Foreign debts soars by $80bn in 15 years

Foreign debts soars by $80bn in 15 years

Bangladesh external debts shot to an astounding $103.78 billion by June 2024, a colossal leap from just $23.5 billion in 2009 when the Awami League-led government came to power.
This indicates a staggering 341% increase over the past 15 years, amounting to over $80 billion in new foreign loans.
Such an astronomical rise in external debts not only signals deepening financial mismanagement but also exposes the country alarming over dependence on foreign loans to finance its so-called development ambitions.
In Bangladeshi currency, these debts now stand at nearly Tk1,245,000 crore, a devastating burden compounded by a rapidly devaluing local currency.
The shocking data has come to the fore after Sheikh Hasina resigned as prime minister and fled to India on August 5 amid a student-led mass uprising.