Bangladesh is going to organise a big roadshow in the USA on Friday (24 May) with 30 managing directors of different domestic banks to attract dollar deposits in response to recent foreign exchange fluctuations.
A total of 45 officials, including MDs of 30 banks are going to the USA for the special promotion program to increase US dollar deposits in banks through offshore accounts. Such a big gathering of Bangladeshi bank MDs will be held for the first time ever abroad.
According to the source, commercial banks are launching special campaigns to increase the flow of dollar deposits. Expatriates will be encouraged to send dollars through banking channels. For this purpose, a program related to Offshore Banking Fixed Deposit has been organised for expatriates in a hotel in New York.
Bangladesh Ambassador to the United States Mohammad Imran, will be present as the chief guest at the event. Muhammad Abdul Muhith, Permanent Representative of Bangladesh to the United Nations in New York, Deputy Governor Kazi Sayedur Rahman, Bangladesh Consulate General in New York Md Najmul Huda will be special guests.
This gathering, aimed at exploring opportunities in offshore banking, underscores the growing interest among Bangladeshi banks in diversifying their foreign currency reserves.
As a part of this, it is said that a promotional event has been organised in the country to encourage Bangladeshis residing in the United States to deposit dollars under offshore banking. &nbsp;

Bangladesh to launch US roadshow with 30 banks’ MDs to advertise offshore services

Bangladesh Power Development Board (BPDB) is going to bear the brunt after recent enhancement of US Dollar rate as it will have to spend an additional amount of over Tk 7,300 crore to purchase electricity from the private sector.
According to official sources, the BPDB's annual spending was roughly calculated as Tk 104,000 crore for purchasing electricity from the independent power producers (IPPs) for the fiscal year 2023-24. The total expense will now go up to about Tk 1,11,300 crore, according to officials familiar with the estimate this week.
But after the increase in the rate of USD by the central bank through the introduction of a crawling peg system, the BPDB has been a great victim of such a decision.
The Bangladesh Bank on May 8 unveiled the crawling peg exchange rate system and allowed banks to buy and sell US dollars freely near Tk117, as well as letting go of its regulatory power of the Smart rate, and hiking the repo rate.
Under this system, a crawling peg mid rate (CPMR) has been set at Tk117 per US dollar with immediate effect.
Scheduled banks may purchase and sell US dollars freely around the CPMR with their customers and in interbank deals, the notice also said.
A crawling peg system is a method of exchange rate adjustments that allows a currency with a fixed exchange rate to fluctuate within a band of rates. It is a hybrid of fixed and floating exchange rate systems.
"The payment mode of the power purchase agreements (PPAs) with the IPPS is in USD. So, we have to incur a huge financial loss when the USD rate goes up", a top official of the BPDB told UNB.
As the issue is very sensitive, preferring anonymity, he said the BPDB's loss will be enormous this year as the dollar rate went up in one go by Tk 7 to Tk 117 from the Tk 110.
He said the extra burden of paying Tk 7,300 crore will complicate the situation when the International Monetary Fund (IMF) has been insisting on reducing government's loss in buying electricity from the private sector.
He noted that The BPDB has to spend over Tk 12 in each unit of power generation while its average selling rate is about Tk 8.95 with incurring over Tk 3 per unit.
"The IMF has repeatedly been putting pressure on the BPDB to raise the electricity tariff to reduce the financial loss. Now, after enhancement of the USD rate, the financial loss will be tough to manage", said another official of the BPDB.
He, however, said despite the pressure from the international lending agency, the BPDB has not taken any decision to raise the tariff shortly.
"The Power Division and the BPDB have been making their own calculations about the impact of the USD rate enhancement. The final decision will come from the government if any decision is taken politically to raise the power tariff", added.
The BPDB annual report reveals that as the single buyer in the power sector, the organisation's operating expense was Tk 93,797.37 in the fiscal year 2023-24.

BPDB to bear the brunt after recent hike in US Dollar rate

Special Correspondent

Tax collection will increase by 5% of the country&rsquo;s gross domestic product (GDP) if 100% e-filing is ensured, according to a study by the Centre for Policy Dialogue (CPD).
&ldquo;This will increase tax collection by $5.8 billion in the first year and $7.8 billion in the fourth year, which is equivalent of Tk90,862 crore at current exchange rates,&rdquo; CPD Distinguished Fellow Professor Mustafizur Rahman said while presenting the findings at a dialogue titled "Digitalisation of the Taxation System in Bangladesh: The Next Frontier" on Sunday (19 May).
&ldquo;A dangerous co-dependency is developing due to not being able to increase domestic resource extraction,&rdquo; he added.
He also commented that as a result, the entire Annual Development Programme (ADP) has to be implemented with loans.
&ldquo;Entire revenue collection is being spent to meet the government's management and underdevelopment expenses. As a result, no revenue collection money can be spent on development,&rdquo; he added.
&ldquo;The government's 7th 5-Year Plan aimed to raise the revenue to GDP ratio to 14% by 2020, but the achievement was nowhere near it,&rdquo; Dr Mustafizur Rahman said.&nbsp;
It will not be possible to achieve a tax collection target of more than 9% of GDP in the current financial year, he added.
&ldquo;Even if 14% of the GDP can be collected as a tax, even at this time, the government will not have to borrow a penny to implement the budget,&rdquo; the economist said.
Urging to increase the capacity of the National Board of Revenue (NBR) in tax collection, and increase the use of skilled manpower and technology, he said, &ldquo;If other conditions remain unchanged, tax collection will increase to $167 billion by 2030 if 100% digital technology is used.&rdquo;
&ldquo;If the use of technology is not increased, the tax collection at that time will be a maximum of $90 billion. As such, the use of digital technology will help increase tax collection by about 86%,&rdquo; he added.
CPD Executive Director Dr Fahmida Khatun said large investments are needed to sustain the ongoing development of the country.
&ldquo;Although the demand for investment increases with economic growth, domestic resource circulation or tax collection does not increase in line with it. In the meantime, some pressure is coming from the external sector,&rdquo; she said.
&ldquo;After coming out of the list of least developed countries (LDCs), the interest rate on foreign loans will increase. Apart from that, a large amount of money is going away for repayment of existing loans and interest,&rdquo; she further said, adding there is no alternative to domestic resource extraction.
Stating the problems in tax collection are very old and have already been identified, Dr Fahmida Khatun said, &ldquo;NBR should be strengthened to modernise the tax system. The use of skilled manpower and technology should be increased.&rdquo;
"People live in fear of coming into the tax net. This fear of taxpayers should be nullified by simplifying the tax collection system,&rdquo; said Dr Fahmida Khatun.
The dialogue was organised with the support of the European Union (EU) at a hotel in the capital.
State Minister for Finance Waseqa Ayesha Khan, Parliamentary Standing Committee on Ministry of Posts, Telecommunications &amp; Information Technology Chairman Kazi Nabil Ahmed, National Board of Revenue (NBR) Chairman Abu Hena Md Rahmatul Muneem and CPD Distinguished Fellow Dr Debapriya Bhattacharya also spoke at the event.

