Bangladesh Economy: News & Updates

[idune]

Current account deficit hits $1.75b in 10 months

FE Online Report
The country’s current account deficit reached $1.75 billion during the first 10 months of the current fiscal year (FY17).

It was in surplus of $ 3.52 billion in July-April period of the past fiscal year (FY16), according to the latest statistics of the central bank.

The difference between a nation’s savings and its investment is generally known as the current account.

Surplus in current account balance indicates that the nation is a net lender to the rest of the world, while deficit in the current account balance indicates that it is a net borrower from the rest of the world.

Bangladesh Bank statistics also revealed that the current account deficit was $1.39 billion in the first nine months of the current fiscal year.

http://www.thefinancialexpress-bd.c...rent-account-deficit-hits-$1.75b-in-10-months

 

[idune]

In span of 10 months $5.27 billion dollars gone. This might not be in headline but where did awami league regime take $5.27 billion in 10 months period??

 

[bdslph]

i am not an expert .maybe what khaleda said is true

that is a huge amount of money disappear .i know the BAL gov busy on spending on left and right like water
always going and traveling which it dont need to. see how the vat are being shoved our ... on every thing
because the gov dont have money deficit will increase by 5percent this time
having big budget doesnot mean you have money and also when economy and other predicts we will be tiger country in economy . they meant if we dont screw up our economy and the country .

 

[bluesky]

In span of 10 months $5.27 billion dollars gone. This might not be in headline but where did awami league regime take $5.27 billion in 10 months period??

What is your idea? Is AL has stolen the money to share with Hefazat and jamaat?

 

[bluesky]

http://www.thefinancialexpress-bd.com/2017/06/15/73877/BD-seeks-$1.0b-from-AIIB-for-six-projects

15 Jun 2017, 00:50:02
BD seeks $1.0b from AIIB for six projects
FHM Humayan Kabir
Bangladesh has sought extended financial support from the Asian Infrastructure Investment Bank (AIIB) for its six projects costing more than US$1.0 billion, officials said Wednesday.

A two-member Bangladesh delegation, headed by Economic Relations Division (ERD) Secretary Kazi Shofiqul Azam, will participate at the 2nd annual meeting of the AIIB, to be held in Jeju Island of South Korea on June 16-18.

"We will participate in the annual meeting of the AIIB. On the sideline of the meeting, we will also meet its Vice President and some other executives. We will request them to expedite its financial support to Bangladesh," the ERD Secretary told the FE.

Kazi Shofiqul Azam said Bangladesh had already sent the list of six projects mostly from the power sector for getting more than $1.0 billion financial support from the AIIB.

"We are waiting for approval of the Bank's board to receive the loan support," Mr Azam added.

According to officials, the six projects are mostly from the Power Division while one is from the Bridges Division.

Meanwhile, the AIIB approved two loans for two projects in Bangladesh in June last year and in March this year.

On June 24 last year, the bank approved the first loan of $165 million for the Distribution System Upgrade and Expansion Project.

The loan is being utilised by the Bangladesh Rural Electrification Board (BREB) and the Dhaka Electric Supply Company Limited (DESCO) for upgrading their distribution systems.

The second loan worth $60 million is for Bangladesh's Natural Gas Infrastructure and Efficiency Improvement Project.

The state-owned Bangladesh Gas Fields Company Limited (BGFCL) and the Gas Transmission Company Limited (GTCL) will develop the gas supply system with the loan. Bangladesh joined the AIIB from its inception in 2016. The number of its current members is 57. Another 13 are expected to join the bank soon.

The ERD Secretary said the AIIB is a new option for Bangladesh to receive more external financial support for development of the country's infrastructure and cut hunger.

Usually, the AIIB provides the LIBOR (London Based Inter Bank Offered Rate)-based loan for its member-countries with maturity of 25 years.

Currently, the World Bank is the largest multilateral lender, followed by the Asian Development Bank while Japan is the biggest bilateral donor for Bangladesh.

 

[Banglar Bir]

12:00 AM, June 15, 2017 / LAST MODIFIED: 04:24 AM, June 15, 2017
Padma Rail Link: Govt working to sign a loan deal with China
Staff Correspondent

The process of signing a loan agreement with China to implement the Padma Bridge Rail Link Project is underway, Railways Minister Mazibul Hoque told the Jatiya Sangsad yesterday.

