Development partners raised interest rates as a result of the war

Prime Minister Sheikh Hasina said that Bangladesh is moving forward in the journey of development through disciplined and practical planning. However, the Russia-Ukraine war is affecting the development structure of the country. Development partners raised their interest rates because of the war. Which is creating uncertainty and burden for various projects.

He said this while celebrating 50 years of partnership between Bangladesh and Asian Development Bank (ADB). The event was organized in the ballroom hall of the Intercontinental Hotel in the capital on Tuesday (March 14) morning.

At this critical juncture, we note with dismay that many development partners are raising interest rates, making development financing economically unviable for most projects, the Prime Minister said. Coordination among us is critical to countering the impact of multiple economic shocks. Financing on easy terms needs to continue until the global economy returns to normal. Financial institutions and developed countries should pay special attention to this issue. We want their attention.

Sheikh Hasina said, we do not beg for any mercy or kindness from anyone, we want fair rights. We claim our fair share as partners in the global community. Similarly, global trading partners are imposing unnecessary trade restrictions, further damaging the overall supply chain. Pushing us towards economic loss.

The Prime Minister said that Bangladesh has already demonstrated the ability to implement the largest project. Padma Setu is noteworthy here. We have been able to build Padma Setu with our own funding. Besides, we are doing various work-oriented projects including Metrorail, Bangabandhu Tunnel, Elevated Expressway. The construction of Padma Setu was a symbol of great glory, dignity and merit for us. Bangladesh can. As a result of these constructions, we reached from a low-income country to a lower-middle-income country in 2015.

He said, ADB is our development partner. ADB has been working with us for 50 years. Our association with ADB was established in 1973 under the leadership of the Father of the Nation. In the last 50 years, our socio-economic development, structural development, social; ADB has special support in each case.

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