100% e-filing can increase tax collection by 5% of GDP: CPD

Prime Minister Sheikh Hasina on Sunday urged local businesses to make investments in the country's 100 economic zones in addition to foreign investment.
&ldquo;We are setting up 100 economic zones across the country. We are inviting investments there. But we do not want only foreign investments, but also want domestic investments &nbsp;there,&rdquo; she said.
The prime minister said this while inaugurating the weeklong 11th National SME Product Fair to showcase locally made products from small and medium enterprises at the Bangabandhu International Conference Center (BICC), jointly organised by the Industries Ministry and SME Foundation.
She said that of the total 100 economic zones the government has so far allocated lands for up to 80 economic zones.&nbsp;
&ldquo;I think that from the SME Foundation or those who are entrepreneurs can avail lands in these economic zones alone or with partnership basis to set up their industries there,&rdquo; she said.
Hasina said that along with mechanisation of agriculture the government is putting emphasis on food production, agricultural products production which will contribute to the economy, and industrialisation based on that.&nbsp;
&ldquo;If there is no industrialisation no employment will be created and we won't be able to advance further. So We have to focus on industrialisation,&rdquo; she said.
She said that huge small mechanical parts will be needed for the mechanisation of the agriculture for which the government is providing various types of facilities.
She said that if proper training are provided it will be possible to produce those mechanical parts which can also be exported to many countries.&nbsp;
&ldquo;It will create market in our own country with the increase of our purchasing capacity,&rdquo; she said.
Industries Minister Nurul Majid Mahmud Humayun presided over the programme where Senior Secretary of Industries Ministry Zakia Sultana, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Mahbubul Alam and Chairperson of the SME Foundation Professor &nbsp;Md Masudur Rahman also spoke.
A documentary on Industries Ministry and SME Foundation was screened at the programme.
On this occasion, the prime minister handed over the crests and certificates to 7 micro, small, medium and start-up entrepreneurs who have won the National SME Entrepreneurship Award 2023.
Swapna Rani Sen expressed her feelings from among the award recipients.
The prime minister visited different stalls of the exhibition.
&nbsp;

Make investments in country's economic zones, PM Hasina asks local businesses

Staff Correspondent

Prime Minister Sheikh Hasina said the government is working to try to tame the persistent inflation in the country.
"The instability in the world has affected the economy of Bangladesh. We have to face the challenges arising from these situations. The government is trying to keep inflation under control," she said at the opening ceremony of the National SME Product Fair-2024 at the Bangabandhu International Conference Centre on Sunday (19 May).
"Importance should be given to increasing domestic production to tackle the effects of the global economic crisis on Bangladesh," she added.
The premier said the Awami League government started working to develop the youth of the country as entrepreneurs after coming to power.
"Along with production, market creation of the products is also important," she said.
The fair will continue till 25 May under the aegis of the SME Foundation as it will be open for visitors from 10am to 9pm daily.
More than 300 entrepreneurs are taking part in the fair as almost 60% of participants are women entrepreneurs.
After the inauguration, PM Hasina handed over the National SME Award-2023 to seven small, medium and start-up entrepreneurs including crest and accreditation certificates.
Industries Minister Nurul Majid Mahmud Humayun, Senior Secretary Zakia Sultana, FBCCI President Mahbubul Alam and SME Foundation Chairman Dr Md Masudur Rahman spoke at the function.

Govt trying to control inflation: PM Hasina

Bangladesh Bank lost its ability, to make independent decisions for the banking sector, and it&rsquo;s now operating to implement decisions of outsiders, which is unable to resolve the crisis in the banking sector, said&nbsp;eminent economist Fahmida Khatun.
The executive director of the Centre for Policy Dialogue (CPD) made these remarks on Saturday (18 May) while speaking as the chief guest at the shadow parliament debate competition organised by the Debate for Democracy at the FDC Auditorium, in the capital.
&ldquo;The culture of transparency and accountability is being lost in various regulatory bodies, including the central bank. As a result, the institutions are not able to fulfill the responsibilities, that the state assigned to them," said Dr Fahmida.
Currently, the anarchy in the banking sector has reached such a level that the decision to merge banks has to be taken on the advice of the IMF, she pointed out.
However, due to a lack of prior preparation, integration has been challenged. Forced bank mergers may not be sustainable. The banking sector has lost its ability to support the overall economy due to a lack of good governance, said Dr Fahmida.
She said that people have lost confidence in the banking sector. The central bank even cannot provide any guarantee to keep the deposits in the bank safe
As a result, there has been concern among depositors. Those responsible for the haemorrhaging of the banking sector remain untouchable. People are not able to know the correct information about defaulted loans in the banking sector from the BB, Dr. Fahmida opined.
Referring to the Bangladesh Bank's recent decision to restrict the entry of journalists, Chairman of Debate for Democracy Hasan Ahmed Chowdhury Kiran said the central bank owes them (journalists) an explanation.
&ldquo;Journalists have played a major role in publishing news of major irregularities in the country's financial sector, it is not a crime, but their professional responsibility to highlight any irregularities [of the banking sector] in the media, including the heist in the BB's reserves,&rdquo; the state minister said.

BB lost ability to make independent decisions for country’s economy: Dr Fahmida Khatun

