Leading global rating agency Fitch predictsSheikh Hasina, Narendra Modi “most likely” to retain power

There is a likelihood of policy continuity in both Bangladesh and India as the incumbent governments of Prime Ministers Sheikh Hasina and Narendra Modi are “most likely” to retain power in the two countries respectively in the general elections due in January and April-May, a leading global rating agency Fitch said on Tuesday (12 Dec).

In a statement, Fitch expressed its belief that there is a high likelihood of the incumbent administrations retaining power in both India and Bangladesh during their upcoming general elections in April-May and January, respectively.

Indian Prime Minister Narendra Modi-led BJP government came to power for the first time in 2014 and returned to power with a thumping majority in 2019 general elections as well.

The global rating agency said almost half of its rated portfolio in the Asian region will hold legislative or presidential elections in 2024.

Fitch said it expects continuity to be the main theme of the elections among its rated Asian sovereigns due in 2024.

But the chance of election outcomes influencing credit profiles is higher in Pakistan and Sri Lanka which are both dependent on successful IMF programme implementation and official support, as well as Taiwan, given potential geopolitical implications, according to Fitch.