Developing nations seek to overcome energy, currency crises

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Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. dwindling / ˈdwɪn dəlˌɪŋ / (adj.) – gradually becoming smaller in size, amount, or number

    The dwindling number of tourists in the country is alarming.

  2. barter / ˈbɑr tər / (n.) – the system of trading goods and services without using money

    People in this village use handmade products for barter to supply food to their families.

  3. implement / ˈɪm pləˌmɛnt / (v.) – to start using a plan, an idea, or a system

    The manager announced that the flexible work setup will be implemented next month.

  4. tap into (something) / tæpˈɪn tu / (phrasal v.) – to access a large or powerful resource in order to get benefits from it

    You should tap into the internet if you need information for your research.

  5. entrepreneur / ˌɑn trə prəˈnɜr / (n.) – a person who opens a business and is willing to take risks in order to make more money

    My dad is an entrepreneur who makes money by selling gardening tools.


Read the text below.

Business leaders and officials from eight developing nations recently said in a meeting that more cooperation was needed among them to overcome dwindling foreign currency reserves, a growing energy crisis and supply chain disruptions.

Representatives from Egypt, Iran, Malaysia, Nigeria, Pakistan, Turkey and Bangladesh under the banner of D-8, or Developing-8 countries, discussed alternative trade financing such as cross currency swap, barter and blockchain to address their foreign currency reserves vulnerabilities, according to organizers.

Bangladesh’s Foreign Minister A.K. Abdul Momen said the group, with a $5 trillion economy among its members, was working to implement a free trade agreement while also increasing the volume of trade.

Organizers said the participants were exploring ways to boost energy security with members such as Iran and Nigeria among the world’s top oil producers.

Bangladesh, a nation of 160 million people and the world’s 41st largest economy, has suspended operations in diesel-run power plants to ease pressure on the cost of imports. The country’s central bank has also taken measures to reduce the imports of luxury goods amid shortages of dollars in banks.

“Due to the ongoing impact of the COVID-19 pandemic and key global economic developments, every member country is experiencing foreign reserve and currency vulnerabilities, supply chain disruptions, inflation, energy and food security risks, and therefore should take precautionary measures to prepare for business beyond the usual,” said Sheikh Fazle Fahim, president of the D-8 Chamber of Commerce and Industry.

Momen said the group should tap into its young workforce. “We have over 200 million young people, youth. And in addition, we have a lot of women entrepreneurs that are coming up.”

D-8 was established in Istanbul in 1997 to engage in economic cooperation and improve member states’ position in the global economy.

This article was provided by The Associated Press.

Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • What do you think is the value of international alliances, such as D-8, NATO, etc. (ex. help strengthen the relationship of member countries)? Discuss.
  • According to Fahim, every member country of D-8 is experiencing the ongoing impact of the COVID-19 pandemic. What is your country’s situation right now in relation to the ongoing pandemic (ex. getting worse, getting better)? Discuss.

Discussion B

  • Momen believes that tapping into the young workforce will contribute to solving the crises that D-8 is currently facing. What do you think are the strengths of a young workforce? Discuss.
  • Momen added that they have a lot of women entrepreneurs coming up. Does your country have a lot of women entrepreneurs? How do you think the government can encourage more women to become entrepreneurs? Discuss.