In reply to lawmakers' queries, he said work on the physical infrastructure of the project would begin once the deal was inked.

In a scripted reply, Mazibul also said the government took up the project to construct the rail tracks from Dhaka to Jessore via Padma Bridge-Bhanga of Faridpur.

A memorandum of understanding (MoU) was signed with China Railway Group Ltd on January 28 in 2015 to execute the G-to-G project to be financed by the Chinese government, he told the House.

The minister said contract negotiation was completed on December 17, 2015.

The land acquisition process in two districts was already completed, while the process of land acquisition was going on in four other districts, he added.

In reply to another query, the minister told parliament that a total of 3,752 acres of land of Bangladesh Railway was under illegal occupation.

"Bangladesh Railway has recovered its 169 acres of grabbed land between July 2016 and May 2017,” he mentioned in a scripted answer.

Removing illegal structures on the grabbed land is a continuous process, and the railways ministry is conducting regular drive to recover the land, he added.

Answering to another query, he said 10,843 acres of railway's land remain unused at present.

He added that the railways ministry planned to build modern hospitals, medical colleges, five-star hotel-slash-commercial buildings, multi-storey shopping mall-slash-guesthouses on its unused land.

“Steps are being taken to construct such structures under a public-private partnership,” he added.

The minister also said initiatives were on to build a five-star hotel on Zakir Hossain Road in Chittagong, a medical college and a nursing institute, Chittagong Railway Hospital and shopping complex-slash-guesthouses in Chittagong and Khulna on railway's unused land.

http://www.thedailystar.net/backpage/padma-rail-link-govt-working-sign-loan-deal-china-1420363

 

[Bilal9]

Deal signed over dual gauge rail line construction on Dhaka-N’ganj route
Independent Online Desk

The government has signed a deal with a Chinese firm to construct various infrastructures of a dual gauge rail line alongside the existing meter gauge rail line on Dhaka-Narayanganj route (from Gendaria to Narayanganj).

Under the deal, the Chinese company will construct embankment, track, platform, shade, level crossing gate, station bhaban and other related infrastructures of the project.

Kazi M Rafiqul Alam, additional director general of Bangladesh Railway and Zhang Peiliang, commercial manager of Power Construction Corporation of China, signed the agreement from their respective sides at a ceremony at Bangladesh Rail Bhaban in the city on Monday.

Railway Minister Muzibul Haque was present on the occasion.

Talking to reporters, the minister said train speed will increase and more people will be able to travel on the route after the implementation of the project.

 

[Mage]

Sirajganj EZ receives initial licence
FE Report


Sirajganj Economic Zone has received pre-qualification licence from the Bangladesh Economic Zones Authority (BEZA) to begin its development work on 1,041 acres of land.

The economic zone (EZ) is expected to contribute to the national economy by way of creating employment opportunity for around 0.5 million people in a decade, a statement said.

According to the statement, the BEZA officials handed over the pre-qualification licence to Sirajganj EZ at a ceremony held in a city hotel Tuesday evening.

Abul Kalam Azad, chief coordinator for sustainable development goals (SDG) affairs under the Prime Minister's Office, attended the ceremony as the chief guest.

BEZA executive chairman Paban Chowdhury, Power division secretary Dr. Ahmad Kaykaus and Sirajganj EZ Limited vice-chairman Mahamudur Rahman Babu attended the licence awarding ceremony, among others.

Paban Chowdhury said the Sirajganj economic zone is the largest economic zone in private sector.

"It will attract more investment for its suitable geographical location at the entry point of north Bengal," he hoped.

Ahmad Kaykaus assured the SEZ authority of taking necessary initiatives to provide uninterrupted power supply to the industries in the zone.

The statement also said multifarious industries including textiles, knitwear, agro-based food and beverage, pharmaceuticals, automobiles, LNG, leather goods, steel, electronics and furniture will be established in the EZ.

The Sirajganj EZ is expected to employ 10,000 skilled and unskilled people in the first year of its inception and the number will increase to 0.5 million within ten years.

The Sirajganj EZ limited, a venture of 11 conglomerates, has already completed land acquisition in Sirjganj Sadar and Belkuchi Upazilla close to the west side of Bangabandhu Bridge, the statement added.

saif.febd@gmail.com

http://www.thefinancialexpress-bd.com/2017/06/21/74561/Sirajganj-EZ-receives-initial-licence

 

[Bilal9]

A few videos on special economic zones....