Desk Report

Bangladeshi civil society organizations (CSOs) have raised concerns about the country's increasing debt and its implications for sustainability following Bangladesh's transition to a middle-income country.&nbsp;
They demanded a people-centric budget at an event held today (18 May) led by EquityBD.
&ldquo;The total FY 2024-25 budget will be Tk8.05 trillion including a debt of Tk2.75 trillion. The per capita debt is now US $580. The repayment of this unprecedented amount of debt will cause reductions in the lifeline of people,&rdquo; said Omour Faruk Bhuiya of BDCSO Process.
Ferdous Ara Rumee from the International Rural Women&rsquo;s Day Observation Committee stated, &ldquo;91% of people are involved in the informal sector employment where 95% are women. We must evaluate women's progress through the yearly gender-budget reporting system.&rdquo;
Mustafa Kamal Akanda of COAST Foundation criticized the budget allocation for roads and highways, saying, &ldquo;The total budget for roads and highways is 875 billion Taka while there is no allocation for safety in the road. The number of deaths in road accidents in 2023 is 8,505.&rdquo;
Mir Mohammad Ali of Shere Bangla Agricultural University highlighted the challenges facing fisherfolk, explaining, &ldquo;Fisheries and aquaculture employed nearly 1.4 million people but the budget hardly considers how the poor fisherfolk survive during three to four fishing ban periods across the year.&rdquo;
Pradip K Roy of the Online Knowledge Society stressed the need for investment in skilled human resources, stating, &ldquo;The government must allocate enough budget for skilled human resources if we want to take advantage of the demographic dividend by 2040.&rdquo;
Abul Hasan of EquityBD pointed out, &ldquo;Internal climate-induced migration is one of the biggest challenges for Bangladesh. Even after five years of migration strategy paper is developed, not enough investment is declared on it.&rdquo;
Hasan Mehedi of CLEAN emphasized, &ldquo;The government&rsquo;s 8th FYP planned to achieve at least 10% renewable energy by 2025, now only 3%. The allocation for power in the upcoming budget is 450 billion Taka hardly has the allocation to achieve the target.&rdquo;
Rezaul Karim Chowdhury, the Chief Moderator of EquityBD, concluded, &ldquo;The entire budget process in Bangladesh is undemocratic. Even the participation of the parliament members in the budget process is questionable.&rdquo;
The event, moderated by Mustafa Kamal Akanda of COAST Foundation, featured speakers from various organizations, including Bangladesh Krishok Federation, CLEAN, CSRL, NDF, Online Knowledge Society, Sundarban Bachao Andolon, Young Change Makers, and Water Keepers Bangladesh.

Bangladeshi CSOs demand people-centric budget for 2024-25

Reuters

China announced "historic" steps on Friday to stabilise its crisis-hit property sector, with the central bank facilitating 1 trillion yuan ($138 billion) in extra funding and easing mortgage rules, and local governments set to buy "some" apartments.
Investors hoped the measures marked the beginning of more decisive government intervention to compensate for waning demand for new and old apartments, to slow down falling prices and to reduce a growing stock of unsold homes.
Analysts have long called for the government to step in with its own purchases to prop up a sector which at its peak accounted for a fifth of GDP and remains a major drag on the world's second-biggest economy.
Since the property market began its steep downturn in 2021, a string of developers have defaulted, leaving scores of idle construction sites behind, and sapping confidence in what had for decades been the preferred savings instrument for the Chinese population.
China Real Estate Newspaper, a publication managed by the housing ministry, said the "heavyweight policies" marked "a significant historic moment" for the sector.
China's CSI 300 Real Estate index of shares jumped 9.1% on the announcements.
"It's a bold step," said Raymond Yeung, chief Greater China economist at ANZ, of the measures.
"The biggest problem is whether the government purchase programme will induce private sector demand. Clearing inventory will increase cash flow to developers and help their financial stability, but it does not address private sector confidence."
After waves of support measures over the past two years failed to put a floor under the property sector, China's housing ministry said local governments can instruct state-owned firms to buy "some" homes at "reasonable" prices.
Municipal financing vehicles, blamed for what Beijing calls "hidden debt," won't be allowed to buy.
The homes would be used to provide affordable housing, Vice Premier He Lifeng said, without giving a timeline or a target for the purchases.
He also said local governments, already some $9 trillion in debt, can repurchase land sold to developers, and promised that authorities will "fight hard" to complete stalled projects.
LARGE INVENTORY
China's central bank said it would set up a relending facility for affordable housing that it says would result in 500 billion yuan worth of bank financing. It would also further lower mortgage interest rates and downpayment requirements.
Additionally, it would make another 500 billion yuan available in its pledged supplementary lending facility to support policies including the redevelopment of some urban areas with older dwellings.
Officials did not provide an estimate of the total cost of state-directed housing purchases.
Goldman Sachs estimates saleable housing inventory at 13.5 trillion yuan at the end of 2023.
There were 391 million square metres (4.2 billion square feet) of new housing for sale in January-April, up 24% year-on-year, the latest official data show.
Analysts at Tianfeng Securities estimate it will cost around $1 trillion to buy the entire stock.
"The policies on clearing inventory are considered quite powerful compared to all previous ones," said a senior executive at a defaulted Shanghai-based developer, speaking on condition of anonymity due to the sensitive nature of the topic.
"Psychologically, it'd let investors think the government is 'paying the bill', and it is shifting the risks from property to banks and local governments."
Since the property market soured in 2021, China has lowered interest rates and down payments, while most cities have eased or removed prior purchase restrictions.
A whitelist developer funding programme for project completion is also struggling to get traction.
And a campaign flagged by Chinese authorities at a key political meeting last month to encourage people to replace their old apartments with new ones is off to a poor start.
Longer-term questions about housing demand persist in a country facing a severe demographic downturn and where 96% of households already own at least one home.
POOR DATA
The stock market's upbeat market reaction to the new measures contrasted with the harsh reality on the ground, highlighted by poor housing data earlier on Friday and a Hong Kong court hearing of a petition seeking the liquidation of embattled developer Country Garden.
The hearing was adjourned for Jun 11. Another major developer, China Evergrande, was ordered to be liquidated in January.
New home prices fell for a 10th consecutive month in April, by 0.6% month-on-month, the fastest decline since November 2014. Separate data showed property investment in the first four months of 2024 falling 9.8% from a year earlier.
Property sales by floor area in January-April logged a 20.2% slide year-on-year, while new construction starts fell 24.6%. Funds raised by developers were also down 24.9% year-on-year.
"Record high housing inventory and liquidity pressure on developers threaten financial stability ... and the still frail economic recovery," said Rocky Fan, economist at Guolian Securities.
"The policies seem to be designed to prevent further fallout of the property crisis, but it will take time to reverse the downward trend."

China unveils 'historic' steps to stabilise crisis-hit property sector

Prime Minister Sheikh Hasina on Friday asked the economists to design their policies, plans and programmes considering the local realities as advice from a foreigner won&rsquo;t be fruitful here.
&ldquo;I want from the economists that you would design your policies, plans and programmes considering the soil and people of the country,&rdquo; she said.
The premier said this while inaugurating the 22nd biennial conference-2024 of Bangladesh Economic Association (BEA) at the Institution of Engineers, Bangladesh (IEB) in the city&rsquo;s Ramna area.
She said if any plan and programme is designed focusing on local realities and public welfare, it would be effective.
&ldquo;If someone (a foreigner) comes here for a day or two and leaves giving us advice. There&rsquo;ll be no use of that advice for us,&rdquo; she said.
The PM, however, said Bangladeshi experts of course can learn anything from foreign sources but implement it here considering the country, its people and resources.
Noting that making Bangladesh developed is her goal by changing the fate of its people, she said Bangladesh has already progressed a lot in its development journey.
&ldquo;Inshallah, we&rsquo;ll continue to advance as we are doing now. We'll be able to overcome all obstacles no matter how many obstructions are there,&rdquo; said Hasina amid applause.
BEA President Prof Abul Barkat presided over the opening session of the two-day biennial conference.
Convener of the conference preparation committee Dr Jamaluddin Ahmed delivered the welcome speech, while BEA General Secretary Prof Md Aynul Islam gave the vote of thanks.

