By Ali Husnain

Bangladesh which is being claimed to be developing economically since last decades but now in fact the contemporary situations has led the state into serious economic crises. The economic relations with India were being claimed as the economic development of Bangladesh but in fact it was the development of Indian economy on the ground but apparently Bangladesh. The political situation in Bangladesh is again a point of concern which is also becoming hindrance in the way of progress and development. The national interests are being neglected for the sake of the party’s or self interest. Bangladesh under the government of AL’s chairperson Sheikh Hasina has gone through different developments but it was also pushed into different other crises. Likewise the failure of the conduction of free and fair elections by the ruling party in Bangladesh during last decade has also become black spot on the current government which means the government priorities autocracy over democracy neglecting the opinion of the people of the state. Moreover, sheikh Hasina enhanced relations and strengthening ties with India made her to be claimed as pro Indian but her slogan which was developmental ties which are now being proven as wrong due to the current situation in Bangladesh.

Furthermore, external factors which were part of the policy of the government such as high cost of infrastructure projects, often described as “mega projects”, crisis in the banking sector due to widespread default of loans, waste of resources in the energy sector, Capital flight, notwithstanding, are those domestic areas tied to government policies can be identified as sources of the present crisis. Recently, In March 2022, the government celebrated its success in extending electricity coverage to the entire country. This, however, came at a high price.

Moreover, Dhaka’s search for financial support is not limited to the IMF. Besides requesting from the World Bank a one billion dollar loan, an estimated $2.5-3 billion have been solicited from several multilateral agencies and donor nations (such as the Japan International Cooperation Agency, or JICA) just this year. Considering that ongoing austerity measures including power cuts, restricted use of foreign currency, and fuel rationing are yet to make any major dent in the crisis. The government claims that the country will weather shrinking foreign exchange reserves, a growing trade deficit, record inflation, daily depreciation of the local currency, and an intense energy crisis—is doubtful. As the IMF and other multilateral agencies open their purses to Bangladesh, it is also imperative to understand how the country arrived here.

The government of Bangladesh would like everyone to believe that the economic slowdown from the COVID-19 pandemic and the global impact of the Ukraine-Russia war are to be blamed for its current plight and the most important reason but this only tells part of the story which is ignorable as well. If we look into the depth and on ground realities there are number of misled polices adopted by Dhaka in order to get financial support and any portray the picture of developments which Bangladesh has never seen before. Bangladesh received at least $1.7 billion in loans from multilateral agencies by June 2020, and by October 2021 it had borrowed at least three billion dollars from development partners as budget support to combat the adverse impacts of the pandemic. It is reported that budget support received from various multilateral agencies 2019-2020 and 2021-2022 amounted to $5.8 billion. Moreover, Dhaka received $732 million from the IMF as a balance of payment support and $1.4 billion from the World Bank to implement the countrywide vaccination program. During COVID-19 period it obtained sixty-one million doses of COVID-19 vaccines from the United States, free of cost. The government also offered various stimulus packages and repeatedly claimed that its economy not only turned around, but was on the road to a dramatic recovery, with such optimism echoed by the World Bank.

The fact and figures reveals that the fallout from the pandemic should have been addressed in the past year with significant support from external sources, and that the government has been taking loans in recent years despite claims of robust economic growth. Two consecutive fraudulent national elections, held in 2014 and 2018, have created a de facto one party system without check and balance. As international lenders such as the IMF negotiate more loans for the current government, donors should understand that throwing more money at Dhaka will not bring an end to the crisis. Moreover, the requesting party should also know how to arrange or when to return the loan.  A bailout will only act as a band aid. It may stop the bleeding for the moment, but there is no guarantee that it will magically solve the crisis without reforming an economic system tied deeply to the regime’s self-interested political vision.

BRUSSELS, 18 November 2022, (TON): Russia’s war in Ukraine jolted NATO this week when a missile exploded in a Polish village near the Ukrainian border, killing two people. Immediately after blast, Polish President Andrzej Duda said the explosive that hit Przewodow, a village of hundreds of people, was most likely Russian-made as an investigation was still ongoing.

His statement sent shockwaves across the world, and NATO leaders expressed their will to defend every inch of territory in the world’s largest military alliance, of which Poland is a member.

Military analysts took to social media to suggest that this could be a moment when the alliance would invoke Article 4, a consultation between NATO countries when one member feels threatened, or Article 5, when an attack is considered violence against the entire alliance, allowing NATO to decide on action it deems fit to protect its members.

The same day, Russia pummelled critical Ukrainian infrastructure with a wave of missile strikes. Ukrainian President Volodymyr Zelenskyy called the explosion in Poland a very significant escalation and said, “We must act.”