Bangladesh to build 100 economic zones

Bangladesh Economic Zones Authority ( BEZA) special economic zone at Mirsarai, Chittagong

Bangladesh Economic Zones Authority ( BEZA), 07 Private Economic Zones under construction

 

[EastBengalPro]

Bangladesh retains duty waiver from UK

The British government has promised to maintain the existing duty-free access for ‘everything but arms’ for 48 countries, including Bangladesh.

“The announcement shows our commitment to helping developing countries grow their economies and reduce poverty through trade,” International Trade Secretary Liam Fox said in a statement on Saturday.

It allays Bangladesh’s fears of losing duty-free access to the UK market in the aftermath of Brexit.

Around £20 billion a year of goods are shipped to the UK from these developing countries, accounting for around half of the nation’s clothing, a quarter of coffee and other everyday goods such as cocoa, bananas and roses.

The new commitment means that around 48 countries across the globe, from Bangladesh to Sierra Leone, Haiti and Ethiopia will continue to benefit from duty-free exports into the UK on all goods other than arms and ammunition, the British Prime Minister’s Office said.

Britain cites Bangladesh’s garment sector, which is an employer of over two million women and a significant exporter of clothing to the UK.

Without these trading arrangements, clothing, for example, from some of the poorest countries such as Bangladesh could face tariffs of over 10 per cent, which could be passed on to UK consumers through higher prices at the till.

In 2015, Bangladesh, India, Indonesia, Sri Lanka and Vietnam together exported 34 million dresses – one dress for every woman in the UK.

“None of these countries can defeat poverty without sustained economic growth – jobs and investment opportunities are vital to helping the world’s poorest people stand on their own two feet,” the British Prime Minister’s Office said, according to bdnews24.com.

http://www.thefinancialexpress-bd.com/2017/06/25/74906/Bangladesh-retains-duty-waiver-from-UK

 

[Bilal9]

Padma Bridge piling being done with world's most powerful 3000 Kilojoules German hammer.

 

[Bilal9]

Some amazing facts about Bangladesh which is a country of superlatives,

• Bangladesh has more people than Russia, in a space the size of Wisconsin.
• Bangladesh' HDI in many categories is higher than its larger neighbors in South Asia (excepting Sri Lanka)
• Head of state, Leader of opposition and Speaker of Parliament are all women. As are important cabinet members. This is unrivaled in any part of the world.
• Bangladesh had not had a male head of state since 1990.
• Bangladesh is the second largest apparel producer in the world.
• Bangla remains the only language in the world for which a nation like Bangladesh has shed actual blood.
• Bangladesh has resolved domestic violence to women better than its neighbors have.
• Bangladesh has a better sanitation profile than its larger neighbors.
• Bangladesh has massively improved in Shipbuilding, Home electrics/electronics, Pharma and Seafood exports, among other areas.
• Bangladesh remains the third largest vegetable producer in the world, as well as 33 Million MT of rice.
• As of 2016, Medium poverty level in Bangladesh is only 12%
• The number of Mobile Telephone users in Bangladesh (mostly smartphones) is higher than the total population of Germany, UK or Australia.
• The number of Internet users in Bangladesh is higher than the total population of Netherlands or Australia.
  
• From having a base of zero in 1971, the Bangladesh Military Services have grown to a rank of 53 out of 126 militaries in the world.
• Bangladesh is home to the largest Mangrove forest in the world (The Sundarbans).
• Bangladesh houses the largest delta and some of the mightiest and fastest moving rivers in the world.
• Bangladesh' parliament is housed in the 200 acre complex of Shangsad Bhaban, the largest such complex in the world. It was designed by Louis I. Kahn and executed by Bangladeshi Architect Mazharul Islam, who started the local excellence in various schools of architecture.
• Baitul Mukarram, the national mosque of Bangladesh - is the 10th largest community mosque in the world.

 

[gslv mk3]

• Bangladesh' HDI in many categories is higher than its larger neighbors in South Asia (excepting Sri Lanka)

Yet the total HDI score is lower than India.

 

[Hasan89]

Any idea when the Dhk-Syl highway expansion will start?

 

[Bilal9]