Economy
Charles III Crowned at Westminster Abbey in Ancient Rite
King Charles III was officially crowned on Saturday in a time-honored ceremony held at Westminster Abbey, where he received the majestic St. Edward’s Crown.
This significant event took place amidst efforts by the monarchy to maintain relevance in a modern and divided Britain. With over 2,000 guests, including world leaders, aristocrats, and celebrities, the atmosphere inside the medieval abbey was filled with fanfare, as trumpets resounded and the congregation enthusiastically exclaimed, “God save the king!” Meanwhile, outside the abbey, thousands of troops, numerous spectators, and a handful of protesters gathered, creating a vibrant backdrop. For Charles, this momentous occasion marked the culmination of a journey spanning seven decades from heir to monarch.
Both the royal family and the government regarded the coronation, code-named Operation Golden Orb, as an extraordinary display of heritage, tradition, and spectacle that is unparalleled globally. The ceremony was expected to be watched by millions, yet the awe and reverence it once evoked have diminished over time, leading some to greet the day with indifference. In fact, a group of Republican protesters gathered outside, shouting “Not my king,” expressing their disdain for an institution they perceive as representing privilege and inequality in a nation grappling with deepening poverty and social fragmentation. A few individuals were even arrested.
Despite this backdrop, thousands of people from across the United Kingdom and around the world eagerly awaited the king’s arrival at Westminster Abbey. They had camped overnight along the 1.3-mile route that Charles and his wife, Camilla, traversed in a grand horse-drawn carriage adorned with gilt trim. The church itself buzzed with excitement, adorned with fragrant flowers and vibrant hats, as international dignitaries and nobles joined the congregation. Notable figures in attendance included U.S. First Lady Jill Biden, French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau, eight current and former British prime ministers, and renowned celebrities like Judi Dench, Emma Thompson, and Lionel Richie.
The traditional Anglican service, slightly modified to reflect modern times, commenced with Charles, attired in crimson and cream robes, solemnly swearing on a Bible as a “true Protestant.” However, a preface was added to the coronation oath, affirming the Church of England’s commitment to fostering an environment where people of all faiths and beliefs can live freely. Notably, the epistle from the King James Bible was read by Prime Minister Rishi Sunak, Britain’s first Hindu leader. A gospel choir delivered a newly composed “Alleluia,” and for the first time in history, female clergy participated in the ceremony. Additionally, representatives from Buddhist, Hindu, Jewish, Muslim, and Sikh faiths were included.
In a captivating display of royal authority rooted in antiquity, Charles received anointing with oil from the Mount of Olives in the Holy Land, along with the presentation of an orb, swords, and scepters. Finally, Archbishop of Canterbury Justin Welby placed the solid gold crown, adorned with over 400 precious stones, atop the monarch’s head, accompanied by resounding trumpets and nationwide gun salutes.
For over a millennium, British monarchs have been crowned in grandiose ceremonies, symbolizing their legitimate right to rule. Charles becomes the 40th sovereign to be crowned in Westminster Abbey, and at the age of 74, he is the oldest monarch to ascend the throne. In contemporary times, the king no longer holds executive or political power, rendering the ceremony purely ceremonial. Charles automatically became king following the death of his mother, Queen Elizabeth II, in September. Nevertheless, the king retains his role as the United Kingdom’s head of state, representing national identity. In an era when support for the monarchy is waning, particularly among younger generations.
Nonetheless, Charles has endeavored to lead a more streamlined and cost-effective monarchy for the 21st century. His coronation was comparatively shorter than Elizabeth’s three-hour ceremony, featuring fewer guests and a condensed procession. Nevertheless, attendees were treated to a visual spectacle that included judges donning wigs, soldiers adorned with gleaming medals on their red tunics, members of the House of Lords, international royalty, heads of state, public servants, key workers, and local heroes.
In a noteworthy display of unity, the famously feuding royal family presented a show of solidarity. Prince William, the heir to the throne, attended alongside his wife, Kate, and their three children. Prince Harry, William’s younger brother who has publicly clashed with the family, arrived unaccompanied, while his wife Meghan and their children remained in California.
