Staff Reporter :
The government and country’s eminent economists have expressed concerns over hike of oil and energy price in the country due to the Russian invasion of Ukraine.
The government said it would be ‘a little early’ to make any comment about the magnitude of price hike of oil and energy in the country’s economic market.
On the other hand, economists said that with the hike of oil and other import items like cotton and wheat from the European countries including Ukraine to Bangladesh, the government should look for short-term loan and alternative market.
Meanwhile, Md. Shahriar Alam, State Minister for Foreign Affairs in his office on Thursday said, “It’s an evolving situation. It’s little early to make any comment about it.”
However, he said, “The war has already hit the prices of oil and energy, share market in the country.”
In addition, the two year long pandemic has badly affected the oil prices in the world market, he said.
“The oil price of the year 2019 has been doubled now. The whole world including Bangladesh has been hit by inflation,” the State Minister pointed out.
Meanwhile, the full-scale Russian invasion of Ukraine has badly hit the price of crude oil in the world market as the price of one barrel oil past $100, which is the highest since 2014.
Dr. Khondaker Golam Moazzem, Research Director of Center for Policy Dialogue (CPD) told the New Nation on Thursday that the war would hit the economic market in the world including Bangladesh.
At the same time, he said, the government should immediately form a committee to monitor the international market and to take measures accordingly.
“In order to tackle the crisis of economic market, the government can take short-term loans from World Bank and the Islamic Development Bank to adjust the price hike,” he added.
“When the prices of oil will increase, it will hit the price of Liquefied Natural Gas (LNG), cotton and wheat. However, we need to look for alternative sources for such items,” the economist said.
He also suggested for taking pre-emptive measures to tackle crisis in the country’s economic market.
Meanwhile, in reply to a query about the implementation of Rooppur Power Plant with the support of Russia, Shahriar said, “The implementation has already been delayed. The project would not be affected. But it’s too early to make any comment on the risk or loss of our trade relations with Russia.”
Meanwhile, Bangladesh government has taken necessary steps to bring back Bangladesh nationals, if they wish to return home.
Shahriar Alam said, “We have now direct contact with 250 Bangladeshi nationals in different cities of Ukraine through a WhatsApp group. We have activated several telephone numbers also for our contact.”
“If any Bangladeshi wants to return, we shall assist them. We’ll waive the consular fee for their return. Even we have arrangement for a chartered plane as well,” the minister said.
He also said the Poland government has offered Bangladeshi nationals a two weeks on-arrival visa for the entry. “We would send chartered plane to Poland. If anybody wants to return home, we would bring them back from there.” Asked about Bangladesh position about the war, the minister said, “Bangladesh follows the non-interference policy as per our foreign policy enshrined in the Constitution.” Bangladesh government believes in discussion in resolving any crisis peacefully, the minister said.
