In the face of sky-high fuel prices in the international market, the government has taken a host of austerity measures like cutting fuel import by 20 per cent and enforcing area-based rotational load-shedding. Apparently the government has no other option but to implement austerity measures as global high energy price, which has shot up import prices of all other essential items, is eating up on the country’s forex reserve.
Currently a couple of red lights are blinking on the economic dashboard such as depleting forex reserve, current account deficit, exchange rate volatility, galloping inflation etc. Bangladesh, along with the whole world, has been plunged into this tight situation due to the Russia’s war in Ukraine. Worse still, there is no end in sight in the five-month long war; rather the world is precariously on a tightrope because of growing fear of wider war between Russia and the West.
The government has already asked closure of shopping malls and roadside shops except pharmacies after 8pm. But it has to be enforced strictly as most shops are still open till midnight. Unnecessary lightning is also being observed in some areas which must be curbed. Overall, the people have a responsibility to exercise austerity in power and gas usage in this time of national crisis and we appeal to our readers to do their part.