Bangladesh PM Tarique Rahman seeks $2B fund for urgent energy needs

Bangladesh PM Tarique Rahman has appealed for a USD 2 billion fund from development partners to counter the ongoing energy crisis and protect the nation's economic stability, a call he made during the Asia Zero Emission Community (AZEC) summit.

Bangladesh Prime Minister Tarique Rahman has sought a USD 2 billion fund from development partners to meet the country's immediate energy needs and safeguard its economic stability, state-run BSS news agency reported.

"The situation before us demands urgency, solidarity, and decisive action. Immediate support for the most vulnerable countries must be at the top of our collective agenda," Tarique said during the Asia Zero Emission Community (AZEC) Plus Online Summit. "We urge the intentional community to respond swiftly and positively to this call," he added.

Global Crisis Demands Asian Response

Highlighting the ongoing global energy crisis, the Bangladesh PM said the crisis is a stark reminder of their shared vulnerability and interdependence. "No nation, regardless of its size or strength, can overcome this challenge in isolation", he said, adding that it demands a coordinated and forward-looking Asian response to strengthen regional energy security, address immediate supply disruptions, and support the most vulnerable countries.

Bangladesh's Response to Economic Disruption

Tarique Rahman said the energy crisis has already disrupted Bangladesh's economy. "In response, we have taken a range of short-term measures to contain the impact," Tarique said.

He said the measures include demand-side management through the rationing of government office and market hours; stabilisation of fuel supplies through emergency imports and diversification of sourcing; and consumption controls, including fuel rationing and limits on retail sales to prevent hoarding and panic buying through initiatives such as 'Fuel App'.

Threat of Reversing Development Gains

He said that Bangladesh is concerned that the scale and consequences of this crisis could exceed those of the 1970's oil shock, which triggered a decade of stalled development in the 1980s.

Since gaining independence in 1971, he said, Bangladesh has worked relentlessly to drive economic growth, lift millions out of poverty, and improve the quality of life for its people. "Today, these hard-earned gains are in danger, facing the real threat of reversal," he added.

Call for Global Action to Protect Vulnerable Countries

Tarique said Bangladesh is not alone in facing this risk, "nor can we overcome it through national effort alone". "This moment calls for a decisive and coordinated global action to contain the impact of the ongoing energy crisis, particularly to protect vulnerable countries, including the Least Developed Countries (LDCs), from its severe economic and social impact," he said.

AZEC Summit Participants

Tarique Rahman appreciated Japanese Prime Minister Sanae Takaichi for convening this timely and important Summit. Malaysia Prime Minister Anwar Ibrahim and heads of the government and states of Japan, the Philippines, Singapore, Thailand, Vietnam, Timor Leste and representatives of different countries took part in the online summit. Japanese Prime Minister Sanae Takaichi delivered concluding remarks at the meeting. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)