Rejaul Karim Byron

After the prime minister’s directive, the Finance Division yesterday asked the authorities to cut government spending on land acquisition, building construction, and machinery purchase.

The eight fast track projects being implemented by the government are seeing mixed progress with four having made significant progress as of November this year while the rest may not see timely completion.

The central bank is set to return to its semiannual monetary policy stance after three years as per a suggestion of the International Monetary Fund (IMF) but local economists say the move would not bring about any change amid the lending rate cap and multiple exchange rates. 

Unusual investment decisions made by the state-run Investment Corporation of Bangladesh (ICB) could inflict a loss of Tk 438 crore on taxpayers as the funds have either turned into default loans or remained largely unrealised, according to an audit report.

Despite having a strong emerging regulatory framework and a relatively mature market, public-private partnership (PPP) projects in Bangladesh have attracted far lower investments than requirements owing to implementation challenges, lack of long-term financing, and dated laws.

Though inflation continued to undergo a downward trend for a third consecutive month in November, non-food inflation in rural areas entered into double digits last month for the first time in recent times. 

The government managed to implement 85 per cent of the budget in the last fiscal year despite spending a huge amount as subsidies and incentives, raising questions about the trend of unveiling bigger budgets year after year.  

The government has taken an initiative to set up four new vehicle inspection centres (VICs) to control emissions.

With a $21-billion inward remittance anticipated, Bangladesh is likely to be the seventh highest recipient of remittance globally this year, said the World Bank’s latest report.

The Asian Infrastructure Investment Bank has become the first multilateral lender to respond to Bangladesh’s call for budget support this fiscal year to weather the impacts of the Ukraine war after its board approved $250 million last week.

Electricity and gas prices can now be adjusted without a public hearing after the cabinet yesterday amended a law, paving the way for introducing dynamic energy pricing in Bangladesh.

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.