became the rallying cry of the movement. The demonstrations dismantled the Rajapaksa family’s grip on politics. Before Rajapaksa resigned, his older brother stepped down as prime minister and three more close family members quit their Cabinet positions. But the country’s new president, Wickremesinghe, has since cracked down on protests. His first action as leader included dismantling the protest tents in the middle of the night as police forcibly removed demonstrators from the site and attacked them. There is genuine fear among people who want to protest now, said Bhavani Fonseksa, with the independent think tank Center for Policy Alternatives. “Whether people will take to the streets to demonstrate again is still to be seen, especially since there’s been so much repression since Ranil Wickremesinghe came to power. Several protesters have been arrested so there is genuine fear,” she said. Dayan Jayatilleka, a former diplomat and political analyst, said the ruling SLPP party will welcome him back, but didn’t think his return would spark people to flood the streets again. “They will be sour — it is still far too early for him to return,” he said. “There is no way Gotabaya will be forgiven for his transgressions but I think now there is more bitterness than public rage that awaits him,” Jayatilleka added. For Nazly Hameem, an organizer who helped lead the protest movement, the former president’s return isn’t an issue “as long as he is held accountable.” “He is a Sri Lankan citizen so no one can prevent him from coming back. But as someone who wants justice against the corrupt system, I would like to see action taken — there should be justice, they should file cases against him and hold him accountable for what he did to the country.” “Our slogan was ‘Gota, go home’ — we didn’t expect him to flee, we wanted him to resign. As long as he doesn’t involve himself in active politics, it won’t be a problem.”

Ousted Sri Lankan President Gotabaya Rajapaksa is expected to return home more than seven weeks after he fled the country amid mass protests that demanded his resignation, holding him and his family responsible for the country's economic crisis. Rajapaksa currently does not face any current arrest warrants. A corruption case against him in his former role as secretary to the Defense Ministry was withdrawn when he was elected president in 2019 because of constitutional immunity. Some other investigations were also suspended. Officials familiar with arrangements for his arrival said Rajapaksa was expected to return from Thailand later Friday, while local media reported it would be Saturday. It was not possible to independently verify the timing. The officials spoke on condition of anonymity because of the sensitivity of the matter. Read: IMF agrees to provide crisis-hit Sri Lanka $2.9 billion Rajapaksa fled from the president’s official residence on July 9 when tens of thousands of people stormed the building and occupied it, along with several other key state buildings. On July 13, he fled to the Maldives on a military jet and a day later flew to Singapore, from where he announced his resignation. Two weeks later he arrived in Thailand on a diplomatic visa following a Sri Lankan government request. Rajapaksa was elected president in 2019 by an overwhelming majority on a promise to uplift the country’s economy and strengthen national security, after Islamic State-inspired bomb attacks on churches and hotels killed 270 people on Easter Sunday that year. However, policy blunders including drastic tax cuts which reduced national income and pushed down credit ratings, a ban on agrochemicals ostensibly to promote organic farming, and the release of scarce foreign currency to artificially control exchange rates led to the worst economic crisis in the country's history. Sri Lanka has suspended repayment of its foreign debts, which total more than $51 billion, of which $28 billion must be repaid by 2027. Read: Sri Lanka hopes to reach initial agreement with IMF for help The International Monetary Fund announced Thursday a preliminary agreement to extend $2.9 billion to Sri Lanka over four years, provided there are assurances from the country's creditors on loan restructuring. Months of street protest have dismantled the one-powerful Rajapaksa political family. Before Rajapaksa resigned, his older brother stepped down as prime minister and three more close family members quit their Cabinet positions. President Ranil Wickremesinghe, who succeeded Rajapaksa, has cracked down on protests, helping the Rajapaksa family and its supporters who were in hiding to return to public politics. Nuzly Hameem, who helped lead the protest movement, said the former president’s return shouldn’t be an issue “as long as he is held accountable.” “He is a Sri Lankan citizen so no one can prevent him from coming back. But as someone who wants justice for the corrupt system, I would like to see action taken — there should be justice, they should file cases against him and hold him accountable for what he did to the country.” “We didn’t expect him to flee, we wanted him to resign. As long as he doesn’t involve himself in active politics, it won’t be a problem," Hameem said.

The International Monetary Fund said Thursday it has reached a staff-level agreement with Sri Lanka to provide $2.9 billion over four years to help salvage the country from its economic crisis. An IMF team visiting Sri Lanka said in a statement that the preliminary agreement is subject to approval from the agency's management and executive board “contingent on the implementation by the authorities of prior actions, and on receiving financing assurances from Sri Lanka’s official creditors and making a good faith effort to reach a collaborative agreement with private creditors.” Read: Sri Lanka hopes to reach initial agreement with IMF for help Sri Lanka is facing its worst economic crisis in recent memory with acute shortages of essentials like fuel, medicines and food because of serious foreign currency shortages. The island nation has suspended repayment of nearly $7 billion in foreign debt due for this year. The country's total foreign debt amounts to more than $51 billion of which $ 28 billion has to be repaid by 2028. The IMF said Sri Lanka's economy is expected to contract by 8.7% and inflation has exceeded 60%. Read: Sri Lanka leader proposes 25-year plan for crisis-hit nation “Against this backdrop, the authorities’ program, supported by the Fund, would aim to stabilize the economy, protect the livelihoods of the Sri Lankan people, and prepare the ground for economic recovery and promoting sustainable and inclusive growth," it said.

