All countries are using their foreign currency reserves to tackle the effects of the global economic crisis triggered by the Russia-Ukraine war amid the recovery from the coronavirus pandemic, Prime Minister Sheikh Hasina has said.
“The war and the coronavirus have raised commodity prices across the board globally. The effects of this crisis have also hit our country. All the countries are struggling to cope with inflation. They all are using their reserves to survive. We are also doing the same for the people,” she said.
The shrinking reserves triggered fears that the energy crisis would worsen, which affected daily life and factory production with a gas supply crunch and rolling power outages, reports bdnews24.com.
“We took steps to develop our communication system and ensure power connection to all the houses, but the war in Ukraine and sanctions are making it difficult for us to produce electricity,” Hasina said at a National Cooperatives Day event on Saturday.
Speaking via video link from the Ganabhaban, she vowed to lead Bangladesh out of the crisis. “It’s right that we’ve had to halt our speedy march forward due to COVID, war and sanctions, but we’ll overcome this situation.”
The prime minister once again urged people to work harder to increase factory and agricultural production and be frugal in spending.
She emphasised the role of cooperatives in increasing production and urged youths to come forward.
The National Cooperatives Awards 2021 were handed over to the winners at the event at Bangabandhu International Conference Centre.