Local govt outspends all other ministries, divisions
Ahead of the upcoming national elections, the local government division (LGD) has spent more money from the annual development programme (ADP) than other major ministries and divisions.
23 October 2023
Delaying key measures may prove costly for economy
In the past 18 months, Bangladesh has largely failed to take appropriate measures to curb higher inflation and reverse the fall of foreign currency reserves, both at the heart of the country’s persisting economic plight.
22 October 2023
$4.7B loan from IMF: Next tranche of $681m expected in Dec
Bangladesh is hopeful of receiving the second tranche of the IMF’s $4.7 billion loan programme in December as the authorities agreed to further monetary policy tightening, tighter fiscal policy and greater exchange rate flexibility.
19 October 2023
IMF to suggest new exchange rate system
The IMF staff mission is willing to set a lower target for foreign currency reserves for this December and June next year provided the Bangladesh Bank adopts the crawling peg method to manage the exchange rate.
17 October 2023
Beneficiaries to enjoy tax waiver
The beneficiaries of the universal pension scheme (UPS) will get tax waiver facilities on their investment and profits.
16 October 2023
IMF loan conditions: Govt seeks lower reserve target
Bangladesh has requested the visiting International Monetary Fund staff mission to revise down some of the targets as the existing numbers are not achievable in the present context.
15 October 2023
Sincerity should matter, not failure
The government’s sincerity in bringing in reforms set by the International Monetary Fund should matter rather than its failure to meet a couple of targets set, said Finance Minister AHM Mustafa Kamal.
14 October 2023
Govt to buy 261 SUVs in times of austerity
At a time when the government has undertaken austerity measures to reduce public spending, it is going to purchase 261 Sport Utility Vehicles for deputy commissioners and Upazila Nirbahi Officers ahead of the national election.
11 October 2023
IMF downsizes growth forecast
The International Monetary Fund yesterday trimmed Bangladesh’s growth forecast for this fiscal year to 6 percent, following in the lead of its sister organisation, the World Bank.
10 October 2023
IMF Staff Mission: Concern raised over inflation, reserves, bad loans
The International Monetary Fund staff mission yesterday raised four burning issues in their meetings with the Bangladesh Bank and the finance ministry: foreign currency reserves, inflation, banking sector and revenue collection.
4 October 2023
$27b health budget in the works
The government is preparing a $27 billion budget for the upcoming five-year health sector plan, up 52.5 percent from the ongoing programme that ends in June 2024.
26 September 2023
Now Fitch has negative outlook on Bangladesh
Bangladesh’s credit rating came under further threat yesterday as Fitch put the country on a “negative” outlook while giving a damning verdict on the central bank’s policy response to the fast-depleting foreign currency reserves.
26 September 2023
Govt’s bank borrowing in check
The government’s borrowing from the banking system has remained in check so far in the ongoing fiscal year thanks to lower expenditures and higher revenue collection.
24 September 2023
Revenue collection up 15% in Jul-Aug
Government revenue collection in the July-August period, the first two months of the current fiscal year of 2023-24, has increased by nearly 15 percent year-on-year, thanks to a rise in VAT from multinational companies.
22 September 2023
Inflation to cool in later part of FY24
Although higher consumer prices have persisted in the first few months of the current fiscal year, inflation in Bangladesh is going to cool in the later part of 2023-24 thanks to one external and two domestic factors, the Asian Development Bank (ADB) forecast yesterday.
21 September 2023
$250m budget support from WB in Nov
Bangladesh is expecting another $250 million in budget support from the World Bank after the government fulfilled the conditions laid out for the funding.
19 September 2023
Universal Pension Scheme: About 13,000 sign up in first month
About 13,000 people enrolled on the universal pension system in the month since Prime Minister Sheikh Hasina flagged it off, with private sector employees making the majority.
17 September 2023
Growing debt servicing now puts pressure on forex reserves
The cost of debt servicing has risen significantly amid a higher flow of loans from development partners and an elevated level of interest payments, compounding pressure on the foreign currency reserve of Bangladesh, official figures showed.
17 September 2023
Liquidity stress at Islamic banks shows no sign of abating
Liquidity in Shariah-based banks in Bangladesh remains tight due to a dip in deposit collection and the banks’ inability to make the most of the central bank support to overcome the situation, Moody’s Investors Service said in a report.
15 September 2023
BBS data lays bare devastating impact of Covid-19
The scale of the immediate but devastating effects of the Covid-19 pandemic on Bangladesh’s economy emerged for the first time after the Bangladesh Bureau of Statistics (BBS) published the quarterly data of the GDP to meet IMF’s conditions.
15 September 2023