Rejaul Karim Byron

Bangladesh has stepped into a new journey as it qualified to graduate into a developing nation from a Least Developed Country (LDC) after 45 years.

The United Nations Committee for Development Policy has recommended Bangladesh’s graduation from Least Developed Country (LDC) status along with Nepal and Lao PDR.

Bangladesh is confident that it can fend off the challenges stemming from the graduation from the grouping of least-developed countries (LDCs) as the government has taken measures.

At a time when raising voice against financial scammers is challenging given the immense influence enjoyed by the vested quarter, Khondkar Ibrahim Khaled took a bold stance against swindlers in the banking sector. He became a torchbearer by way of giving his valuable recommendations to protect financial institutions from delinquent borrowers.

The downing of bank deposit rates is pushing savers towards national savings certificates as they seek higher returns after incomes were wiped out by the coronavirus pandemic.

The government has decided to expand the size of a fresh stimulus package for small traders, entrepreneurs and farmers to Tk 10,000 crore as they were largely left out of credit support despite being hit hard by the coronavirus pandemic.

The government yesterday approved two proposals to buy a total of 67.2 lakh MMBTU liquified natural gas from spot market for Tk 623.64 crore to meet the growing demand for the super-chilled fuel.

The government is going to upgrade the 209km Dhaka-Sylhet highway into six lanes, including service lanes on both the sides, under a Tk 16,918.59 crore project.

Prime Minister Sheikh Hasina yesterday directed Payra Port Authority (PPA) to prepare a detailed work plan amidst cost spirals and delays in project implementation involving the government’s highly-ambitious development agenda.

The cost of two projects related to the much-hyped Payra Sea Port continues to shoot up and their completion is facing delays although the port belongs to the government’s list of fast-track projects.

The government is going to expand the Internet Protocol (IP) network of the Bangladesh Telecommunications Company Limited (BTCL) with an aim to expand broadband network to upazila and union levels.

Just as it had been for past LDC status graduates, Bangladesh will also not face a lot of challenges afterwards for already having proven its economic resilience and potential for sustainable growth, according to a government study.

The government is going to amend procurement rules to import rice, wheat and other commodities in the fastest possible time.

At least 66,622 people would fall below the poverty line due to the decline in exports following Bangladesh’s graduation to a developing nation from the group of least-developed countries, according to a government analysis.

Development of physical infrastructure, improvement of the business climate and labour productivity and technological adoption are the key to making Bangladesh competitive in global trade by offsetting the fallouts of the LDC graduation.

Loans to the vulnerable sectors in Bangladesh such as garment, textile, cement and tanneries will face significant pressure as they are yet to see expected recovery from the shock of the coronavirus pandemic, Moody’s said.

Prime Minister Sheikh Hasina yesterday expressed displeasure over frequent revisions of projects and directed the authorities to take legal action against those responsible for flawed project designs that ultimately push up costs.

The government has undertaken a Tk 4,367 crore project to turn the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) into an environment-friendly industrial city with a view to attracting more foreign investment.

Bangladesh will face an uphill task in convincing major trading partners and regional blocs to sign free trade agreements (FTAs) because of higher tariffs as it looks to retain duty benefits after its graduation from the LDC group, according to a government report.

University-going students aspiring to be tech-entrepreneurs are set to get a shot in the arm as the government is planning to create innovation hubs at both public and private universities to develop digital entrepreneurship and innovation ecosystems.