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Bangladesh PM Sheikh Hasina thanks, PM Modi. |
Earlier this week, Bangladesh agreed to expand the US
$ 200 million foreign exchange service to Sri Lanka to stimulate the economy and
enable Colombo to cope with the massive debt crisis it is currently facing. The
external debt situation in Sri Lanka is at a critical point, which is leading
to massive balance of payments problems. Sri Lanka reportedly has the US $
3.7 billion in external debt this year. It is therefore expected that this
cooperation from Bangladesh will be a lifeline for its economy. According to
sources, the deal was finalized during Sri-Lankan Prime Minister Mahinda Rajapaksa's
visit to Bangladesh in March this year. Money exchange is a transaction in
which two parties exchange an equivalent amount of money but in different
currencies. The cost of borrowing in foreign currency on favorable terms. Sri Lanka's
economy has been in serious trouble since the Easter bombs of 2019 and the subsequent outbreak of the
coronavirus pandemic that devastated the tourism industry and other sectors.
Bangladesh
is also among the 40 countries that sent Covid emergency aid to India twice as
the country battles the second wave. On May 18, Dhaka shipped 2,672 boxes of
various antiviral drugs and Covid protective equipment to India. Previously,
Dhaka shipped 10,000 vials of Remdesivir to India-Bangladesh on May 6, where GDP
is expected to grow. Of 5.8 percent of this financial year, the USA even went unnoticed
due to its strategic location in the Indo-Pacific region. In April of this
year, the US Chamber of Commerce launched the US-Bangladesh Business Council, which
examines the investment potential of US investors there and also promotes
mutual trade.
The Bangladeshi government, led by Prime Minister
Sheikh Hasina has also received praise from arch-rival Pakistan for its
growing economic performance. The world with a begging bowl ... 20 years ago it
was unthinkable that the GDP per capita of Bangladesh in 2020 would be almost
twice as high as that of Pakistan. Bangladesh could be an economic powerhouse
in 2030 if it grows at the same rate as in the past. If Pakistan continues its
dismal performance, chances are we will seek help from Bangladesh in 2030, ”Abid
Hasan, a former advisor to the World Bank's Pakistan program, said in a comment
on one of the Pakistani programs. main national newspapers. Ah! wishful thinking
to say the least.