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ADB, WB to Provide $1.1b Loan Assistance to Bangladesh by Dec: Finance Sec
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19 Nov 2024, 17:58
Photo: Collected
Finance Secretary Dr. Md Khairuzzaman Mozumder today said that the Asian Development Bank (ADB) and the World Bank would provide $600 million and $500 million loan assistance respectively to Bangladesh by December 2024.
Mozumder disclosed this at a press conference at the Ministry of Finance at Bangladesh Secretariat here today.
Replying to a query on the amount of loan commitments received by the interim government, he said the policies implemented by the interim government have been positively received by donor agencies such as the International Monetary Fund (IMF) and the World Bank.
“Our interim government’s policy measures have yielded good results, exceeding our initial expectations in terms of funding. For instance, we’ve successfully negotiated $600 million in loans with ADB and thus expect to receive the funds by December this year,” he added.
Besides, he highlighted progress with the World Bank, which has agreed to provide $500 million in loan support within the same timeframe. “Originally, these loans were set at $300 million and $250 million respectively, but were later doubled due to favorable negotiations.”
The Finance Secretary said the government is seeking further financial assistance from the IMF adding, “We’ve requested an additional $1 billion in support from the IMF for this year. Discussions are set to conclude when the IMF team visits on December 4 and we’re optimistic about the outcome.”
He expressed confidence in the government’s ability to implement its policies effectively and secure continued support from international financial institutions.
Chaired by Finance Adviser Dr Salehuddin Ahmed, the press conference was attended, among others, by Financial Institutions Division Secretary Nazma Mubarak, Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky, and National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan.
Source: BSS
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Banking Sector Reforms Underway, Customers Confidence Being Restored
The banking sector has been on the path of development since the interim government took over. Looting in the name of loans has stopped, and customers are regaining confidence in deposits. As a result, the liquidity crisis has started to decrease.
Under the leadership of the dictator Sheikh Hasina, the Awami misrule of almost 16 years has been the festival of looting and money laundering. A large part of this was taken from the bank by the party leaders and workers in the name of fake company loans. Several banks are now on the verge of bankruptcy due to such unusual looting.
But hopefully, the banking sector has started to turn around since the interim government took over. According to the data of Bangladesh Bank, at the end of last August, 43 banks out of 61 scheduled banks have excess liquidity, amounting to Tk 1 lakh 90 thousand 306 crores.
Excess liquidity in five state-owned banks is Tk 63 thousand 670 crore. Of this, only Sonali Bank has 49 thousand 43 crores. 31 private banks have 91 thousand 674 crore taka. Besides, additional liquidity in 9 foreign banks is 34 thousand 677 crores.
Banking sector expert Dr Toufic Ahmad Choudhury said that the owners or the board used to collect deposits from all the employees. Then they took them under the name of sharing and lending. As these are stopped, the confidence of the customers is returning. As a result, deposits in banks are also increasing.
Towfiqul Islam Khan, Senior Research Fellow of Center for Policy Dialogue (CPD) said, that if the hide-and-seek game that has been going on in the banking sector for a long time is not overcome, people's trust will not be returned.
Mahfuz Kabir, the research director of the Bangladesh Institute of International and Strategic Studies (BIISS) said that Banking
Govt to No Longer Determine Electricity, Gas Prices
Bangladesh Energy Regulatory Commission (BERC) will determine the price of electricity and gas from now, said Muhammad Fauzul Kabir Khan, the adviser for the Ministry of Power, Energy and Mineral Resources.
He stated this at a seminar related to 'energy' organized at a hotel in the capital on Sunday (October 20).
Muhammad Fauzul Kabir Khan said, "Not the government, Bangladesh Energy Regulatory Commission (BERC) will determine the price of electricity and gas from now on through public hearings. This decision will come through BERC."
He said that the previous government also cheated on people about fuel. They were not interested in gas exploration. They were interested in building a power plant citing urgent reasons and increased demand.
The energy adviser said that the government has no objection if any organization wants to take the initiative of renewable energy production. However, if they want to sell electricity to the government, they must come through a tender.
He also said that currently, the elected government is not in power, but the interim government has taken charge. There is no designated bidder in the ministry now.
Fauzul Kabir said about the movement on various demands, "There is no opportunity to accept all the demands. If you think this government is weak, you will be wrong. Banking Commission is necessary to build a strong banking sector in the future."
Students' Protest Inside Dhaka Board, Several Injured
A group of students protested inside the Dhaka Board of Secondary and Higher Secondary Education on Sunday, demanding the results of the HSC-equivalent examination without discrimination. They say that they were attacked during the program. A few students were injured in the attack.
The results of the HSC, equivalent examination were published on October 15. Aggrieved students say that the results that have already been published are discriminatory. For this, they are demanding to 'map' all the issues and publish the results anew.
After 12:30 pm today, a group of students under the banner of 'HSC Batch 2024' took a procession from Central Shaheed Minar and left for Dhaka Board of Secondary and Higher Secondary Education. The procession reached the boarding gate around 1 pm.
At one stage, the students entered the board. Angry students said that they were attacked inside the board. Some students were injured in this attack. They want justice for this attack.
