Banks and government agencies will reduce their workdays from eight hours to seven, but private businesses will be free to set their hours. The conflict in Ukraine has disrupted supplies, which has prompted oil and food costs to skyrocket globally.
Due to worries over rising gasoline prices and the effects of the Ukraine war, schools in Bangladesh will be closed an additional day every week in addition to cutting the length of their workdays by one hour.
The shortened hours start on Wednesday. Most schools in Bangladesh are closed on Fridays, but as of this week, they will also be closed on Saturdays, according to Cabinet Secretary Khandker Anwarul Islam.
He claimed that while private offices would be free to determine their schedules, government and banking institutions would reduce their workdays from eight to seven hours.
What leads the government to this decision?
The conflict in Ukraine has disrupted supplies, which has prompted oil and food costs to skyrocket globally.
Since the government shut down all diesel-powered power facilities, the nation has seen more frequent power outages, which has resulted in a 1,000-megawatt reduction in daily electricity production.
Bangladesh's foreign exchange holdings are now only about $40 billion.
Steps were taken to bring the situation under control
In recent weeks, Bangladesh has taken steps to reduce the strain on its shrinking foreign exchange reserves. Fuel costs increased by more than 50% last month. According to the government, it is looking into possibilities for a unique arrangement to obtain cheaper petroleum from Russia.
However, to support the $416 billion economy of the nation, which has been expanding quickly over the past ten years, officials have committed to keeping supplying power to industrial zones.
After Pakistan and Sri Lanka, Bangladesh requested an undetermined loan from the International Monetary Fund in July, becoming the third government in South Asia to do so recently.
Bangladesh is not in a crisis, according to Rahul Anand, division chief in the Asia and Pacific Department of the IMF, who stated this during a recent consultation. Additionally, Bangladesh's external position is "quite different from numerous countries in the region."
Bangladesh is extremely different from Sri Lanka and has a low danger of debt distress, him, according to the Dhaka-based Business Standard Daily.
The administration acknowledged that the decision has received criticism but insisted that it is vital to reduce losses given the growing global fuel prices. In response to recent minor street demonstrations against price hikes, the government announced that domestic prices would be reduced once global prices began to decline.
The opposition in the nation has charged the administration with failing to end losses and curtail corruption.