Global growth to fall, inflation to reign, energy to stay volatile. Food security will be at stake. As the Ukraine-Russia war continues, so do the prospects for the year ahead grow darker. But there are flickers of hope too, both globally and at home. Global stock markets rebounded from multi-year lows, US inflation softened, China's Covid restrictions were eased, major currencies like euro and pound sterling rose against the US dollar, challenging the greenback's free ride.
The state-owned agency for fertiliser imports and distribution, Bangladesh Chemical Industries Corporation has expressed its concern over import of urea fertiliser from Saudi Arabia, to be prepared for the worst the single biggest import source of urea fertiliser, as two banks in the kingdom are unable to open LCs. Local production of urea has declined due to gas shortages in factories.
In a meeting with senior bureaucrats earlier this month, the prime minister asked the central bank to make dollars available for import of fertilisers and gas. The private sector adviser to the prime minister and the state minister for energy earlier assured a business audience of persuading the central bank into releasing dollars from its reserve to import LNG to help factories – particularly export-oriented ones – run. Export sectors have offered to pay higher for LNG as they expressed their confidence that even costlier gas would help them deliver on export orders timely and protect their market.
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