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May 29, 2024
Economy Tag : Govt.

State Minister for Finance announced that curbing inflation will be a top priority in the upcoming budget, with significant focus on ensuring food security. The government is providing maximum subsidies on agricultural products such as fertilizers and seeds to bolster food security. Addressing the global inflation problem, the minister highlighted the government’s efforts to support food production through substantial budgetary measures. Additionally, the PACE project, implemented by PKSF from 2015-2023 with a total cost of $129.71 million and $58.07 million funded by IFAD, has been instrumental in developing the microenterprise sector, particularly in agriculture. This project has improved livelihoods by increasing incomes from self-employment, business profits, wage employment, and food security for both moderate and extreme poor individuals in a sustainable manner.

May 29, 2024
Economy Tag : Govt.

State Minister for Finance announced that curbing inflation will be a top priority in the upcoming budget, with significant focus on ensuring food security. The government is providing maximum subsidies on agricultural products such as fertilizers and seeds to bolster food security. Addressing the global inflation problem, the minister highlighted the government’s efforts to support food production through substantial budgetary measures. Additionally, the PACE project, implemented by PKSF from 2015-2023 with a total cost of $129.71 million and $58.07 million funded by IFAD, has been instrumental in developing the microenterprise sector, particularly in agriculture. This project has improved livelihoods by increasing incomes from self-employment, business profits, wage employment, and food security for both moderate and extreme poor individuals in a sustainable manner.

May 29, 2024
Economy Tag : Vat & Tax

The government plans to reduce tax deduction rates at source for raw material supplies to manufacturers from 4% to 3%, and for finished products to retailers from 5% to 4% in the next fiscal year. A single 5% source tax rate for contractor payments will replace the current tiered rates of 3%, 5%, and 7%. This move aims to ease financial pressure on local manufacturers and traders, treating the deducted tax as the minimum and final settlement if their income doesn’t exceed it. The changes also aim to prevent tax evasion by contractors who currently manipulate contracts to benefit from lower rates. However, the new rate may impact small contractors who benefit from the 3% rate. Business leaders have welcomed the tax reductions but stressed the need for a refund policy for excess taxes. They also highlighted challenges such as the cumulative 16% tax burden on the textile sector and the need for efficient tax collection, suggesting the use of electronic fiscal devices (EFDs) for wholesalers. The changes come as part of broader efforts to support local businesses while closing tax loopholes.

May 29, 2024
Industry : Automotive

The government plans to revive taxicab services in Dhaka and Chattogram, potentially expanding to other cities. The Taxicab Service Guideline 2010 will be updated to include divisional headquarters and tourist areas. Stakeholders discussed introducing services in Barishal, Khulna, and adjacent districts. The updated guideline aims to address issues faced by existing services and encourage competition. Considerations include affordability and the potential introduction of a management app. Amendments to laws may facilitate cheaper vehicle imports. Taxicab services by Toma Construction Company Ltd and Bangladesh Army Welfare Trust faced challenges due to high fares. Currently, only a few taxis operate in Dhaka. Two companies seek permission to operate taxicabs, with one granted permission for 150 vehicles. Carnival Automobiles Ltd’s application for 3,000 AC taxis in Dhaka is under review. Upon guideline update, interested companies will be invited to apply, with the aim to commence operations soon.

May 29, 2024
Industry : Financial

The High Court instructs the Investment Corporation of Bangladesh (ICB) to grant Sea Pearl Beach Resort & Spa an additional 10 years to settle Tk 4.38 billion dues accumulated until April. Sea Pearl, having paid only Tk 730 million against Tk 3.25 billion bonds issued in 2017, will repay the principal plus interest in 10 equal installments. The ICB, facing financial strain, seeks Tk 50 billion from the central bank for equity market investments and loan repayments. Overburdened with debts, the ICB received Tk 112.13 billion and invested Tk 128.49 billion in securities from 2010 to 2023. Sea Pearl’s bond conversion to shares at Tk 94 each was approved to pay Tk 1.2 billion, contingent on case withdrawal.

May 29, 2024
Industry : Agriculture & Livestock

Al-Arafah Islami Bank signed an agreement with Ecotech Organic Garden to bolster agricultural growth in Bangladesh through farmer collaboration. The agreement was inked at the bank’s Dhaka head office. Shabbir Ahmed, acting Managing Director of the bank, graced the event as the chief guest. Representatives from both sides, including the Deputy Managing Director of the bank, and the Chairman and Managing Director of Ecotech Organic Limited, attended the signing ceremony. Additionally, the Deputy Managing Director of the bank, Bogura Zonal Head, ARDP Head and other senior executives from both organizations were present.

May 29, 2024

The High Court instructs the Investment Corporation of Bangladesh (ICB) to grant Sea Pearl Beach Resort & Spa an additional 10 years to settle Tk 4.38 billion dues accumulated until April. Sea Pearl, having paid only Tk 730 million against Tk 3.25 billion bonds issued in 2017, will repay the principal plus interest in 10 equal installments. The ICB, facing financial strain, seeks Tk 50 billion from the central bank for equity market investments and loan repayments. Overburdened with debts, the ICB received Tk 112.13 billion and invested Tk 128.49 billion in securities from 2010 to 2023. Sea Pearl’s bond conversion to shares at Tk 94 each was approved to pay Tk 1.2 billion, contingent on case withdrawal.

