Rejaul Karim Byron

The government has brought in a major amendment to the Companies Act allowing setting up of single-member companies, a move that is expected to give a boost to entrepreneurship, draw investors and support the growth of SMEs.

The two-and-half-month-long countrywide general shutdown was supposed to cause a massive dent to the state’s coffer as the economic locomotive was effectively chained to its track in the station.

Foreign aid disbursement rose more than 28 per cent to $8 billion in the just-concluded fiscal year riding on the increased flow of budget support from development lenders to help Bangladesh ride out the coronavirus pandemic.

The government has gone one step further to tighten its belt amid drying up of revenues as it suspended 50 per cent budgetary allocation for the expenses for both foreign and local tours of officials and banned all routine travels.

Pandemic-hit apparel exporters have sought continuation of low-cost loans from the government for three more months to help them pay wages to workers as the sector is struggling to stay afloat.

The government has decided to put a hold on the implementation of low-priority development projects involving Tk 40,000 crore to free up funds for the productive sectors amid widening revenue shortfall.

The government yesterday approved a Tk 3,020 crore project -- the biggest ever scheme for farm sector -- to provide price support to farmers in purchasing agricultural machinery.

Sometimes, one just needs to resign to reality.

The government has decided not to purchase new vehicles under all operating and development expenses for the rest of 2020 as part of its austerity measures in face of falling revenues owing to the coronavirus pandemic.

A staggering two-thirds of the 50 lakh poor families hit hard by the coronavirus pandemic are yet to receive Tk 2,500 each in cash support because of the flawed list although they have been languishing in poverty for the last three months.

The government is set to distribute 10-kilogramme rice for free to each of over one crore “ultra-poor and destitute families” ahead of Eid-ul-Azha.

Wage growth slowed to a five-year low in the just-concluded fiscal year driven by the income loss in the manufacturing and services sectors as the coronavirus pandemic-induced shutdown wiped out livelihoods of a major portion of the population in the last quarter.

When the government approved the Khulna-Mongla Port Rail Line project in December 2010, construction of the 64.75km rail line was supposed to be completed within December 2013.

The government is revisiting the idea of using currently healthy foreign currency reserves boosted by the drastic fall in imports and injection of budget support from external sources to bankroll major projects.

Inflation ended the just-concluded fiscal year at 5.65 per cent, slightly overshooting the government’s target of 5.5 per cent, owing to the dragging supply chain disruption caused by the pandemic-induced shutdown.

The government now plans to set up a state-run corporation to buy and trade distressed loans off banks as part of its efforts to clean up the financial sector.

Gross inflow of foreign direct investment to Bangladesh fell 13.8 per cent to $3.73 billion in the first 11 months of last fiscal year, largely owing to the coronavirus pandemic, which came as a shock to foreign investors.

The World Bank has been an ever-reassuring presence in Bangladesh’s growth narrative, and the multilateral lender will continue to play that role, said its country director.

Life expectancy at birth for Bangladeshis has risen to 72.6 years because of what experts said was progress made in health care and economy.

The VAT Intelligence yesterday withdrew its directive that had asked banks to provide information on discrepancies in turnover figures shown by potential borrowers in returns and annual financial statements.