cashstrapped bangladesh asked saudi arabia for extended credit on oil supplies dhakas foreign ministry said as the south asian nation grapples with dwindling foreign exchange reserves saudi arabia supplies more than half of bangladeshs crude imports but bangladesh has been hit hard by the global surge in energy and food prices following russias invasion of ukraine at the same time the taka has depreciated about 25 percent against the us dollar driving up costs for petrol distributors and power utilities that have rippled across the rest of the economy nationwide blackouts of up to 13 hours a day hit the electricity grid last year and the government offered food relief for households unable to afford rice and other staples in a meeting wednesday with riyadhs ambassador foreign minister ak abdul momen asked saudi arabia to consider supplying crude and refined oil on a deferred payment basis the foreign ministry said in a statement the economic strains come with a general election due by next january the opposition bangladesh nationalist party has blamed the government for the crisis accusing it of squandering cash on multibilliondollar vanity projects it has organised a series of rallies demanding prime minister sheikh hasinas resignation and an early poll under a neutral administration authorities hiked retail electricity prices by five percent tuesday the second such increase in three weeks while gas prices for generators were raised by an eyewatering 178 percent last month on monday the international monetary fund signed off on a 47 billion support package for bangladesh the south asian countrys foreign exchange reserves have dropped from 46 billion in january last year to 32 billion at the end of last month bangladeshs official inflation rate is around 87 percent but independent economists say the true figure is substantially higher