May 29, 2024

Al-Arafah Islami Bank signed an agreement with Ecotech Organic Garden to bolster agricultural growth in Bangladesh through farmer collaboration. The agreement was inked at the bank’s Dhaka head office. Shabbir Ahmed, acting Managing Director of the bank, graced the event as the chief guest. Representatives from both sides, including the Deputy Managing Director of the bank, and the Chairman and Managing Director of Ecotech Organic Limited, attended the signing ceremony. Additionally, the Deputy Managing Director of the bank, Bogura Zonal Head, ARDP Head and other senior executives from both organizations were present.

May 29, 2024

The Government has taken significant steps to revive the RR Textile and Rajshahi Textile Mills in Sitakunda and Rajshahi, respectively, under the control of Bangladesh Textile Mills Limited (BTMC) through the Public-Private Partnership (PPP) system.

The Cabinet Committee on Economic Affairs, chaired by the Finance Minister, has given in-principle approval to launch these two textile mills on a PPP basis. This decision underscores the government’s commitment to revitalizing the textile industry, a crucial sector of Bangladesh’s economy. RR Textile Mill, established in 1963 on 19.48 acres of land, ceased operations in 1997. Similarly, Rajshahi Textile Mill, established in 1975 on 26.34 acres of land, also stopped production in 1997. The proposal to reopen these closed mills on a PPP basis received in-principle approval from the Cabinet Committee on Economic Affairs in December 2017.

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Government Plans to Revive Taxicab Services
May 29, 2024
Industry : Automotive

The government plans to revive taxicab services in Dhaka and Chattogram, potentially expanding to other cities. The Taxicab Service Guideline 2010 will be updated to include divisional headquarters and tourist areas. Stakeholders discussed introducing services in Barishal, Khulna, and adjacent districts. The updated guideline aims to address issues faced by existing services and encourage competition.

HC Directs ICB to Extend Sea Pearl's Debt Repayment Period to 10 Years
May 29, 2024
Industry : Financial

The High Court instructs the Investment Corporation of Bangladesh (ICB) to grant Sea Pearl Beach Resort & Spa an additional 10 years to settle Tk 4.38 billion dues accumulated until April. Sea Pearl, having paid only Tk 730 million against Tk 3.25 billion bonds issued in 2017, will repay the principal plus interest in 10 equal installments.

Al-Arafah Islami Bank Partners with Ecotech Organic Garden
May 29, 2024

Al-Arafah Islami Bank signed an agreement with Ecotech Organic Garden to bolster agricultural growth in Bangladesh through farmer collaboration. The agreement was inked at the bank’s Dhaka head office. Shabbir Ahmed, acting Managing Director of the bank, graced the event as the chief guest.

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HC Directs ICB to Extend Sea Pearl's Debt Repayment Period to 10 Years
May 29, 2024

The High Court instructs the Investment Corporation of Bangladesh (ICB) to grant Sea Pearl Beach Resort & Spa an additional 10 years to settle Tk 4.38 billion dues accumulated until April. Sea Pearl, having paid only Tk 730 million against Tk 3.25 billion bonds issued in 2017, will repay the principal plus interest in 10 equal installments.

Al-Arafah Islami Bank Partners with Ecotech Organic Garden
May 29, 2024

Al-Arafah Islami Bank signed an agreement with Ecotech Organic Garden to bolster agricultural growth in Bangladesh through farmer collaboration. The agreement was inked at the bank’s Dhaka head office. Shabbir Ahmed, acting Managing Director of the bank, graced the event as the chief guest.

Govt Takes Steps to Revive RR Textile and Rajshahi Textile Mills
May 29, 2024

The Government has taken significant steps to revive the RR Textile and Rajshahi Textile Mills in Sitakunda and Rajshahi, respectively, under the control of Bangladesh Textile Mills Limited (BTMC) through the Public-Private Partnership (PPP) system. The Cabinet Committee on Economic Affairs, chaired by the Finance Minister, has given in-principle approval to launch these two textile mills on a PPP basis.

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Govt Net Debt from Banking Sector Reaches Tk 50,899 Crore
May 29, 2024
Economic Tag : Debt

Government debt from the banking sector has surged, reaching Tk 70,558 crore by May 12 in the current financial year. Despite paying off Tk 19,659 crore earlier loans from Bangladesh Bank, the net debt stands at Tk 50,899 crore. Factors such as increased exchange rates and interest rates contribute to rising costs, prompting increased borrowing from banks. This trend adversely affects private sector access to credit.

Govt Greenlights Tk 8,483 Crore WB Aid for Rohingyas
May 29, 2024
Economic Tag : Foreign Aid

Bangladesh has approved an extensive Tk 8,483 crore cluster project funded by the World Bank to support displaced Rohingyas and the affected host community. Of the total project funds, the World Bank will contribute Tk 7,720 crore ($700 million), with Tk 4,475 crore as a loan and Tk 3,244 crore as grants.

Govt Adopts Strategies to Mitigate Fiscal Risks
May 29, 2024
Economic Tag : Govt.

To mitigate fiscal risks, Bangladesh has implemented strategies such as risk transfer, creating fiscal buffers, and diversifying revenue sources. These measures aim to enhance stability and reduce vulnerabilities. The Finance Division suggests transferring liabilities as an effective risk reduction strategy, exemplified by recent adjustments to petroleum prices to align with international rates, which lessened the fiscal burden.

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