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IMF announces to support Bangladesh despite ongoing situation
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08 Aug 2024, 13:33
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Sheikh Hasina fled the country after resigning amid public outrage. In this situation of the country, the interim government will take oath around 8 pm on Thursday.
The International Monetary Fund (IMF) has announced to support Bangladesh despite the ongoing situation.
In a statement on Tuesday (August 6), the IMF organization said IMF is 'committed' to stand by Bangladesh. Reuters news.
According to a media report, the IMF expressed its deep sorrow over the 'loss of lives and injuries'. They are fully committed to Bangladesh and its people. The organization will support the economic stability and inclusive growth of the country.
Earlier, in January this year, the IMF approved a loan of 4.7 billion dollars to Bangladesh. The IMF has already released 2.3 billion and 8.2 million dollars in three installments. And the company is supposed to pay off the entire amount of the loan in seven installments till 2026.
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According to experts, long-term loans from institutions like the IMF, World Bank and Asian Development Bank are equivalent to about one-fourth of the country's GDP. Hence, their support is important for the economy of Bangladesh.
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No Harm to Depositors as Deposit Insurance Doubles: Governor Mansur
Bangladesh Bank Governor Dr. Ahsan H. Mansur has assured depositors that their savings are secure, even as several banks struggle with financial challenges.
During a press conference on Sunday, September 8, the governor acknowledged that approximately 10 banks in the country are facing serious difficulties but stressed the need to restore customer confidence by protecting 95% of depositors.
Highlights:
Deposit Insurance Increase: The deposit insurance has been doubled from Tk 1 lakh to Tk 2 lakh.
Depositor Protection: The new insurance scheme ensures protection for 95% of depositors.
Banks Facing Challenges: Approximately 10 banks in the country are facing serious financial difficulties.
Available Fund: Bangladesh Bank has a fund of Tk 25,000 crore, mainly to support the SME sector.
"No matter the condition of the banking sector, depositors will not be harmed," Dr. Mansur said. "To safeguard them, the deposit insurance has been doubled from Tk 1 lakh to Tk 2 lakh, ensuring the protection of 95% of customers. No country offers 100% protection for deposits, but we are providing 95%."
He further noted that Bangladesh Bank has a Tk 25,000 crore fund available for banks, primarily to support the SME sector. Banks have been asked to submit written requests to access these funds.
Additionally, Dr. Mansur clarified that no bank accounts belonging to Beximco or S Alam Group have been seized, and the operations of these companies will continue as usual.
Bangladesh Bank Appointed Two Deputy Governors
Bangladesh Bank has appointed its executive directors Md Zakir Hossain Chowdhury and Md Kabir Ahmed as the deputy governors on a contractual basis for three years from the joining date.
The Financial Institutions Division of the Finance Ministry issued a notification to this end on Sunday (September 8).
The order was issued in the public interest.
Earlier, the central bank's two deputy governors, Kazi Saidur Rahman and Khurshid Alam stepped down following the fall of Hasina government in a mass uprising on August 5.
Instability in garment industry to embarrass govt: BKMEA
Attempts are being made to destabilize the garment industry to embarrass the interim government.
For this, there is a plot to hand over this industry to other countries. Such is the demand of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), the apex organization of knit industry owners.
In this situation, economists advise to stop the conspiracy for their own interests and focus on the work of the workers.
It is only a month since the interim government came to power. Meanwhile, the garment industry areas of Savar, Ashulia, Gazipur, and Narayanganj became unstable towards last month.
BKMEA, the top association of knitwear industry owners, says that the unrest is being created to destroy the garment industry in Bangladesh.
The president of the organization Mohammad Hatem assured to accept the logical demands of the workers on the negotiation table and not on the streets. He said that BKMEA always stands by the fair demands of the workers. All problems will be solved.
Economists say that if the conspiracy is implemented, the workers will be in trouble. So they have to stand against the evil forces. Economist Mahfuz Kabir said, that if workers are not aware of the future of employment and investment in their industry, then this sector will be at risk. So we have to be aware of ourselves without stepping on anyone's provocation.