Towards the conclusion of the ceremony, Prince William knelt before his father, King Charles III, pledging loyalty and affection by kissing him on the cheek. Archbishop of Canterbury Justin Welby then invited everyone present in the abbey to pledge “true allegiance” to the monarch. While this moment was also extended to the television audience, it was toned down after facing criticism for being perceived as a somewhat insensitive request for a public oath of allegiance to Charles.
The contemporary audience differs significantly from those who witnessed Elizabeth’s coronation. Today, nearly 20% of the population comprises ethnic minority groups, a significant increase compared to less than 1% in the 1950s. The presence of over 300 languages spoken in British schools and less than half the population identifying as Christian further exemplifies the diverse composition of the country. Nonetheless, people from around the world and across Britain flocked to the occasion, driven by a desire to be part of this historic event.
Jill Coughlin, a devoted royal supporter from Essex, expressed her enthusiasm, stating, “It’s a joyous experience to be surrounded by love and witness the ascension of our King Charles. He represents stability and continuity for us, building upon the legacy of our beloved queen. It’s a truly wonderful moment for all of us.”
The International Monetary Fund (IMF) has urged Bangladesh to maintain a tight monetary policy to contain inflation, while stressing that monetary tightening alone will not be enough to restore economic stability.
Inflation in Bangladesh rose to 8 per cent in September, according to the IMF. The Washington-based lender has called for broader reforms in the financial sector, stronger revenue mobilisation and improvements in overall economic management to address the country’s persistent economic challenges.
Sonali Jain-Chandra, deputy director of the IMF’s Asia and Pacific Department, made the remarks in response to a question at a news conference on the economic outlook for Asia and the Pacific, held on the sidelines of the IMF and World Bank Group annual meetings in Bangkok, Thailand.
Asked whether tight monetary policy alone would be sufficient to tackle inflationary pressures that have persisted for more than three and a half years, Jain-Chandra said maintaining a restrictive monetary stance was important, but needed to be accompanied by other reforms.
Bangladesh is currently facing challenges in three key areas: revenue mobilisation, the financial sector and inflation, she said.
The IMF also expressed concern over the fragile state of Bangladesh’s financial sector, saying a credible reform strategy was needed to strengthen the sector’s capacity and ensure stability.
The fund also highlighted the country’s persistently weak revenue collection. Bangladesh’s tax-to-GDP ratio has declined over time and currently stands at around 7 per cent, placing it among the lowest in the world, according to the IMF.
The IMF stressed the need for a coordinated effort to increase revenue collection, saying higher government revenues were essential to finance development expenditure and strengthen the financial sector.
It called for necessary reforms to the revenue system and effective measures to improve the government’s capacity to generate income.
Talks Under Way on New IMF Programme
Meanwhile, discussions are continuing on a potential new lending programme for Bangladesh.
Jain-Chandra said Bangladeshi authorities approached the IMF in May for support under a new programme after deciding not to draw further instalments under the previous arrangement.
In response to the request, an IMF mission visited Dhaka in July to discuss various aspects of Bangladesh’s economic reform agenda.
According to Jain-Chandra, the reform issues discussed during the visit were closely aligned with the recommendations outlined in the IMF’s Article IV consultation for Bangladesh earlier this year.
The IMF has remained in regular contact with Bangladeshi authorities since the July visit, she said.
Jain-Chandra added that the fund remained closely engaged with the authorities and was ready to support Bangladesh in initiating the reforms needed to address its economic challenges.
The International Monetary Fund (IMF) has projected that Bangladesh’s gross domestic product (GDP) will grow by 3.2 per cent in the 2026-27 fiscal year, while average inflation could rise to 10.9 per cent, signalling mounting pressure on the country’s economy.
The projections were outlined in the IMF’s World Economic Outlook (WEO) report, released on Tuesday.
The latest growth forecast marks a significant downward revision from the 4.3 per cent projected by the IMF in April. The fund had subsequently forecast growth of 3.5 per cent in July before lowering its estimate further to 3.2 per cent.
The IMF has also sharply revised its inflation outlook for Bangladesh. In April, it projected average inflation of 6 per cent for the 2026-27 fiscal year. The latest estimate raises that figure to 10.9 per cent.
The combination of slower economic growth and persistently high inflation points to continued pressure on Bangladesh’s macroeconomic stability.
Bangladesh growth outlook trails other forecasts
The IMF’s latest growth projection for Bangladesh is lower than those of other major international development institutions.
