Prime Minister Tarique Rahman has sought $2 billion in loan assistance from development partners to tackle the ongoing fuel crisis in Bangladesh, warning that the current situation could be worse than the oil crisis of the 1970s.
Speaking at the Asia Zero Emission Community (AZEC) Plus online summit from the Parliament Building on Wednesday afternoon, the prime minister said the global fuel crisis has demonstrated that all countries are interdependent and that no nation can tackle the crisis alone.
“Integrated regional initiatives are needed. Everyone must work together. Ensuring swift assistance for the most vulnerable countries is the need of the hour,” he said.
The prime minister said Bangladesh seeks to raise a $2 billion fund to meet immediate fuel demands and keep the economy stable, calling upon the international community to respond positively.
Noting that some short-term measures have already been adopted, the prime minister listed reduced government office and shopping hours, emergency fuel imports, sourcing fuel from various suppliers, and controlling fuel usage.
“This crisis could take on a larger form than the oil crisis of the 1970s, which once halted development,” he warned.
Stating that Bangladesh has achieved significant progress in economic development and poverty reduction since independence, Tarique Rahman said the current crisis threatens those achievements, adding that many countries are at risk and global coordinated action is essential.
The conference was chaired by Japanese Prime Minister Sanaye Takaichi and attended by heads of government and representatives from India, Sri Lanka, the Philippines, Malaysia, Singapore, Thailand, Vietnam, Timor-Leste, South Korea, Australia, Brunei, Cambodia, and Indonesia. Representatives from the International Energy Agency and ADB also participated.
The summit was organised to combat climate change risks and reduce carbon emissions in the Asian region. Foreign Minister Khalilur Rahman and Prime Minister’s Foreign Affairs Adviser Humayun Kabir were present alongside the prime minister during the virtual session.