On the other hand, board officials say that suddenly some students entered and vandalized. They even ransacked the board chairman's room.
The students were protesting at the board's inner square till writing this report at around 3 pm. Police and army personnel are on the spot. They are trying to convince the students.
Dhaka Secondary and Higher Secondary Education Board Chairman Professor Tapan Kumar Sarkar told the media that the results of this examination have already been published in light of the instructions of the Ministry of Education.
Rezaul Hossain, Officer-in-Charge (OC) of Chowkbazar Police Station said that there has been discrimination in the results - this is the complaint of the students. They were standing in front of the board in protest. At one point they entered the board. The board employees stopped the students to protect their documents and other belongings. Then he heard that some students were injured in the stampede. Students are still protesting. The situation is now under control.
Latest Information about Cyclone Dana from Met Office
A low pressure is likely to develop over the east-central Bay of Bengal and adjoining North Andaman Sea in the next 24 hours. It is likely to develop into a cyclonic storm later.
This information is gathered from the regular forecast of the Meteorological Office on Sunday (October 20).
According to the Meteorological Office, today and tomorrow, (Sunday and Monday), the daytime temperature may increase slightly across the country. At the same time, the night temperature may drop slightly. Rain may be less for two days before the cyclone. After that, the rain may increase from Wednesday.
In this context, meteorologist Abdur Rahman said that there is a strong possibility of cyclones as a result of low pressure.
It is known that if the low pressure takes the form of a cyclone, its name will be 'Dana'. The name is given by Qatar.
According to American and European weather forecast models, cyclone 'Dana' may hit land between 24 and 25 October. At this time its speed can be a maximum of 130 km per hour. Due to the impact of the cyclone, there is a possibility of heavy rainfall in most districts of the country from October 23 to 26. Due to this, there may be rainfall for 4 to 5 days across the country.
Earlier, the Met Office's long-term forecast said that there is a possibility of several low pressures in the Bay of Bengal in October. One of these may take the form of depression or cyclone. However, the weather office has not announced the specific time.
Royal Enfield 350cc Launches in Bangladesh Today
The 350cc Royal Enfield will be available in Dhaka, Bangladesh from today (October 21, 2024), after an unveiling event at the company's flagship store in the capital's Tejgaon area.
Royal Enfield's Bullet, Meteor, Hunter, and Classic will be available in 12 different colors. Initially, one or two models will be available in 2-3 colors, according to reports.
Royal Enfield distributor Ifad Group has a production unit in Cumilla's Chauddagram where it assembles the motorcycles. Even though the company has not yet disclosed, the prices of the bikes will be between BDT 4,00000 and BDT 500000, added industry insiders.
Reports also suggested the average mileage of the motorcycles will be 36-38 km. Motorcycles with engines over 165cc used to be restricted in Bangladesh until September last year when the government raised the bar to 375cc.
Features
In this regard, the 2024 Classic 350 is updated with type-C charging ports, along with the addition of LED headlamps, LED pilot lamps, a Tripper navigation pod, a gear-position indicator, and adjustable levers.
For a safe riding experience, the new Classic 350 has a 300mm disc in the front, while the rear gets a 270mm disc or a 153mm drum brake. It is available with both single-channel and dual-channel ABS.
Three of a Family Shot Dead in Ukhiya Camp
Three members of a family were gunned down by unidentified terrorists at a Rohingya camp in Ukhiya upazila of Cox's Bazar early Monday (October 21).
The incident happened around 5 am.
The deceased were Ahammad Hossain (65), his son Syedul Amin (28), and his daughter Asma Begum (15). They were residents of camp No-17 of X-block.
Confirming the matter, Ukhiya police station's Officer-in-Charge Arif said they are investigating to identify the killers.
He said that with the help of APBN police, the body was recovered and sent to Cox's Bazar Sadar Hospital for autopsy after this incident. Legal action is pending.
According to the camp sources, the campaign has been associated with the terrorist activities of the deceased Rohingya Syedul Amin Arsa for a long time. Because of this, unknown terrorists attacked him brutally and killed him along with his parents.
After the attack, unidentified terrorists escaped through S-4, and B-7 blocks of Lal Pahar.
Bangladesh Receives $1,532.66 Million Remittance in 19 Days
Expatriate Bangladeshis sent around $1,532.66 million in remittances during the first 19 days of October in the fiscal 2024-25.
Of this, remittances through state-owned and specialized banks accounted for $478.98 million, while private banks received $1,049.66 million.
According to the Bangladesh Bank data, during the 19 days, six state-owned commercial banks - Agrani, Janata, Rupali, Sonali, Basic, and BDBL - received $400.82 million while one state-owned specialized bank- Bangladesh Krishi Bank- received $78.16 million.
Of the state-owned banks, Agrani Bank received $95.17 million, Janata Bank $105.50 million, Rupali Bank $96.06 million, Sonali Bank $104.05 million and Basic Bank received $0.04 million.
Besides, the expatriates have sent $1049.66 million through private commercial banks.
The highest $308.15 million remittance came to the country through Islami Bank Bangladesh Ltd.