Meanwhile, The workers' tiffin bill and attendance bonus were increased through negotiations in the face of their demands on Monday (September 9).
Calls to Reopen All Garments to Safeguard Economy
The interim government led by Nobel Prize-winning economist Dr. Muhammad Yunus is facing a significant challenge due to ongoing labor unrest in various industries, including the ready-made garment sector.
Workers, frustrated by issues such as wages and benefits, have been staging daily protests, halting production as they take to the streets. In key industrial zones like Ashulia in Savar and Gazipur, hundreds of factories shut down regularly, with some reports even indicating instances of vandalism in certain factories.
219 factories have been reported to be closed in Ashulia today, Thursday (September 12).
In this situation, to protect the country's economy, the workers, owners, and the government have called for the quick opening of the closed garment factories. Hafizur Rahman, the administrator of Bangladesh Chambers of Commerce and Industry (FBCCI), the top organization of businessmen, made this call.
On Thursday (September 12), he joined as administrator of the organization at Capital's Motijheel Chamber building and made this call.
Hafizur Rahman said many garment factories are closed due to worker dissatisfaction. To sustain the country's economy, these closed garment factories must be opened quickly. A joint initiative of workers, employers, and government is required in this regard.
At that time, the businessmen complained to the newly appointed administrator that government agents were always appointed to the FBCCI board. They took advantage. There are about 2,000 members in the General Assembly and 400 members in the Chamber Group. General Board members did not see their pros and cons. Big traders used to get various benefits, while small traders were deprived.
The businessmen demanded reforms in all discriminatory matters including the cancellation of the auto director system, demanding the election of the president and directors by direct vote of the general assembly.
In response, the administrator expressed his commitment to hand over the responsibility of FBCCI to the elected representatives through fair and acceptable voting within the stipulated time. He said, "Businessmen are the life of the country's economy. I will try to organize the election within the stipulated time. For this, we want everyone's cooperation, so that we can quickly hand over the responsibility to the elected representatives."
Meanwhile, among 219 factories closed in Savar's Ashulia industrial zone, 86 factories have remained closed indefinitely due to labor unrest and unstable situation. However, on Wednesday (September 11), after the call of various local political parties and BGMEA leaders, it was decided that all factories would be opened.
Experts say that nearly 4 million workers are directly engaged in the country's garment industry. At least two crore people are indirectly benefited. If this industry is in danger, a large population will be in danger, and the country's economy will be extremely damaged.
Govt Announces Review of Minimum Wage for Workers
The interim government resolved that to restore industry regularity, the Government will examine worker wages through the minimum wage board.
Following a meeting at the ministry with seven advisors, AHM Shafiquzzaman, secretary to the Ministry of Labour and Employment, announced that the door will be open for debate on wage review for workers through the minimum wage board. Now a new Government is in charge.
Tripartite consultation meetings involving the government, factory owners, and labor unions will be called to discuss the wage, the secretary told the local media.
Although the current minimum salary went into force in December of last year, officials stated that the interim administration will examine the minimum pay in light of inflation and rising costs for necessities.
The Government also decided to take action to ensure that workers receive their arrears payments as soon as possible and to enhance communication between workers and representatives of the Department of Inspection for Factories and Establishments and the Ministry of Labor Advisor Asif Mahmud Shojib Bhuiyan, who chaired the meeting on Wednesday (September 11).
The meeting also decided on updating and reforming the tripartite committee, making the labor-related complaint committees functional, and holding hearings on the complaints.
Labor unrest will be addressed as soon as possible through measures based on the information collected daily. The interim Government's advisors also resolved to lend Beximco money as quickly as possible to compensate its employees. According to Shafiquzzaman, Beximco has so far received a loan of Taka 70 crore so that it may pay the employees.
Some factories also laid off their workers amid the crisis.
