Hasina advises Bangladeshis to be frugal, focus on saving as war rages in Europe

Prime Minister Sheikh Hasina has advised citizens to focus on saving instead of spending on luxurious products and wasting Bangladesh’s resources with the global economy facing a crisis amid the Russia-Ukraine war after the coronavirus pandemic.

“We have to increase our savings and be frugal. Please don’t use electricity and water mindlessly. Everyone should be a little sparing, save a little and keep themselves safe,” she said in parliament’s budget session on Wednesday.

Hasina said people should buy necessary goods that are produced locally and stop spending on imported luxurious goods and treatment abroad. “We have good treatment facilities in Bangladesh now.”

Describing the war in Europe as the “final straw”, the prime minister said it has led to a hike in shipping costs and prices of everything, including fuel oil, wheat, cooking oil and LNG.

The situation cost Bangladesh $8.2 billion more in 2022 than in 2021 to import the same amount of nine products, according to her.

Bangladesh will, however, continue making progress thanks to the steps taken by her government, Hasina said, calling for help from all.

She believes the high import cost now, which has put pressure on the country’s foreign exchange reserves, will ultimately be proved to be fruitful for Bangladesh because the country is “mostly bringing capital machinery to develop its industries”.