Keep local realities in mind while making plans: PM Hasina to economists

Prime Minister Sheikh Hasina has given instructions to the concerned authorities to put extra effort into completing the projects being built with foreign loans quickly.
The directives came following the meeting of the National Economic Council (NEC) chaired by PM Hasina and organised to give final approval to the Annual Development Programme (ADP) for the next financial year on Thursday (17 May), Planning Minister Abdus Salam&nbsp;told media during a press briefing following the meeting.
PM Hasina also directed to send progress reports every three months to speed up the work of such projects, he added.
He said instead of taking small development projects based on small areas, the meeting decided to take big projects on the district level under a master plan.
"Monitoring and evaluation becomes difficult if upazila-based small projects are taken. The prime minister instructed in the meeting to ensure a feasibility study before taking up the project," he added.
"ADP of Tk2.65 thousand crores was approved for the next financial year. Out of this, 1.65 lakh crore rupees will come from the government's own funds and Tk1 lakh crore will come from foreign aids and loans," Planning Secretary Satyajit Karmakar said speaking at the briefing.
The secretary said after Bangladesh's LDC graduation, the facility of foreign loans on flexible terms will decrease.
Before this, it was possible to advance the economy by ensuring the maximum use of foreign aid, he added.
"Due to lack of capacity, only 70% of the money allocated to ADP is being used. Prime Minister Sheikh Hasina urged to increase this rate," the government official said.
The secretary also said that the premier has directed to ensure maximum utilisation of the training taken by the officers under the development projects.

Put extra effort to quickly complete development projects being built with foreign loans: PM

The National Economic Council (NEC) approved the Annual Development Programme (ADP) worth Tk2,65,000 crore for the next fiscal year.
The approval came following a meeting of the NEC chaired by Prime Minister Sheikh Hasina at the NEC auditorium in the capital on Thursday (17 May).
After the meeting, Planning Minister Absus Salam briefed the media.
Planning Secretary Satyajit Karmakar and other members of the planning commission were also present during the briefing.&nbsp;
"ADP for the current fiscal was Tk2,63,000 crore, Tk1,69,000 crore came from the government exchequer and Tk94,000 crore from foreign sources,"&nbsp;said Satyajit Karmakar.
Of the total approved amount, Tk1,65,000 crore would be managed from the government&rsquo;s own funds and Tk1,00,000 crore from external sectors in the form of loans and grants.
The size of the ADP for the next fiscal increased by Tk2,000 crore a mere 0.76% increased compared to the current ADP for the current fiscal year.
Planning Commission proposed a decrease of Tk4,000 crore - about 2.37% from the current fiscal year from the government funds but proposed an increase of Tk6,000 crore, 6.38% higher from foreign sources.

National Economic Council approves Tk2,65,000 crore ADP for next fiscal year

The Hongkong and Shanghai Banking Corporation (HSBC) Limited in Bangladesh organised an event on May 12, titled &ldquo;HSBC Economic Outlook: A Perspective on Bangladesh&rdquo; highlighting the latest global and Asian market developments and sharing a perspective on Bangladesh.
The event featured a keynote presentation by Frederic Neumann, Chief Asia Economist and Co-Head of Global Research Asia, HSBC where he shared insights on the latest macroeconomic outlook, according to a press release.
Salman F Rahman, Private Industry and Investment Adviser to the Prime Minister, attended as the Chief Guest.
Dr Rubana Huq, Managing Director, Mohammadi Group and Vice-Chancellor, Asian University for Women, and Zaved Akhtar, Chairman and Managing Director, Unilever Bangladesh and President, Foreign Investors&rsquo; Chamber of Commerce and Industry (FICCI) were the key speakers at the event.
The event was also attended by Md Mahbub ur Rahman, Chief Executive Officer, HSBC Bangladesh and Gerard Haughey, Country Head of Wholesale Banking, HSBC Bangladesh, said the release.
During the keynote presentation, Frederic Neumann highlighted the near-record high foreign direct investments flowing into Asia and stressed the need for Bangladesh to capitalise on this opportunity. HSBC expects Bangladesh&rsquo;s GDP growth of 5.9% for this coming fiscal year, and 6.3% for fiscal year thereafter.
The average incremental GDP in the next four years will be over USD 60 Billion which is more than the predicted incremental GDP of many other Asian peers. The acceleration in growth should be supported by household spending and improving purchasing power amid easing inflation pressures. Meanwhile, remittances are expected to rebound as well, driven by an improving global outlook, helping to further support consumption. Investment spending, too, is expected to pick up, led by exporters who are benefitting from the improving global trade cycle, Frederic added
He presented a Global Economic Policy Uncertainty Index that graphically represented the global uncertainties over the years. The index peaking during the pandemic posed multifaceted challenges which Bangladesh emerged with resilience. Despite these headwinds, the outlook for Bangladesh remains bright, with growth expected to improve further as fiscal and structural reforms gain traction. An interactive question and answer session followed which opened the floor for further elaboration on the subject matter.
The forum also facilitated a panel discussion consisting of Salman F Rahman,Frederic Neumann, , Dr Rubana Huq, Zaved Akhtar and moderated by Md Mahbub ur Rahman. The panel&rsquo;s multi-industry experience allowed for a deeper discussion on the growth prospects and strategies for advancing Bangladesh economy.
During his presentation, Frederic Neumann added, &lsquo;&rsquo;Bangladesh is well positioned to thrive in the coming years, building on its growing competitiveness, especially for ready-made garments. Meanwhile, easing inflation pressures should support household spending, giving the economy an extra boost.&rdquo;
The panel discussion acknowledged the challenges for Bangladesh while highlighting positive developments and areas of opportunity.

Bangladesh’s outlook remains bright: HSBC

The Cabinet Committee on Economic Affairs in a meeting on Wednesday approved the draft &ldquo;Export Policy 2024-27&rdquo; setting a target to increase the annual export to $110 billion by 2027 from the current target of $80 billion.
Finance Minister Abul Hassan Mahmood Ali virtually presided over the meeting as he tested Covid-19 positive after returning from abroad.
Briefing reporters about the outcomes of the meeting Md. Mahmudul Hossain Khan, Secretary, Coordination &amp; Reforms at the Cabinet Division, said different issues including the upcoming challenges in the country against the backdrop of the graduation from LDC have been highlighted in the new draft export policy.
He said now the draft policy will be sent to the Cabinet for final approval.
&ldquo;We&rsquo;re going to graduate from the LDC in 2026 and some new challenges are coming ahead in our export business...Which sectors should get the priority and which products need branding were focused in the new policy,&rdquo; he said.
He noted that some new issues have been included the new export policy.
Strategies to overcome the impact of the Covid-19, Russia-Ukraine War, 4th industrial revolution, support for small and medium entrepreneurs, raising the participation of the women entrepreneurs, and environment-friendly initiatives are among the new initiatives included in the new export policy.
He said directives were given in the new export policy to take supporting measures for the women entrepreneurs to promote their exports and finding alternative measures to the financial incentives to the exporters.
Some new items have been included as potential export items including vegetables, handicrafts, dyeing and printing while drugs and equipment manufacturing have got extra focus in the new policy.

