Bangladesh, which has sought financial assistance from the International Monetary Fund, has decided to reduce working hours for government, semi government, autonomous and semi-autonomous institutions from Wednesday in a bid to cut down power consumption. From Wednesday, working hours will be between 8 am and 3 pm. The move is expected to save fuel and electricity consumption.

According to Dhaka Tribune, the decision was taken today in a Cabinet meeting chaired by Prime Minister Sheikh Hasina. The newspaper said that banks will be open between 9am and 4pm. Educational institutions will remain closed for two days in a week.

Also read: Protests in several parts of Bangladesh as Sheikh Hasina govt hikes fuel prices by over 50%

Meanwhile, despite global oil prices softening, the Sheikh Hasina government has hiked fuel prices by about 50 per cent at one stroke– earlier this month– the highest since independence.

According to reports, Dhaka is negotiating for a $4.5 billion loan with the multilateral agency.