The World Bank has forecast GDP growth of 3.4 per cent for Bangladesh in the 2026-27 fiscal year, while the Asian Development Bank (ADB) has projected growth of 4 per cent.
According to the IMF, Bangladesh’s economy grew by 3.6 per cent in the 2025-26 fiscal year, following growth of 3.5 per cent in the preceding fiscal year.
India, Bhutan expected to grow faster
The IMF has projected stronger economic growth in neighbouring countries, with India’s economy expected to expand by 7 per cent and Bhutan’s by 6.9 per cent in the relevant fiscal year.
The contrasting forecasts highlight the challenges facing Bangladesh as it seeks to restore economic momentum while tackling persistent inflation.
The IMF’s latest projections come as the annual meetings of the IMF and the World Bank Group are underway in Bangkok, Thailand.
Bangladesh’s economic situation, reform programmes and efforts to secure financing from development partners are among the key issues receiving attention during the meetings.
The World Bank supports the Bangladesh government’s policies to address the country’s current economic challenges, restore stability and implement medium- and long-term development plans, Finance Minister Amir Khasru Mahmud Chowdhury said on Tuesday.
He said the global lender was broadly aligned with Bangladesh’s economic programmes and policy priorities and would continue to support the country’s economic recovery and future development.
The finance minister made the remarks while speaking to journalists after a meeting with a World Bank managing director in Bangkok, Thailand, on October 13.
Amir Khasru said Bangladesh’s economy was facing significant challenges when the current government took office. Alongside dealing with the financial and economic burdens inherited from the previous period, the country was also having to navigate global economic disruptions caused by ongoing wars and geopolitical tensions.
He said the World Bank understood the realities facing Bangladesh and supported the government’s policy approach to overcoming the economic difficulties.
“The World Bank is aligned with the programmes and policy direction we have set to restore economic stability and ensure future development,” the minister said, adding that both sides would continue working together.
He said the World Bank was willing and prepared to provide the assistance Bangladesh needed.
No decision yet on proposed $10 billion in additional assistance
Clarifying reports that Bangladesh had sought an additional $10 billion in assistance from the World Bank, the finance minister said no final decision had been made.
He said discussions with the lender were ongoing and that possible proposals would be reviewed in light of those discussions. The process could take several months to complete, he added.
“No decision is being made at this stage. I have seen several inaccurate reports here and there. This is a discussion, and there will be follow-up based on these talks. It is a process that will continue over the next few months,” he said.
The minister stressed that the ongoing discussions should not be interpreted as a final agreement. Rather, they were intended to establish a basis for determining the next steps and considering possible decisions.
Further discussions would also take place in Dhaka, he said.
Expressing satisfaction with the progress of the talks, Amir Khasru said Bangladesh was in a favourable position to establish a framework for future cooperation.
He reiterated that the government’s economic policies, programmes and medium- and long-term development plans were broadly aligned with the World Bank’s position.
Government’s economic agenda aligned with BNP manifesto
The finance minister also said the World Bank’s position was consistent with the government’s economic plans and the Bangladesh Nationalist Party’s (BNP) election manifesto.
He said discussions were underway on how to address the country’s economic challenges and achieve the government’s development objectives.
According to the minister, the government has submitted a written proposal outlining a framework for partnership with the World Bank. Discussions on the proposed framework will continue.
He said the World Bank had provided various recommendations and suggestions, while Bangladesh had also presented its own proposals and recommendations.
Further discussions would be based on these submissions, he added.
Government optimistic about inflation and GDP targets
Asked about forecasts by the World Bank and the Asian Development Bank (ADB) on inflation and gross domestic product (GDP) growth, and how they compared with the government’s targets, the finance minister said the government did not intend to dispute the projections made by other institutions.
He said the institutions had prepared their forecasts based on their own calculations and analyses, adding that the country’s economic performance would become clearer as progress on key indicators was assessed over time.
“We do not want to dispute anyone’s projections. They have made their estimates based on their own calculations. We are carrying out our work, and they are doing theirs. What matters most is that the cooperation we need continues,” he said.
The minister expressed optimism that the government would be able to meet the inflation targets set out in the national budget.
He said the government was working to restore economic stability through continued engagement with the World Bank, implementation of its economic policies and progress on medium- and long-term development plans.