Cabinet body okays draft policy with target to raise export to $110 billion by 2027

Oil prices rose in early trade on Wednesday as large wildfires were threatening Canada's oil sands and as the market expected US crude oil and gasoline inventories to show a drawdown later in the day.
Brent crude futures were up 34 cents, or 0.4% at $82.71 a barrel. US West Texas Intermediate crude futures (WTI) rose 38 cents, or 0.5%, to $78.39 a barrel by 0016 GMT.
A large wildfire was approaching Fort McMurray, the hub for Canada's oil sands industry with production of around 3.3 million barrels per day, or two-thirds of the country's total output, and thousands in suburbs were told to evacuate.
US producer prices rose more than expected in April and, even if the prospect for rate cuts has become less certain, Federal Reserve Chair Jerome Powell said it remained unlikely the Fed would have to raise rates any further.
US consumer prices as well as US crude oil and gasoline inventory data are both due on Wednesday. Market sources cited American Petroleum Institute's figures on Tuesday as saying US crude oil and gasoline inventories fell last week.
The API figures showed crude stocks were down by 3.104 million barrels in the week ended May 10, the sources said on condition of anonymity. Gasoline inventories fell by 1.269 million barrels, and distillates rose by 673,000 barrels.
"The lack of progress on bringing down inflation continues to lower expectations of a rate cut in the near term," ANZ Research said in a note. "Expectations of another drawdown in US oil inventories should support oil prices."
In the Middle East, Israeli tanks pushed deeper into Rafah in Gaza, reaching some residential areas where more than a million people had sought shelter, and its forces pounded the enclave's north in some of the fiercest attacks in months.

Oil prices up on wildfires in Canada

Bangladesh Bank (BB) has rejected a report published by an Indian news outlet regarding a "new reserve heist" in Bangladesh, stating that it is "absolute fake news".
"An Indian newspaper runs news on a new reserve heist of Bangladesh. This is for information to all that it's an absolute fake news. We have a three tier confirmation policy with the Fed (the Federal Reserve Board of the US) now and have regular reconciliation of transactions," BB Executive Director and Spokesperson Md Mezbaul Haque said in a statement issued today (14 May).

BB trashes reserve heist report as 'absolute fake'

The size of the next national budget of Bangladesh, for the fiscal year 2024-25, will be Tk8 lakh crore and Prime Minister Sheikh Hasina has reportedly approved the budget when it was placed before her. 
The budget is scheduled to be presented in the parliament on June 6, sources of the Finance Ministry confirmed UNB on Tuesday (May 14).
She gave an opinion in favour of discouraging the import of luxury goods in the next budget as well. Like the current fiscal year, the prime minister said that inflation control will be the top priority of the next budget.
The Prime Minister wanted to see whether the election manifesto is reflected in the first budget of the current term.
She expressed satisfaction that the allocation of the budget set up by the Ministry of Finance reflects that.
The budget summary of FY2024-25 was presented in a meeting held at Ganobhaban on Monday chaired by Prime Minister Sheikh Hasina.
According to the meeting sources, the Prime Minister has emphasized control of inflation, increase in foreign direct investment (FDI), proper control of imports, careful undertaking of development projects, increase in revenue collection and taking necessary steps for this, increase in the income of expatriates through legitimate channels, increase in the number of beneficiaries under social security programs, etc.
Planning Minister Major General (Retd) Abdus Salam, state minister of finance Waseqa Ayesh Khan, state minister of planning Md. Shahiduzzaman, Bangladesh Bank Governor Abdur Rauf Talukdar, National Board of Revenue (NBR) Chairman Abu Hena Md. Rahmatul Muneem, Finance Secretary Dr. Md Khairuzzaman Mozumder along with the senior officials of the finance division, ministries of finance and planning were present in the meeting.
Finance Minister Abul Hassan Mahmood Ali was connected to the meeting through an online facility.

Tk8 lakh crore budget for FY25 gets PM's nod, to be placed in parliament on 6 June

Textiles and Jute Minister Jahangir Kabir Nanak today requested India to lift anti-dumping duty on jute products.
He made the request when Indian High Commissioner to Bangladesh Pranay Verma called on him at his office at the secretariat here, a press release said. &nbsp; Textiles and Jute Secretary Md Abdur Rauf, Director General of the Department of Textiles Md Nuruzzaman, Executive Director of Jute Diversification Promotion Centre (JDPC) Syeda Farhana Kawnine, Political Counsellor of Indian Embassy in Dhaka Pawan Badhe and First Secretary at High Commission of India in Dhaka Pratik Negi were present on the occasion, the release added. &nbsp; The minister called for increasing mutual cooperation in silk industry, saying that Bangladesh Silk Development Board and Central Silk Board of India could work together for the overall development of silk products.
While taking to the media after the meeting with the Indian envoy, Nanak said that various bilateral issues, including easing India&rsquo;s visa process, were discussed in the meeting.
India has shown keen interest to invest in three jute mills in Bangladesh, he added.
About BNP, the AL leader said BNP has no chance to gain political advantage over the issue of boycotting Indian products.
&ldquo;If the prices of vegetables are lower in our country after bringing them from India, people will buy those. Politics does not stand with business relations. BNP will not succeed in this kind of campaign,&rdquo; he added.
Replying to another query over the visit of US Assistant Secretary of State for South and Central Asian Affairs Donald Lu, he said Lu is visiting Dhaka to strengthen relations with the government.
The government's relationship with the United States has always been good, he mentioned.

