bangladesh: Bangladesh helps to maintain a sound financial system despite the geo-economic situation

Bangladesh has reached maturity, and with the expansion of its production sector and the stimulation of infra initiatives, it can be a financial system to be careful of in Asia.

Since when (US Secretary of State Henry) kiss Labeled a “hopeless case” in 1971, Bangladesh has come a long way. The recently inaugurated Padma Bridge is proud. Global companies that had refused to fund it yet are congratulating Bangladesh on its completion.

Connecting the southwest of the rustic area with the northern and jap areas, the road-rail bridge (Padma Bridge) built at a cost of 3.6 billion dollars was once inaugurated through the Prime Minister Sheikh Hasina June 25.

Bangladesh’s foreign currency reserves now stand at more than $45 billion, despite rising import prices. Bangladesh expansion fee was previously means superior Pakistan, even before the pandemic; in 2018-2019 it was 7.8%, compared to 5.8% in Pakistan

Bangladesh has given itself a roadmap – Vision for 2041 – aimed at ending absolute poverty and moving to upper-middle income status by 2031, and becoming a developed country by 2041, a- he said, adding that the country was growing in different social and financial sectors.

From agriculture to prescription drugs and from shipbuilding to clothing, the country’s trade base is diversifying and its exports are growing.

Bangladesh has its demanding situations, but the government has responded to keep the financial system on a good keel. The travel of government officials to another country is special, the taka has been devalued against the United States greenback, remittances from another country are rewarded with money, and comfort items are taxed, which could be used to build its reserves. it can just fulfill the import request. In the meantime, the federal government’s coverage of increased exports and reduced imports is helping the financial system recover.

The effect of the Covid-19 pandemic on the financial system, which could be limited by the Russian-Ukrainian war, cannot be denied. But Hasina’s government is determined to maintain the soundness of the financial system. The main pillars of the Bangladeshi financial system are clothing and foreign currency transferred by Bangladeshi personnel to another country. The country’s foreign exchange reserves are in a more powerful place than those in the collection of other international creative sites.

In the early stages of the pandemic, many assumed that remittances would decline as many expats would lose their jobs. However, due to the luck of the federal government’s diplomatic efforts, many Bangladeshis have returned to their offices in another country and are once again sending money at pre-pandemic fees.

The world Bank (WB) – The International Monetary Fund (IMF) Spring Meeting in 2022 commended Bangladesh for effectively applying its insurance policies to fight the Covid-19 pandemic and financial restoration from its results .

Bangladesh has made a great fortune in reducing infant and maternal mortality rates over the past five years, earning the top spot in South Asia.

According to the World Bank estimate, the current infant mortality rate for Bangladesh is 21 deaths per 1000 live births, an 85% decline from 1971 when the rate was 141 deaths in the full independence of Bangladesh.

The infant mortality rate in Pakistan is now 55%, much higher than in Bangladesh, but it was certainly lower in 1971; 139 out of 1000 deaths are live births.

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Don F. Davis