Bangladesh PM says dollar crisis easing, exports trajectory stable

The Prime Minister's remarks came in response to a supplementary question posed by lawmaker Mujibul Huq Chunnu during the parliament's question hour.

Sheikh Hasina acknowledged that Bangladesh had encountered a severe dollar crisis exacerbated by the COVID-19 pandemic and the conflict in Ukraine, leading to significant challenges for the nation.

However, she assured that the situation has improved notably, allowing for a more relaxed approach to public spending.

The Prime Minister highlighted the government's proactive measures to address the crisis, particularly in monitoring the opening of Letters of Credit (LC).

Previously, importers had faced issues with inflated prices during the importation process.

To mitigate this, banks now rigorously scrutinise product prices using the Bloomberg index before approving LCs, ensuring fairer trade practices.

Despite global economic upheavals, Sheikh Hasina emphasised that Bangladesh's exports have not been severely impacted. While some decline has been observed, primarily due to reduced consumption in importing countries grappling with inflation, the overall impact remained moderate, she claimed.

In response to the challenges, the government has initiated various strategies to explore new export markets and diversify the export portfolio. Sheikh Hasina reiterated the administration’s commitment to fostering sustainable economic growth by tapping into emerging opportunities and adapting to evolving global trade dynamics.

The Prime Minister's reassurance in parliament reflects the government's proactive stance in addressing economic challenges and its determination to steer Bangladesh's economy towards resilience and growth in the face of adversity.

Fibre2Fashion News Desk (DR)