Govt decreases petrol price - SUCH TV

Finance Minister Miftah Ismail on Sunday announced a reduction in price of petrol by Rs 3.05 per litre and a hike of Rs8.95 in price of diesel.

Following the changes in the prices, petrol will now be available for Rs227.19 per litre. Previously, petrol was being sold in the country for Rs230.34 per litre.

On the other hand, kerosene oil, which was previously available for Rs196.45 per litre, will now be sold for Rs201.07 per litre following an increase of Rs4.62.

Light diesel oil registered a slight decrease of Rs0.12, after which it will be sold for Rs191.32 per litre as against the previous rate of Rs191.44 per litre.

According to the notification, the changes were introduced following a reduction in the prices of petroleum products in the international market.

 

The government is able to decrease the price of petrol by Rs 3.05 per litre. The price of diesel has however gone up by Rs 8.95. These prices are effective from midnight August 1. Pakistan Zindabad pic.twitter.com/YQGp9bYiss

— Miftah Ismail (@MiftahIsmail) July 31, 2022

Source https://www.globalcourant.com/govt-decreases-petrol-price-such-tv/?feed_id=4873&_unique_id=62e71281da116

Bangladesh seeking IMF loan but economy not in trouble

Bangladesh has asked to start talks on a loan from the International Monetary Fund (IMF) but will take it only if conditions are favourable, the finance minister said on Wednesday, adding its macroeconomic conditions were fine.

The country’s $416 billion economy has been one of the fastest-growing in the world for years, but rising energy and food prices because of the Russia-Ukraine war have inflated its import bill and the current account deficit.

“A letter was sent to the IMF seeking assistance, but we have not mentioned how much we want,” Minister A.H.M. Mustafa Kamal told reporters.

“We are waiting to see their conditions. If the IMF conditions are in favour of the country and compatible with our development policy, we’ll go for it, otherwise not. Seeking a loan from the IMF does not mean Bangladesh’s economy is in bad shape.”

A senior IMF official had told Reuters on Tuesday that Bangladesh had asked it to start talks on a new loan under the global creditor’s Resilience and Sustainability Trust. Such funds are capped at 150 per cent of a country’s quota or, in Bangladesh’s case, a maximum of $1 billion.

Bangladesh’s Daily Star newspaper reported on Tuesday that the country wanted $4.5bn from the IMF.

Bangladesh’s economic mainstay is its export-oriented garments industry, which could suffer if sales fall in its main markets in Europe and the United States because of a slowdown in the global economy.

After garments, remittances are the second highest source of foreign currency for Bangladesh.

The South Asian country’s foreign exchange reserves fell to $39.67bn as of July 20 — sufficient for just over five months worth of imports — from $45.5bn a year earlier.

Its July to May current account deficit was $17.2bn, compared with a deficit of $2.78bn in the year-earlier period, as its trade deficit widened and remittances fell.

Sri Lanka and Pakistan are the other two South Asian countries to have sought IMF support this year.

Source https://www.globalcourant.com/bangladesh-seeking-imf-loan-but-economy-not-in-trouble/?feed_id=3102&_unique_id=62e1dc4350564