Bangladesh PM Hasina optimistic of averting Sri Lanka-type economic catastrophe
Bangladesh Prime Minister Sheikh Hasina said that her country's economy remained strong despite the COVID-19 pandemic and the situation in Ukraine. In a televised interview with ANI, she stated that her administration exercised extreme caution while taking any loans amid the economic downturn that is now confronting the world. Hasina who is visiting India on Monday also emphasized closer cooperation between the two neighbors.
Why does this story matter?
Bangladesh is facing parallels to Sri Lanka, which just faced an economic downturn. However, the country is in a significantly better situation than other South Asian nations like Sri Lanka and Pakistan, since it's Gross Domestic Product (GDP) is roughly the size of the two economies combined. Similarly, its foreign currency reserves are $39 billion, more than double those of its two neighbors combined.
Bangladesh's debt is very low as we pay timely: Hasina
"Bangladesh always pays timely all the debts. So our debt rate is very low. In context of Sri Lanka, our economic trajectory and the development, it is (planned) very, very calculatively," she said. Hasina said that her country was secure economically as a result of her methodical approach. She claimed that Bangladesh avoids taking loan unnecessarily.
Bangladesh PM claims her administration secures profits in all projects
"Some people who raise this issue. Oh, Bangladesh will be Sri Lanka, this and that. But I can assure you, no, that will not happen. Because we... all our development plans, what we prepare and we implement, always we see that what would be the return? How people would be the beneficiary? Otherwise, I don't take any project (for) just spending money," she said.
Praise for Modi-led initiatives
Meanwhile, Hasina lauded Prime Minister Narendra Modi's efforts to strengthen bilateral ties with Bangladesh. To recall, during the commencement of the Russia-Ukraine crisis, India assisted Bangladesh in rescuing students from her nation who were trapped in eastern Europe. She also lauded the Modi administration for distributing COVID-19 vaccinations to neighboring countries through its Vaccine Maitri initiative during the pandemic.
Termed India as 'tested' friend since 1971
Hasina alluded to India as a "tested" friend who has stood by Bangladesh in its hour of need, first in 1971 and then again subsequently. "We are close neighbors, I always give importance and priority to friendship with our neighboring countries," she said. She stated that their partnership should be for the benefit of their citizens.
The act of balance concerning China
She performed a balancing act in response to a question regarding China. Bangladesh's foreign policy, according to Hasina, is "friendship to all, malice to none." "We should focus on our people. How to give them a better life? How to improve their life? And I am always saying that we have only one enemy. That is poverty. So let us work together," she said.