KHARTOUM, 18 November 2022, (TON): The UN Human Rights Commissioner Volker Turk has urged Sudanese factions to reach an agreement to end worsening political and economic crises which deepened following last year’s military coup.

Turk told reporters in Khartoum “any transition is delicate, and in Sudan we are at a particularly delicate stage of this transition.”

“I call on all sides involved in the political process to go the extra mile, to work toward prompt restoration of civilian rule in the country, and bring to an end the uncertainty that has left much of the population in peril.”

SEOUL, 18 November 2022, (TON): South Korean and Saudi Arabian leaders pledged stronger ties on Thursday in the fields of energy, defense industry and building projects, as the Kingdom signed investment agreements worth $30 billion with South Korean companies.

South Korean President Yoon Suk-yeol told Saudi Arabia’s Crown Prince Mohammed bin Salman he hoped the two nations can expand cooperation, calling the Kingdom a key partner for its economy and energy security.

Yoon held talks in Seoul with Prince Mohammed, who arrived from Bali, Indonesia, where he had participated in a conference of the Group of 20 major economies.

BRUSSELS, 18 November 2022, (TON): Secretary-General of the European External Action Service Stefano Sannino summoned Ambassador-designate of the State of Kuwait to the European Union Nawaf N. Alenezi, to express EU’s regret over the execution of seven individuals in Kuwait on the day before.

These executions also coincided with the visit of the Vice-President of the European Commission Margaritis Schinas to the country.

Secretary-General Sannino reiterated the EU’s principled opposition to the death penalty under all circumstances.

WASHINGTON, 18 November 2022, (TON): US Senate Majority Leader Chuck Schumer and Republican Senator John Cornyn are lobbying hard for a ban on government business with Chinese chipmakers, Politico reported on Thursday, citing three people familiar with the matter.

The report said “the senators want to get their amendment which blocks federal access to semiconductor products and services made by Chinese firms into the final version of this year’s National Defense Authorization Act.”

The measure would broaden provisions in Section 889 that already prohibit government agencies from doing business with Chinese telecommunications companies or contractors who use their technologies, according to Politico.

SHARM EL SHEIKH, 18 November 2022, (TON): UN chief Antonio Guterres urged rich and developing nations to stop the “finger pointing” at deadlocked climate talks and reach a deal on covering the losses suffered by vulnerable countries battered by weather disasters.

With the two-week COP27 conference in Egypt officially due to wrap up on Friday, negotiators faced a long night as they scrambled to find a compromise over the contentious issue of “loss and damage” and prevent the talks from collapsing.

Guterres said “there was clearly a breakdown in trust between developed and emerging economies, adding that the most effective way to build confidence would be to find an ambitious and credible agreement on loss and damage and financial support for vulnerable countries.”

BEIRUT, 18 November 2022, (TON): Lebanese MPs failed for a sixth time to elect a president and fill the void left by Michel Aoun, who ended his term last month without replacement.

Parliament Speaker Nabih Berri announced that a seventh vote would be held next Thursday, bringing to 24 the minimum number of days without a head of state.

A total of 112 MPs cast ballots, from a total of 128. Independent MP Michel Mouawad received 43 and academic Issam Khalifeh received seven. One vote was cast for former MP and presidential candidate Sleiman Frangieh.

BEIJING, 18 November 2022, (TON): China’s foreign ministry says Chinese President Xi Jinping was not criticising Canadian Prime Minister Justin Trudeau, a day after Xi was seen confronting him over alleged leaks of an earlier meeting at the Group of 20 (G20) summit.

Chinese foreign ministry spokesperson Mao Ning on Thursday said “the video you mentioned was indeed a short conversation both leaders held during the G20 summit. This is very normal. I don’t think it should be interpreted as Chairman Xi criticising or accusing anyone.”

He added that Beijing supports having frank exchanges as long as they are held on an equal basis, and said China hopes Canada will take action to improve bilateral ties.

In video footage published by Canadian broadcasters, Xi and Trudeau can be seen standing close to each other and conversing via a translator at the summit.

DHAKA, 18 November 2022, (TON): BNP said “the recent statement of Japanese Ambassador Ito Naoki about “ballot box stuffing at night” during Bangladesh's last general election was absolutely true.”

BNP Secretary General Mirza Fakhrul Islam Alamgir said “what the Japanese ambassador said (about the election) was absolutely true.”

Speaking at a press conference at the BNP chairperson's Gulshan office, he also said the government is now talking about the Vienna Convention that bars envoys from commenting on any country's domestic affairs.