India Eases Onion Export Restrictions, Halves Export Duty to 20%
India has further eased restrictions on onion exports. The country decided to cancel the conditions related to export prices. The 40 percent duty imposed on onion exports has been halved to 20 percent. According to a notification by the country's finance ministry, the Indian news agency PTI reported that the reduced tariffs came into effect on Saturday (September 14).
Meanwhile, the Times of India reported that India's Directorate General of Foreign Trade decided to cancel the conditions related to the minimum export price of onions on Friday (September 13). This decision will be effective immediately. As a result, Indian traders can now export onion at any price.
According to Indian media, in a notification issued on Friday, the government has withdrawn the minimum export conditions for onion exports with immediate effect. In May this year, India's Modi-led government lifted the ban on onion exports but fixed the minimum export price.
India had once completely stopped onion exports due to rising prices in the domestic market. However, in May of this year, the export ban was lifted and the minimum export price of onion was set at 550 dollars. Apart from this, the country's government imposes a 40 percent duty on exports.
The main objective of these two moves by India was to discourage onion exports from India. This move by Delhi helps reduce exports from India to a significant extent.
According to Economic Times, India's onion exports fell by more than 50 percent in June alone. Till July 31 of the current financial year 2024-25, 260 thousand tons of onions have been exported from India. In the previous financial year, the export amount was 17 lakh 17 thousand tons. In India, the fiscal year starts in April.
India is one of the leading onion exporters in the world. Many countries including Bangladesh import onions from India. Importers of Bangladesh are interested in importing onions from India. Because products can be brought quickly from the neighboring country, the demand for Indian onion in the market is more than onion imported from other countries.
The Times of India also reported that the facility was given to onion farmers ahead of the important assembly elections in Maharashtra. Maharashtra is the most important onion-producing region in India. Farmers of this state were most affected due to the decline in onion exports.
Record-Breaking Gold Prices in World Market, May Impact Bangladesh
A new history has been created in the gold price, breaking all previous records in the world market. For the first time in the world market, the price of one ounce of gold exceeded 2,550 dollars. As such, the price of this expensive metal can rise to a new record in the Bangladeshi market at any time.
It is known that at the beginning of last week, the price of gold per ounce was 2,486.96 dollars. From there, the gold price per ounce settled at 2,578.48 dollars at the end of the week. That is, the price of gold per ounce increased by 91.52 dollars or 3.68 percent during the week. The price of gold per ounce increased by 20.03 dollars or .78 percent on the last working day of the week.
Earlier, the price of one ounce of gold rose to a maximum of 2,529.90 dollars. This is the price of gold on August 20 of this year. Due to this price increase in the world market, the price of gold was also increased in the country market at that time. The best quality or 22-carat gold per bhori is priced at Tk1,27,942. This is the highest price of gold in the country's market so far.
Bangladesh Jewelers Association (BAJUS) determines the price of gold in the country's market. According to the latest price offered by the organization, the price of the best quality or 22-carat gold per bhori has been reduced by Tk1,621 to Tk1,26,321. The price of 21-carat gold has been reduced by Tk1,540 to Tk1,20,582. Apart from this, the price of 18-carat gold has been reduced by Tk 1,329 to Tk1,03,355. The traditional gold price per bhori of gold has been reduced by Tk1,097 to Tk85,450. This price was fixed on September 2. Currently, gold is being sold at this price in the country's market.
BAJUS Standing Committee on Pricing and Price Monitoring Committee decides to increase or decrease the price of gold on behalf of the organization. A member of this committee said, "The price of gold in the world market has increased at an unusual rate. In the last week, the price of gold has increased by almost 100 dollars per ounce. Per ounce of gold can become 2,600 dollars at any moment. The rate at which the price of gold is increasing in the world market, the gold price of the country will also need to be increased. There is no alternative.
He said, "We decided to increase or decrease the gold price based on the international market as well as the local market. When the gold price rises in the local market, it is naturally decided to increase the price. Again, when the gold price falls, it is decided to reduce the price. The world market prices affect the country's gold prices.
