Fear deepens: Due to Chinese debt trap, Bangladesh will also have a situation like Sri Lanka?

Fear deepens: Due to Chinese debt trap, Bangladesh will also have a situation like Sri Lanka?

The kind of economic crisis Sri Lanka is facing has raised concerns in Bangladesh as well. The common thing in Sri Lanka and Bangladesh is that both the countries have taken loans from China. It is also one of the reasons behind the trouble Sri Lanka is in, its entanglement in the debt trap. China also has a major share in the total foreign debt on it.



In view of the fears being expressed in Bangladesh's media and social media that a situation like Sri Lanka will arise here too, China has to issue an explanation. Chinese Ambassador to Dhaka Li Jiming spoke to reporters on Wednesday. During this, he made it clear that Bangladesh is not in any kind of debt trap. Earlier, the Chinese Ambassador met Bangladesh Foreign Minister AK Abdul Momin. This activism of the Chinese ambassador is being seen in connection with the deepening fears about the Chinese debt in Bangladesh.


On the other hand, Foreign Minister Momin also issued a statement in an attempt to reassure the country. In this, he said that it is not right to compare the conditions of Bangladesh and Sri Lanka. Momin said- Tourism is the main source of income of Bangladesh, which was badly affected during the Corona epidemic. In contrast, the main source of Bangladesh's foreign exchange earnings is through exports and remittances by Bangladeshi foreigners.

The foreign exchange earnings to Bangladesh are huge.
Momin claimed that the foreign exchange earnings to the country from exports and earnings of Bangladeshis are huge. Even during the pandemic, Bangladeshi citizens remitted $25 billion from abroad. At the same time, the country's annual exports remained above $ 40 billion. Momin termed the apprehensions being raised about foreign debt as baseless. He said- We are very cautious about the terms of foreign loans. He told that the largest share of the debt on Bangladesh is from the World Bank, Asian Development Bank and Japan. The share of Chinese debt in the total external debt is only between five and six per cent.

Momin mentioned that Bangladesh is helping Sri Lanka to overcome the current crisis due to its better position. “We have sent medicines to Sri Lanka. Now we are also considering sending him food grains.

Bangladesh will overtake India in per capita average income
Observers have agreed that Bangladesh's position is not in any way similar to Sri Lanka. Rather, in this regard, he has referred to a recent report of the International Monetary Fund. This report states that Bangladesh will continue to overtake India in per capita average income for the next five years from 2022-23. Regarding 2021-22, it has been told in this report that the average per capita income of Bangladesh in this financial year was $ 1962. Whereas the average per capita income in India was only $1935.

The IMF has said that Bangladesh has become a major exporter of cloth. It is an industry in which a large number of people get employment. The average income in Bangladesh is increasing because of such industries.

(with language input)


Do you know these things about Anthony Albanese who defeated Scott Morrison? Many challenges will be faced as Prime Minister

Do you know these things about Anthony Albanese who defeated Scott Morrison? Many challenges will be faced as Prime Minister

Australian voters have pushed for an end to nine years of Liberal rule in favor of a centre-left opposition that has promised strong action on climate change. To form a majority government, parties need a majority of 76 seats. The Labor Party's Anthony Albanese, who won the election, will now be the new Prime Minister of Australia. After the election results were out, Morrison said he would resign as leader of the Liberal Party. He said that he takes responsibility for his party's defeat. The Labor Party currently holds 73 seats, according to the Australian Electoral Commission. Early vote counts showed a strong bias toward Greens candidates and independents, who sought emissions cuts far beyond commitments made by Morrison's coalition.

Who is  Anthony  Albanese 

Albanese is one of Australia's longest-serving politicians and was briefly deputy prime minister under Kevin Rudd in 2013. He has earned a reputation as a defender of free healthcare, an advocate of LGBT rights, a Republican and a diehard rugby league fan. Albanese, 59, had a childhood spent by a single mother with the help of a disability pension. At the age of just 33, he reached Parliament in 1996 by winning the Sydney seat on a Labor Party ticket. In 2007, when Kevin Rudd's Labor Party came to power, Albanese was made Minister of Infrastructure and Transport. Due to internal strife in the party, the Prime Minister was changed and Anthony Albanese became Deputy Prime Minister. But his tenure as Deputy PM lasted only 10 weeks. His party lost in the next election.

 Challenges ahead for Albanese as Prime Minister?

One of Albanese's first priorities as prime minister will be to rebuild relations with foreign leaders, who Morrison says has neglected foreign policy in recent years. China recently signed a military agreement with the Solomon Islands near Australia, China is planning to build its first military base in the Pacific. On Tuesday, Albanians are expected to be in Tokyo for talks with quad members from the United States, India and Japan, where they will discuss priorities for safeguarding free passage in the Indo-Pacific. Voters have turned to the Labor Party over the Liberal Party's inaction on climate change. Marija Taflaga, director of the Australian Politics Study Center at the Australian National University, noted the vote's shift to the Greens. 

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