Dhaka, Bangladesh: Schools in Bangladesh will close an extra day every week and government offices and banks will reduce their working days by an hour to reduce electricity use amid concerns. rising fuel prices and the effect of Ukraine war,
The reduced hours will be effective from Wednesday. In Bangladesh, most schools remain closed on Fridays, but will now remain closed on Saturdays as well, Cabinet Secretary Khandkar Anwarul Islam said on Monday.
He said government offices and banks would reduce their working days to seven hours from the previous eight hours, but private offices would be allowed to set their own schedule.
Supply disruptions caused by the Ukraine war have raised prices around the world for energy and food.
Bangladesh has been taking measures to ease pressure on its decline in recent weeks foreign exchange reserves, Last month, fuel prices were increased by over 50%. Government says it is exploring options to get fuel cheaper than russia under special arrangement.
This decision is being criticized, but the government said that it is necessary to cut the deficit amid rising prices. international fuel prices, There have been small protests against higher prices in recent weeks, and the government said domestic prices would be adjusted once international prices ease.
The country is facing continuous power cuts after the government suspended operations of all diesel-fired power plants, reducing daily power generation by 1,000 MW.
But officials have promised to continue supplying electricity to industrial sectors to support the country’s $416 billion economy, which has grown rapidly over the past decade.
The country’s opposition has accused the government of failing to control corruption and plugging losses in the energy sector.
In July, Bangladesh sought an unspecified loan from the International Monetary Fund, recently becoming the third country in South Asia to do so after Sri Lanka and Pakistan.
Rahul Anand, division chief in the IMF’s Asia and Pacific Division, said in a recent consultation that Bangladesh was not in a state of crisis and its external situation was “very different from many countries in the region.”
“The risk of a debt crisis in Bangladesh is low and it is very different from Sri Lanka,” Dhaka-based The Business Standard Daily quoted him as saying.
Bangladesh’s foreign exchange reserves have come down to around $40 billion.
The reduced hours will be effective from Wednesday. In Bangladesh, most schools remain closed on Fridays, but will now remain closed on Saturdays as well, Cabinet Secretary Khandkar Anwarul Islam said on Monday.
He said government offices and banks would reduce their working days to seven hours from the previous eight hours, but private offices would be allowed to set their own schedule.
Supply disruptions caused by the Ukraine war have raised prices around the world for energy and food.
Bangladesh has been taking measures to ease pressure on its decline in recent weeks foreign exchange reserves, Last month, fuel prices were increased by over 50%. Government says it is exploring options to get fuel cheaper than russia under special arrangement.
This decision is being criticized, but the government said that it is necessary to cut the deficit amid rising prices. international fuel prices, There have been small protests against higher prices in recent weeks, and the government said domestic prices would be adjusted once international prices ease.
The country is facing continuous power cuts after the government suspended operations of all diesel-fired power plants, reducing daily power generation by 1,000 MW.
But officials have promised to continue supplying electricity to industrial sectors to support the country’s $416 billion economy, which has grown rapidly over the past decade.
The country’s opposition has accused the government of failing to control corruption and plugging losses in the energy sector.
In July, Bangladesh sought an unspecified loan from the International Monetary Fund, recently becoming the third country in South Asia to do so after Sri Lanka and Pakistan.
Rahul Anand, division chief in the IMF’s Asia and Pacific Division, said in a recent consultation that Bangladesh was not in a state of crisis and its external situation was “very different from many countries in the region.”
“The risk of a debt crisis in Bangladesh is low and it is very different from Sri Lanka,” Dhaka-based The Business Standard Daily quoted him as saying.
Bangladesh’s foreign exchange reserves have come down to around $40 billion.