Rejaul Karim Byron

The government will appoint a German joint venture as the consultant for the construction of a breakwater and channel dredging work at the proposed Bay Terminal, a long-awaited project of Chattogram port.

The government today starts selling rice at subsidised prices in an effort to give respite to the poor and low-income earners and bring stability to the volatile rice market.

The use of foreign aid for development projects in Bangladesh jumped 49 per cent year-on-year in July, providing some relief to the government amid the ongoing pressure on the country’s foreign exchange reserves.

The government yesterday slashed the import duty on rice and is also working to import about 12 lakh tonnes of food grain including rice as it looks to rein in the price of the staple amid a cost of living crisis.

Good intentions gone wrong -- sums up best the government initiative to send officials abroad for training and upskilling.

The government’s austerity measures have hit implementation of the annual development programme (ADP) in the first month of the current fiscal year, with just 0.96 per cent of the total allocation being spent, the lowest in the last four years. 

The World Bank Group is scaling up its lending to Bangladesh in non-concessional terms by as much as three times to prepare the country for its impending LDC graduation, which would close the doors to low-cost funds.

Talks for the support package from the International Monetary Fund are likely to begin after the third week of October, said the Washington-based multilateral lender yesterday.

Four years ago, the government approved a project to construct a container port on the Meghna river in Brahmanbaria’s Ashuganj at an estimated cost of Tk 1,293 crore.

Bangladesh gravitated towards external borrowing to finance its budget deficit in fiscal 2021-22, leveraging the country’s capacity to absorb more of the relatively economical foreign loans.

The record fuel price hike last week has thrown a spanner in the works to the finance division’s projection of bringing the twin problems of inflation and delicate foreign currency reserves under control by December.

The tax authority’s receipts from black money dropped 94.4 percent year-on-year in fiscal 2021-22 after the increase in tax rate and additional penalty dulled the black money holders’ interest to legalise their undisclosed wealth.

The record fuel price hike yesterday would put Bangladesh in a favourable position as the country enters into negotiations next month with the International Monetary Fund for financial assistance to ease the pressure on the precarious balance of payment and foreign currency reserves.

When a piece of Personal Protective Equipment (medical coveralls) was Tk 1,200, the authorities bought 50,000 of them for Tk 3,900 each from a motor parts supplier.

The International Monetary Fund yesterday conveyed its interest to support Bangladesh with its request for loan to prop up its strained foreign currency reserves.

Inflation bucked its runaway trend in July, becoming the third data point this month after remittance and import to provide some relief to a government on its toes about the direction the economy was taking.

Bangladesh’s regional trade can increase by a staggering 93 percent thanks to the $1.4 billion project the World Bank has set in motion to accelerate trade and transport connectivity in Eastern South Asia -- a development that can cushion the country from the anticipated export losses from LDC graduation.

Revenue collection grew 15.51 per cent year-on-year to Tk 300,179 crore in the just-concluded fiscal year of 2021-22, according to the provisional data of the National Board of Revenue (NBR).

The government is finally moving ahead with a project to roll out fifth-generation (5G) mobile internet services through state-run network provider Teletalk, according to officials of the planning ministry.

The government is expecting $2.5-3 billion by June next year from multilateral lenders other than the International Monetary Fund to help the Bangladesh economy weather the storm caused by the Ukraine war.