Nanak urges India to lift anti-dumping duty on jute products

Bangladeshi apparel exporters face costs up to six times higher than the official fees for essential permits and licence renewals, increasing their business expenses significantly, according to Center for Policy Dialogue (CPD).&nbsp;
The CPD study revealed that exporters paid 644% more than the official rate for boiler licences. Bond and fire licences also saw excessive fees, costing 261% and 114% more than the official rates, respectively.
"Although the cost is sometimes lower, payments for other licences such as factory establishment, trade, and export and import registration are still significantly above the official rates," said Dr Khondaker Golam Moazzem, CPD Research Director, in a seminar on Tuesday (14 May).
The seminar did not specify the official rates.
The event, organized jointly by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), CPD, and GIZ Bangladesh, focused on "Business related barriers and possible way out."
Dr. Moazzem highlighted the financial burden on businesses due to unofficial and unregulated fees, noting that such costs can range from Tk50,000-100,000 above the official fees for securing essential permits.
"These undocumented payments are seen as necessary to expedite the licensing process, creating ethical and compliance challenges," he added.
He also pointed out that corruption is a major concern across all business sectors, with significant percentages of large, medium-sized, and small enterprises affected.
Delays in obtaining and renewing licences, often exceeding the official time frames, disrupt business operations and diminish investor confidence.&nbsp;
Dr Moazzem mentioned that a trade licence renewal, officially a seven-day process, typically takes 10 to 15 days due to inefficiencies and additional fees.
To mitigate these issues, Dr Moazzem recommended digitisation to make the process more transparent and reduce corruption.
The seminar was attended by Ahsanul Islam Titu, State Minister for Commerce, Lokman Hossain Mia, Executive Chairman of the Investment Development Authority (BIDA), and chaired by FBCCI President Mahbubul Alam.

RMG exporters pay up to six times higher fees for permits, renewals: CPD

Ishtiaq Husain

Dhaka&rsquo;s Hazrat Shahjalal International Airport&rsquo;s (HSIA) Terminal-3 is more than twice the size of Terminal-1 and Terminal-2. The first two terminals of Dahaka airport have an area of 100,000 square metres, meanwhile, the third terminal has an area of 230,000 square metres.
Although Terminal-3 was partially inaugurated in December last year, passengers will be able to use all of its facilities in December this year. The Civil Aviation Authority of Bangladesh (CAAB) is working on the project keeping that in mind.
Presently, the first two terminals can serve 80 lakh passengers annually; Terminal-3 is projected to serve 1.6 crore passengers each year.
With the date of Terminal-3 nearing, discussions have been going on for some time as to who will get the ground handling work of the third terminal.
Statistics show Biman Bangladesh Airlines, which currently handles the ground handling at HSIA, earns Tk1,500 annually from the two terminals.
As the Terminal-3 is more than twice as big as the current two terminals, it has a potential of yearly Tk3,000 crore business.
Many foreign companies are racing to get the contract to run the ground handling at HSIA&rsquo;s third terminal.
The Ministry of Civil Aviation and Tourism has previously said the Japan International Cooperation Agency (JICA), which is a development partner in the project, will decide who will be responsible for the ground handling of the third terminal.
Biman has the lead, but also limitations
Biman Bangladesh Airlines is the first name that has been in discussion due to its long experience in this sector.
Moreover, the state-owned aviation company is the only service provider in ground handling at HSIA.
However, other than Biman, many other foreign companies have expressed their interest.
Many speculate it will done in partnership with Japan.
However, Civil Aviation and Tourism Minister Faruk Khan said that ground handling work will be done by JICA.
&ldquo;In this case, if Biman is appointed, domestic interests will be protected. We have prepared Biman to provide ground-handling services to the third terminal,&rdquo; he said.
On the other hand, CAAB Chairman M Mafidur Rahman said, &ldquo;Japan will provide ground handling services. However, Biman is also under discussion. We have also spoken for Biman.&rdquo;
JICA is analysing the capacity of the number of passengers and aircraft that will move through the third terminal.
Some stakeholders say it would be better to appoint two to three ground handling departments to improve the quality of service as well as make it competitive.
They also said handling such a large terminal may not be possible for Japan alone and in that case, they will look for partners.
Foreign interest flies in
In the meantime, Turkey's Celebi, the UK's Menzies, Switzerland's Swissport and other companies are interested in the project.
British High Commissioner to Bangladesh Sarah Cooke expressed her country's interest during a meeting with CAAB and the Ministry of Civil Aviation and Tourism.
Turkey said its Calebi has expressed eagerness to work as Terminal-3&rsquo;s ground handler.
Swissport is scheduled to have a meeting with CAAB and give a detailed presentation about their plan.
JICA is interested in operating the third terminal on a public-private partnership (PPP) basis.
For this reason, an organisation named IFC has also been assigned to conduct a survey. Further decisions will be taken based on the results.
Biman Bangladesh Airlines is the only ground-handling service provider in Dhaka airport since independence.
The state-owned airline earns Tk1,500 crore annually from this sector.
Ground handling is a major source of revenue for the national flag-carrier airlines.
Foreign companies have always been eyeing this sector as it generates a large amount of revenue.
Many of the companies have tried to get into it through domestic business partners.
Among them are Middle East-based Dnata, Switzerland-based Swissport and Turkey's Celebi.
However, these companies have not only been interested in HSIA in Dhaka but also Chattogram&rsquo;s Shah Amanat International Airport and Osmani International Airport in Sylhet.
<img src="https://images.bangladeshfirst.com/resize?width=1600&amp;height=900&amp;format=webp&amp;quality=85&amp;path=mediaImages/2024-May-14_66433ba884bf4_1715682216.JPG" alt="" width="1600" height="900">
Biman and its not-s-amicable reputation
Complaints from passengers about Biman's ground handling services have only mounted over the years.
Airlines have also complained about service quality.
Foreign airlines have repeatedly pointed the finger at Biman regarding these complaints including luggage theft, and broken suitcases.
They allege that Biman&rsquo;s failure to maintain quality is responsible for it even though it is the airlines that have to pay compensation.
Moreover, there are many cases of foreign airlines delaying their flights due to a lack of timely service from the ground handling.
Foreign companies have lobbied hard to get ground handling contracts at HSIA, but in the end, Biman has always got the project.
The government has given its support to Biman various times to prioritise the interests of the country, but this time it is no longer in that position.
Despite the instances of mismanagement, foreign airlines have to depend on Biman because they don't have any alternative service providers at this airport.
However, as Terminal-3 is set to open, the foreign airlines want a proper management system.
That is why some are in favour of outsourcing ground-handling services to multiple service providers.
Ready to handle: Biman
Biman said it has bought Tk1,000 crore worth of equipment to improve its service quality.
In the last one year, more than 1,000 manpower has been appointed in the ground handling department, it added.
However, stakeholders say it is not enough to just buy the equipment, there is a lack of coordination and cooperation in Biman.
Also, training of staff is required, they said, further adding, Biman personnel need a mindset of providing good service.
If there is no change in this mentality, there will be no change in the quality of service, the stakeholder said.
Biman Bangladesh Airlines Managing Director and Chief Executive Officer Shafiul Azim expressed a positive attitude regarding ground handling work in the third terminal.
&ldquo;Biman has the capacity, expertise and necessary equipment to provide ground handling services of the third terminal. More equipment will be purchased in the future and special emphasis is being placed on staff training,&rdquo; he said.
"The aircraft's ground handling staff are highly skilled. They have the necessary skills and certifications. Airline workers are also in high demand abroad,&rdquo; he added.
According to the Biman chief, the limited amount of baggage belts in the old terminals limits service quality.
&ldquo;However, the new terminal will have more baggage belts, so passengers no longer have to waste time standing in line to get their luggage. Besides, the number of check-in counters in the old terminals is also less. It creates pressure on passengers. The new terminal will not have this problem. Aircraft capacity has been increased by purchasing new parts and hiring new staff. So Biman has the capabilities to manage the new terminal&rsquo;s ground handling,&rdquo; he added.
Both quality and quantity matter: Experts
Aviation expert ATM Nazrul Islam said, &ldquo;Airlines are not increasing suddenly. In 2035, we will handle 2.35 crore passengers. Biman will lose a big business if it does not get the third terminal project&rdquo;.
He said it would not be good for the country or the interests of the country.
&ldquo;Biman has to improve the quality of service. Otherwise, the state-owned airlines will lose their single business in this business,&rdquo; he added.
He also said there are scopes for foreign investments too given the business potential.
Experts say about 6,000 manpower will be required to operate the third terminal.
They also said sophisticated machines as well as the skills of the people behind the machines are important to ensure good service.
Another aviation expert and former member of the board of directors of Biman Bangladesh Airlines Kazi Wahidul Alam said the passengers will get ample space and a good environment in the third terminal.
&ldquo;However, the organisations that will be engaged in airport services should change their approach and at the same time increase the quality of service,&rdquo; he added.

