The economic condition of Bangladesh has also become like that of Sri Lanka and Pakistan. The state of bankruptcy of this neighboring country, which is adjacent to the border of India, has also come. Foreign currency is left to that extent, so that only essential goods for 3 to 4 months can be imported from abroad. There is pressure on Bangladesh to clear the dues of crude oil suppliers. At the same time, the pressure is also from China. Due to which Bangladesh has taken a loan of billions of rupees. Under the pressure of the same debt, first Sri Lanka broke and Pakistan also has nowhere to go. Even after that, why the same restlessness and confusion is not visible in Bangladesh which was seen in Sri Lanka and later in Pakistan.
In fact, Bangladesh's eyes are turned towards India and it has requested the Indian government for help. So that he continues to get oil and lives are also saved from China. The meaning is clear that India is busy in failing every planning of China, in which China wants to occupy the Indian Ocean. Let's try to understand how China is trying to trap Bangladesh in its trap and how India can help Bangladesh?
Oil crisis started in Bangladesh
Bangladesh is also passing through the crude oil crisis at present. The reason for this is the lack of dollars. Bangladesh does not have foreign currency to pay for imported fuel. While Bangladesh has to pay more than 300 million dollars i.e. 3200 crore Bangladeshi Taka, which is about 2500 crore rupees in Indian rupee, as arrears. Bangladesh is under constant pressure to pay it, because if the payment is not made on time, then the supply of oil from the oil suppliers will stop and Bangladesh's economy will be further ruined.
Bangladesh hopes from India
Bangladesh with a population of 17 crores now has hope left from India. The control of import and sale of fuel in Bangladesh is in the hands of Bangladesh Petroleum Corp. The Bangladeshi Fuel Company has asked the government to allow all commercial banks to clear rupee-to-rupee dues with India. For this, talks are also going on between the two governments. At present, apart from petroleum products, Bangladesh is also very dependent on India on electricity. For which the government is setting up a power plant through Adani, through which electricity will be supplied to Bangladesh.
Why the condition of Bangladesh has become thin
The main reason for the deteriorating condition of Bangladesh is the Russia-Ukraine War. Because of which Bangladesh's foreign exchange reserves have reduced by less than one-third. As of May 17, Bangladesh has come down to around $30.2 billion, which is at a seven-year low. This means that from this foreign exchange reserves, Bangladesh can import goods it needs only for 3 to 4 months. Heavily dependent on power imports, Bangladesh has been grappling with power cuts. Fuel shortages have hit its textile industry hard. 90% of the raw material that Bangladesh buys for this cloth comes from India only.
China's debt pressure too
On the other hand, China does not want any other country or other organizations to help Bangladesh. Because in order to come closer to the Indian Ocean, China wants to make Bangladesh its medium and wants to suppress it under the burden of its debt. The government of Bangladesh is also fully aware of this. Previous Bangladesh ministers had also pointed this out and said that they do not want to get trapped in the Chinese debt trap. If we talk about Chinese debt on Bangladesh, then it is more than 4 billion dollars. Which is about 6 percent of the total debt of Bangladesh. In the year 2021, the total debt on Bangladesh was 62 billion dollars. In which 59 percent of the total loan is from the World Bank and the Asian Development Bank.
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