Rejaul Karim Byron

Commitments and disbursements of foreign assistance for development projects in Bangladesh fell in the July-October period of the current fiscal year, which may deepen the pressure on foreign exchange reserves.

The International Monetary Fund is set to tag three binding conditions and a host of structural reforms for the prospective $4.5 billion loan to Bangladesh, as the Washington-based multilateral lender looks to bring in lasting reforms in the country.

State-run Bangladesh Television bought the rights to cover all 66 2022 FIFA World Cup matches for a whopping Tk 98 crore after a belated move from the government.

Ever since Sri Lanka and Pakistan’s economic turmoil, Bangladesh’s foreign exchange reserves has become a part of public discourse. So much so that despite having an official figure from the central bank every week, people are speculating.

The government yesterday approved import of 1.8 lakh tonnes of fertiliser so that farmers do not face any crisis in the Boro season by the end of December.

Bangladesh Bank at a meeting with top bankers yesterday said one of the reasons for the current dollar crunch is trade mis-invoicing.

The World Bank has agreed to take lead in a landmark project to breathe life back into the five rivers surrounding Dhaka city involving about $20 billion.

After the International Monetary Fund it is now its sister concern World Bank’s turn to negotiate economic reforms with the government for the prospective $2 billion financial support package sought to help the country weather the global economic turmoil.

The government will not need to commit to any prior actions to get the first instalment from the International Monetary Fund’s $4.5 billion loan in February, in a turn of events in its favour.

The Bangladesh Bank is going to make public the gross and net foreign reserve figures separately on a regular basis in line with global practices, said officials. 

The government yesterday reached a preliminary agreement with the International Monetary Fund over a $4.5 billion loan programme, putting to bed all suspense on whether a deal would be struck with the multilateral lender at all.

Inflation bucked the rising trend for the second consecutive month in October, helped by the cooling off of grocery prices.

The visiting IMF staff mission yesterday enquired about the status of loan repayment to Russia, which is disconnected from the international financial system thanks to SWIFT’s ban on the country for the Ukraine war.

The government is likely to introduce dynamic fuel pricing next quarter -- a development that will dramatically lessen the subsidy burden and pave the way for enhanced social spending.

One project is seeking higher allocation, one deadline extension and three are requesting both as the government is set to place seven projects at a meeting of the Executive Committee of the National Economic Council (Ecnec) tomorrow for approval.

Prime Minister Sheikh Hasina yesterday instructed Bangladesh Bank to intervene if any bank faced a dollar shortage while opening letters of credit for importing food, fertiliser and other agricultural inputs to ensure uninterrupted food supply.

The International Monetary Fund will be coordinating its conditions for the prospective $4.5 billion loan with the World Bank and the Asian Development Bank to accomplish holistic reforms.

The government has been deprived of Tk 472.7 crore for 21 counts of irregularities by Standard Asiatic Oil Company, a subsidiary of the Bangladesh Petroleum Corporation, found an audit.

International Monetary Fund (IMF) has advised the government to rationalise the existing tariff structure by reducing various types of para and non-tariff barriers to improve competitiveness of domestic industries. 

Bangladesh Bank is anticipating the pressure on the balance of payments will blow over by the end of this fiscal year thanks to hearty assistance from development partners –-- an outlook termed wishful by economists.