Tk3,000 crore business in focus: Foreign companies eye ground handling at Terminal-3

Senior Correspondent

Transparency International Bangladesh (TIB), an anti-corruption watchdog, termed the Green Climate Fund (GCF) as 'unaccountable,' 'non-transparent,' and 'discriminatory' towards the most climate-vulnerable countries on Tuesday (14 May).
GCF, the funding mechanism under the United Nations Framework Convention on Climate Change (UNFCCC), is the world&rsquo;s largest climate fund established to finance the implementation of the objectives of the Paris Agreement on Climate Change.
At a press conference held in Dhaka, TIB researchers presented a study report titled 'Accessing Green Climate Fund (GCF) for Vulnerable Countries like Bangladesh: Governance Challenges and the Way Forward.'
Based on GCF data analysis, key informant interviews, and institutional surveys conducted between January 2023 and May 2024, the researchers revealed that GCF lacks transparency and accountability in project implementation, and it has weaknesses in its grievance redress mechanism.
TIB Executive Director Iftekharuzzaman, while briefing journalists, explained the rationale behind the analysis of GCF activities.
"Corruption in Bangladesh has been considered a barrier to accessing GCF funds. This is a reality. But the GCF itself is a corrupt organization. It violates its own objectives and rules, depriving climate-vulnerable countries of the promised grants," he said.
"According to the TIB report, the GCF delays communication during the accreditation of national and private entities, or direct access entities (DAEs eligible for utilizing the funds), project approval, and the fund disbursement process.
The report also highlights deficits in properly prioritizing adaptation needs and grant-based finance in Bangladesh.
In Bangladesh, the allocation of GCF funds for adaptation is 32%, while mitigation stands at 58%. It's noteworthy that the GCF came into operation in 2015 to deliver a 50:50 balance between mitigation and adaptation allocations.
Disbursement delays are also prevalent in GCF-funded projects in Bangladesh. Only 13.3% of the approved funds have been disbursed so far, according to the report.&nbsp;
Moreover, TIB researchers traced GCF's bias towards internationally accredited entities (IAEs) like UNDP and the World Bank in accrediting and approving funds. They said this bias does not comply with the GCF principle of providing developing country ownership and bringing transformative change by implementing country-led climate actions.
In many cases, projects of IAEs are formulated and implemented without taking into account the needs of vulnerable countries,&rdquo; the report says, adding that 77% of the GCF projects are implemented by IAEs, while national entities implement only 13% so far.
According to the polluter-pay principle, developed countries are supposed to provide grant-based climate finance to developing countries.
However, the GCF has prioritized providing loans to these climate-vulnerable countries, the TIB report says, pointing out that more than half (56.2%) of GCF financing is in the form of loans, while the grant amount is approximately one-fifth (19.5%) of the total financing.
From 2015 to 2023, the GCF approved $13.5 billion for accredited entities across 243 projects.
Among them, only $1.1 billion was approved for national DAEs, followed by $10.8 billion for IAEs and $1.6 billion for regional DAEs, respectively.
The share of approved financing is disproportionately higher for IAEs compared to national and regional DAEs, TIB researchers said.
They added that the GCF took an average of 389 days instead of 190 days for the approval of a project, indicating its weakness.
Another weakness of the GCF is the lengthy process of disbursing funds for projects.
TIB presented 15 recommendations for the GCF and concerned stakeholders, including ensuring a fair and level playing field for national institutions alongside large international and regional institutions to prevent climate funds from being used as profitable investments for businesses.
At the press conference, TIB adviser Professor Dr. Sumaiua Khair, Director Muhammad Badiuzzaman, and researchers Mahfuzul Haque, Newazul Moula, Shahidul Islam, Nithora Mehrab, and Meher Negar Tuli were present.

‘Corrupt’ Green Climate Fund deprives countries like Bangladesh of stipulated funds: TIB