Prime Minister Sheikh Hasina on Tuesday made it clear that Bangladesh will never face an economic crisis like Sri Lanka as her government has been developing the country in a planned way. “There is no use of making false accusations against us. Bangladesh will never become Sri Lanka and it can’t be,” she said. The premier was addressing a commemorative meeting organised jointly by Awami League’s Dhaka north and south city units at Bangabandhu International Conference Centre here to mark the National Mourning Day of August 15, the day the country’s founding leader Bangabandhu Sheikh Mujibur Rahman was assassinated along with most members of his family in 1975. Hasina, who is also the president of governing Awami League, said her government has been placing the budget in planned ways for the continuation of the country’s economic development. She said every development project is taken considering its economic return in the country. “Before taking every development plan, we think how it will help benefit the country and its people once it is completed. We don’t at all think about getting a large amount of money as commission from a big project,” she said. “Sheikh Hasina doesn’t take any project thinking in this way (to get money as commission),” she added. The PM said Bangladesh has been repaying the foreign debts in time. “We don’t eat ghee (clarified butter) by borrowing money. The amount of our debts is not so high that we would fall in (the debt) trap of anyone,” she said. She, however, said Bangladesh had to face a Sri Lanka-like situation during the 2001-2006 regime of BNP, but her government has pulled the country out from that state. Citing misrule of BNP regime, the AL chief said when BNP was in power, Bangladesh became the champion in corruption five times, and prices of essential commodities were soaring, there was scarcity of electricity, water and employment, the country witnessed militancy, violence and grenade attacks. Enough kindness shown to Khaleda: PM Noting that BNP is now staging a drama over sending Khaleda Zia abroad for treatment, the PM said the BNP leader, convicted of corruption, has been shown enough kindness. “She (Khaleda) has been shown much kindness. It is not possible to show more compassion towards her,” she said, adding that Khaleda has been allowed to stay in her house by exercising PM’s executive authority considering her age, sickness and sufferings in the jail. Khaleda, the PM said, goes to hospital wearing makeup and well dressed, and on the other hand, her doctor reports that her condition is very bad and her liver has been seriously damaged. Everyone knows what (drink/food) causes the liver to rot quickly, she added. She once again alleged that Khaleda patronised the killers of her (PM’s) parents, backed attempts to kill her and insulted her during the death of Koko (the younger son of Khaleda). Read: PM Hasina urges Myanmar to ensure dignified return of Rohingyas to their homeland

After working as an overnight security guard at a church in Harare’s impoverished Mabvuku township, Jeffrey Carlos rushes home to help his wife fetch water to sell. Prolonged water shortages mean most residents of the capital city of more than 2.4 million must source their own water. Carlos is lucky because the property he rents has a well and his family can haul up buckets of water to sell to neighbors. “This is our gold,” he says of the well water. “If we are lucky, we can sell up to 12 buckets of water (per day) for $2,” said the 50-year-old father of three. That’s about enough money to buy the family’s food for the day, he said. Rising prices and a fast depreciating currency have pushed many Zimbabweans to the brink, reminding people of when the southern African country faced world-record inflation of 5 billion% in 2008. With inflation jumping from 191% in June to 257% in July, many Zimbabweans fear the country is heading back to such hyperinflation. To prevent a return of such economic disaster, President Emmerson Mnangagwa’s government last month took the unprecedented step of introducing gold coins as legal tender. The country’s central bank, the Reserve Bank of Zimbabwe, said that because the value of the one-ounce, 22-carat coins would be determined by the international price of gold they will help tame the runaway inflation and stabilize the nation’s currency. The glitter of the gold coins is hard to see for Zimbabweans struggling each day to eke out a living. The government sees things differently and is pleading for time. Although expensive at an average price of just below $2,000 per coin, central bank governor John Mangudya said the coin will have a trickle-down effect that will eventually help average folk. “The ordinary man will benefit more from the stability (provided by) these gold coins. Where there is stability, money will have value and stability in prices,” said Mangudya ahead of the launch. He said the central bank plans to introduce smaller denominated gold coins in November to allow ordinary people to also use them as a saving mechanism. The smaller coins will be half an ounce, a quarter of an ounce and 10% of an ounce, he said. But many such as Carlos say they can hardly afford a meal, let alone earn enough to save. “Where will I get the money to buy the gold coins? It is for them, the rich. Poor people like me do not see any difference. Things continue to be hard in this country,” he told The Associated Press between trips to the well to pull up buckets of water. “Gold coins are a scheme for the elite. The rich get richer, the poor get poorer,” said Gift Mugano, an economics professor during an online roundtable debate titled: “Is there gold in the coins?” With so many Zimbabweans scrambling to get food to eat each day, there are questions if the gold coins will help them. “People are struggling. They are living from hand to mouth so most people may not actually have the money to save in the first place. Most people are in survivalist mode because of inflation,” said Prosper Chitambara, a Harare-based economist. Read: 'It's a nightmare': Zimbabwe struggles with hyperinflation To get by, many are forced to take up multiple jobs. Carlos, in Mabvuku, says he gets about $100 dollars a month from his job as an overnight security guard for a church and the bar next door. That’s hardly enough to pay rent, school fees and other basic needs. Sometimes, he exchanges water for food items. “If we fetch water for someone but they don’t have money, so we get tomatoes, vegetables, beans or maize. That’s how we get food,” he said. His wife, Christwish, 43, prepares the day’s evening meal — the staple maize (corn) meal and vegetables plucked from a small home garden — over a wood fire. Because of Zimbabwe’s lengthy power cuts, the children do their homework by a candle, although their parents press them to use it sparingly. “The firewood costs a dollar for a small bundle enough (to cook) for a single meal. The candles are also expensive,” lamented Christwish, who supplements the family income by doing household chores for better-off families in exchange for money or food items. Items previously regarded as basics are now out of reach, she said.   “We last ate bread with margarine on Christmas Day,” she said. “Now we just see these things in the shops and leave them there.”