Pakistan's economy still remains critical and several economic indicators suggest that the situation could get worse. Food shortage, depleting energy, and foreign reserves may create a bigger problem in the upcoming winter. Pakistan's recent decision not to purchase oil and gas from Russia even after a shortage in the country may not be just to please the United States (US). It may be a decision taken because of the downfall of Pakistan's economy, Islam Khabar reported. According to Islam Khabar, such a big purchase will need a huge cash outflow as Russia itself is in need of cash itself because of its ongoing war with Ukraine. Islam Khabar reported quoting a statement of Foreign Minister Bilawal Bhutto Zardari to 'PBS Newshour' on December 14 in which he had said that the country will not be receiving any oil and gas from Russia. This came just a week after Energy Minister of Pakistan Musadik Malik had completed negotiations and signed papers with their Russian counterpart. And resulting Pakistan will now have to turn to Gulf countries that can full fill energy needs of Pakistan. Islam Khabar reported quoting a report from Dawn that the central bank reserves of Pakistan had dropped from USD 15 billion to just USD 6.7 billion. These dropping foreign incidents will result in the default of foreign loans. And the amount left in the reserves may just be enough to cover one month of imports. Although the United Nations (UN) and other international organizations rushed in to provide help for the floods that hit Pakistan this year. Although the UN had reported that only one-third of the donation needs of Pakistan were met which will end in January 2023. According to Islam Kahabar UN had asked for USD 816 million but the UN NGOs had only received USD 262 million as international help. The situation of the industrial sector also remains critical as the large manufacturing sector dropped by 7.75 percent according to the Pakistan Bureau of Statistics (PBS) report which includes textiles and automobiles that contribute a major part to the foreign reserves, according to Islam Khabar. And Pakistan's agriculture has been in a critical situation for a long time now resulting in poor government policies and lack of investment and low automation. All these finally lead to reducing crop yields, reduced farm incomes, and rural poverty. And Pakistan has been an importer of food and cotton for the large textile industry even before the floods hit Pakistan. All these factors contribute to a critical economic condition, and the future seems even more difficult according to indicators.

Awami League General Secretary and Road Transport and Bridges Minister today (Saturday) called upon the people to remain careful at the highest level to follow health safety guidelines by avoiding crowd in view of the second wave of the coronavirus (Covid-19) pandemic. “The Covid-19 situation came under control to some extent because of the government’s all-out efforts but it may go beyond control if the return journey of Eid home-goers to their workplaces makes a mad rush,” he told a regular press conference on contemporary issues at his official residence in the capital. He said: “So everyone will have to remain alert at the highest level”. About BNP secretary general’s allegation that BNP leaders have no Eid-celebration in the last one era and the party leaders are being killed and false cases are being filed against them, Quader ruled out the allegations and said “Did you (BNP) forget the incidents of carrying out steamroller of repression on Awami League leaders and workers when you assumed power in 2001?” “During the BNP’s regime, Awami League leaders and workers could not go home even if they couldn’t get the scope to attend and perform the last rituals at the death of their parents ,” he said. The AL general secretary said even AL leaders and workers were arrested at the time when they were offering Eid prayers. “I want to know from BNP leaders how they could make such cruel and inhuman acts,” he said. Quader said AL government led by Prime Minister Sheikh Hasina didn’t set up any instance of recurrence of repression that was carried out during BNP tenure. He also announced the programmes of AL to be celebrated on the occasion of the homecoming day of Bangabandhu’s daughter Sheikh Hasina on May 17. As part of the programme, AL’s information and research affairs sub-committee will arrange an exhibition on information and press clipping on May 16 and 17. Inaugural ceremony will be held at on the premises of Bangabandhu Memorial Museum at Dhanmondi road number 32 at 11 am tomorrow. Dhaka City North unit of AL will arrange a discussion at 23 Bangabandhu Avenue at 11am on May 17 while AL’s Dhaka City South unit will arrange a doa mahfil and discussion at Mahanagar Natyamancha in the capital at 3pm on that day. Special doa and prayers will be offered at mosques, temples, churches and pagodas marking the day. Source: BSS AH

Prime Minister Sheikh Hasina asked all concerned to take preparation right at the moment as the COVID-19 situation may worsen in the upcoming winter. “Winter is ahead and that’s why the COVID-19 situation may be worse to some extent. So, we have to remain prepared from right now,” she said while receiving donations for the PM’s Relief and Welfare Fund from various organizations including 34 commercial banks. The Prime Minister attended a donation handover ceremony through a video conference from her official Ganabhaban residence in the capital. PM’s Principal Secretary Dr Ahmad Kaikaus received the cheques of donations on behalf of the premier at the Prime Minister’s Office (PMO) in the city. The premier expressed gratitude to the organizations for their generous contributions to the PM’s Relief and Welfare Fund to help the nation combat coronavirus. In this context, she said, “All have been working with utmost sincerity. That’s why we have been able to face it (the situation arising out of the coronavirus pandemic).” Referring to her government’s efforts including announcement of stimulus packages to offset the COVID-19 impact on the country’s economy, she said, “We are taking effective measures to keep running the country’s trade and commerce. We have declared stimulus packages. And we are giving whatever necessary (to keep functioning the country’s economy) as our target is to serve the people.” The premier thanked the Bangladesh Association of Bank (BAB) as they extended their hands whenever the country fell in any crisis. The Prime Minister requested the BAB to give special attention so that the banks could operate in a proper manner. “There are some banks which become very weak. In that case, merging (of banks) is required very often. But a proper scrutiny is necessary on which banks are functioning properly and which are not. Keep faith (in me), nothing would be done to this end without any assessment,” she said. The Prime Minister said her government first took the initiative to open banks in the private sector and they are giving permission to most of the private banks to operate for which huge employments were generated. Referring to opening bank accounts for farmers at Taka 10, she said that her government had also taken initiatives of making people habituated in using banks in case of transaction of money. “So, we want that the banks will operate their functions properly. We always consider all of your logical demands that you place (before me). I will consider if you have any problem in running the banks,” she continued. Of the organizations, 34 commercial banks such as AB Bank Ltd, Al-Arafah Islami Bank Ltd, Bank Asia Ltd, BRAC Bank Ltd, City Bank Ltd, Dhaka Bank Ltd, Dutch-Bangla Bank Ltd, Eastern Bank Ltd, Exim Bank Ltd, First Security Islami Bank Ltd, Islami Bank (Bd) Ltd, Jamuna Bank Ltd, Mercantile Bank Ltd, Midland Bank Ltd, Modhumoti Bank Ltd, Mutual Trust Bank Ltd, National Bank Ltd, NCC Bank Ltd, NRB Bank Ltd, NRB Commercial Bank Ltd, NRB Global Bank Ltd, One Bank Ltd, Padma Bank Ltd, Prime Bank Ltd, Pubali Bank Ltd, SBAC Bank Ltd, Shahjalal Islami Bank Ltd, Social Islami Bank Ltd, Southeast Bank Ltd, Standard Bank Ltd, Trust Bank Ltd, Union Bank Ltd, United Commercial Bank Ltd and Uttara Bank Ltd led by Bangladesh Association of Bank (BAB) made the major contributions to the PM’s Relief and Welfare Fund. While six other organizations like Ministry of Food, FOSA (Foreign Officers Spouse Association), Rajshahi Medical University, Institute of Architects Bangladesh (IAB), Bangladesh Judicial Employees Association and Minister Group also donated to the fund. Source: BSS AH