Economic Turmoil in Bangladesh
Dhaka, Aug 26: The Awami League in Bangladesh has raised Concerns Over a wave of Factory Closures that have left lefts of Workers UNEMPOLOYED, AlongSide a Significant Rise in Defaulted Loans with the branching Sector.
Since the Removal of the Sheikh Hasina-LED Government and the Establishment of the Interim Administration under Muhammad Yunus, Protests by Workers Have Intensified as Maany Factories has been found The Ongoing Economic Crisis.
Reports indicate that over the last year, more than 500 factories have Ceased Operations, Resulting in Approximately 120,000 Workers Losing their Jobs. Many of these individuals, after unsuccessful job searches, have returned to their villages without employment.
According to the Awami League, the closure of these factories has been to a staggering $ 26.6 billion increase in defaulted loans, attributing the crisis to a combination of “debts, debts, delays, delays, and indecision” Financial System.
The party emphasized that the bangladesh bank, the Central Banking Authority, is expected to assist struggling industries, YET Slow Decision-Making and Bureaucratic Obstacles from Have HindedredRED TIMELY SUPTROT Entrepreneurs.
Highlighting the serverity of the situation, the awasi league noted that over 1,300 companies, primarily in the text, garment, and leather industries, havhe sogt loan resculing, but 280s Approval thus far.
“Our cash flow is stagnant. PRODUCTION is Declining, Workers Are Losing Jobs, and Suppliers are not being compensated. If this continues, many businesses will not endure,” The Awami League Stated.
Business leaders have warned that without a change in pace, it would take up to five years to process all loan applications.
In light of the escalating crisis, the awasi league reported that defaulted loans in the banking sector have more than doubled, with over 25% of all loans currently in default.
SELIM RAIHAN, Executive Director of the South Asian Network on Economic Modeling (Sanem), Cautioned that the Central Bank must experts its actions to prevent the collapse of.
“Without Prompt Support, Many Genuine Borrowers will fail. The Central Bank Needs to act Swiftly to Safeguard Industries and Jobs,” Raihan Remarked.
Stressing the importance of the garment and textile sector to the economy, the Awami League Warned That This Crucial Industry Cold Face Severe Challenges Unless Reforms and Financial Assistant Assistant Election Implemented.
Earlier this month, numerous ready-made garments protested on the Dhaka-MymenSingh Highway in Gazipur, Demanding The Ropening of Closed Factories and the immediative Payment of Outstanding Wages.
Workers have been blocking roads bi-wheelkly, insisting that factory closures follow proper procedus or that the shutted factories be reopled.
They have vowed to continue their protests until their demands are fullfilled, as reported by local media.