The government plans to make corporate tax exemptions in the productive sector to encourage setting up of industries and paying more taxes.
In the proposed budget for the upcoming fiscal year 2024-25, the company tax rate may be cut by two and a half percent, an official source said.
On the other hand, the import of raw materials for consumer goods will be kept under tax exemption as much as possible considering the rising dollar price.
There have also been proposals in favour of keeping the tax exemption period for 27 digital services for another two years.
A source of Ministry of Finance told UNB on Monday that the tax exemptions were decided in a closed-door meeting between the finance minister Abul Hassan Mahmood Ali and NBR Chairman Abu Hena Md. Rahmatul Muneem.
The meeting was held on Sunday in the Ministry of Finance. State Minister for Finance Waseqa Ayesha Khan was also present at the meeting.
The finance minister and the state minister have agreed with most of the issues that have been discussed in favour of changing the budget. The final decision will be taken after a meeting with Prime Minister Sheikh Hasina, scheduled on on May 14.
Senior officials of finance ministry told UNB on condition of anonymity, that there was discussion on reducing corporate tax. Only unlisted companies involved in the productive sector will come under the exemption. Currently, the tax rate of these companies is 27.5 percent. There may reduce 2.5 percent to 25 percent subject to conditions.
This tax rate will be reduced to encourage companies to pay more taxes, and increase transparency in tax payments.
However, other corporate taxes will remain unchanged. In the current financial year 2023-24, the corporate tax has been reduced to 27 and a half percent subject to conditions. Corporate tax was 35 percent in FY 2019-20. It was reduced to 32 and a half percent in FY 2020-21 and 30 percent in FY 2021-22.
Two conditions have to be fulfilled to avail the benefit of corporate tax exemption. First of this, all types of income and receipts and single transactions exceeding Tk5 lakh are mandated to go through the bank.
Secondly, expenditures and investments of more than Tk36 lakh per annum is committed through bank transfer. Companies failing to comply with this condition will be taxed at 30 percent.
Business associations say that corporate tax has been conditionally reduced by up to 7.5 per cent in the last few fiscal years. But due to the conditions, many traders are not able to take full advantage of the reduced tax rate. That is why it is proposed to reduce the effective corporate tax by avoiding the conditions.
Incidentally, the corporate tax rate is 20 percent for companies listed in the capital market that have issued more than 10 percent of the paid-up capital in the initial public offering or IPO. And for companies that have issued less than 10 percent of the paid-up capital in the IPO, the corporate tax rate is 22.5 percent. Then, the corporate tax rate of companies that are not listed in the capital market is 27.5 percent. The corporate tax rate is fixed at 22.5 percent for single-person companies.
Besides, the corporate tax rate is currently set at 37.5 percent for banks, insurance, financial institutions and merchant banks listed in the capital market. Corporate tax is 40 percent for banks, insurance and financial institutions that are not listed in the capital market. Beyond this, corporate tax is 40 percent for listed mobile phone companies.
Currently, the highest corporate tax in the country is imposed on companies manufacturing tobacco products including cigarettes, bidis, jordas, guls, at 45 percent. Such companies have to pay a surcharge of 2.5 percent in addition to corporate tax.

Finance ministry to cut corporate tax for industries, consumer goods in upcoming budget

Jahidul Islam

The Japan International Cooperation Agency (JICA) is seeking clarification from Bangladesh regarding the criteria for government intervention in covering arrears or debt servicing issues of state-owned enterprises.
Additionally, JICA has expressed concerns about the financial health of state-owned enterprises, risks associated with public banks, impediments to Foreign Direct Investment (FDI) inflows, progress on reforms, growth projections, inflation, fiscal deficits, balance of payments, and policies aimed at safeguarding the economy from global economic crises.
A high-level delegation from Japan is scheduled to arrive on Wednesday (15 May) for a 7-day visit to investigate these issues, said officials of the Economic Relations Division (ERD) and the Ministry of Planning.
Led by JICA Macroeconomic Analysis Division Director Keiichiro Yuasa, the three-member team will engage with senior officials from various ministries and divisions during the visit.
Data from the Planning Commission states more than 80 development projects are ongoing in Bangladesh with the help of Japan.&nbsp;
The country has been at the top for the last couple of years among bilateral development partners in terms of foreign aid disbursement and new commitments, according to an ERD report.
Experts and economists believe the concerns of large lenders like Japan regarding the budget deficit, debt repayment capacity and the government's intervention regarding debt service have significant importance.
Apart from removing the concerns from the country, they also advised to take effective initiatives to solve the problems.
Sources indicate that JICA has already dispatched a letter, a tentative agenda for the meeting, and a questionnaire to relevant offices within the Bangladesh Government.
In a letter addressed to Planning Division Senior Secretary Satyajit Karmakar, , JICA said their Macroeconomic Analysis Division oversees the assessment and monitoring of macroeconomic developments in recipient countries as part of credit risk management for loan operations.
The letter read that the Government of Bangladesh showed its commitment to raising revenues to support higher spending on infrastructure and building human capital.
&ldquo;What risks do you see to the government's commitment to keeping fiscal policy on a sustainable path? Are state-owned enterprises and public banks a risk?&rdquo; asked the letter.
The letter also asked under what conditions the government would take responsibility for covering any arrears or debt servicing difficulties of state-owned enterprises.
The letter also revealed that Bangladesh has implemented various structural reforms in recent decades, with the government and institutions like the Asian Development Bank (ADB), International Monetary Fund, and the World Bank emphasising their importance.
Reforms suggested by the development partners aim to enhance climate resilience, human capital, physical infrastructure, business environment, and trade and FDI liberalisation, said the letter and asked about a realistic agenda and timetable to implement structural reforms.
JICA also asked about tentative pressures on fiscal deficit due to lack of absence of reforms.
The letter expressed concern over challenges on the global economy caused by conflicts in several areas, slower growth in China, and the risk of increased volatility in world commodity prices, especially for oil.
The letter asked for an assessment of the impact of the global economic environment on Bangladesh's outlook for growth, inflation, and the balance of payments.
It also asked if the government utilise other policy levers at its disposal, such as import tariffs, export duties and quotas, restrictions on capital flows, and macro-prudential policies, to help insulate Bangladesh from global economic developments.
Data from the programming division of the Planning Commission revealed that the combined costs for 56 ongoing infrastructure projects in Bangladesh is Tk3,00,080 crores, of which Tk2,055,52 crore is to be mobilised from Japan.
Japan has contributed significantly to the overall development of Bangladesh with financial support of more than $30.18 billion since independence in the form of loans and grants; against which, $20.25 billion have been disbursed, according to the report titled &ldquo;Flow of external resources in Bangladesh&rdquo; published by the ERD.
The debt outstanding from Japan to Bangladesh is $10.44 billion, the report further revealed.
So far 5,104 km of roads, 134 bridges and power plants with a total capacity of 2343 MW and 25000 km of distribution lines have been constructed with Japanese assistance, revealed the annual report of the ERD.
The report states Japan committed support worth $1514.24 million in the last fiscal year which is the highest among the bilateral partners and third highest among all of the development partners following the World Bank and the ADB.&nbsp;
Commitment from Japan in the FY-22 was $ 1728.75 million, second among all development partners.
At the same time, Japan topped the list among all the bilateral sources with the disbursement amount of $1901.61 million, while scoring second following the World Bank.&nbsp;
Disbursement from Japan to Bangladesh in the FY-22 was $2207.82 million, second following the ADB.
Some ongoing flagship projects with Japanese assistance are the Matarbari Ultra Super Critical Coal-Fired Power Project, Dhaka Mass Rapid Transit Development Project, Bangabandhu Sheikh Mujib Railway Bridge Construction Project, Hazrat Shahjalal International Airport Expansion Project, and Matarbari Port Development Project.&nbsp;

JICA concerned over Bangladesh’s state-owned enterprises, public banks and debt service capacity

Food inflation in Bangladesh surged to 10.22% in April, up from 9.87% in March, largely due to increased demand and higher food prices ahead of Eid ul Fitr, marking the first time in five months that food inflation has reached double digits.
While food prices are on the rise, the overall inflation rate for the country saw a slight decrease, falling to 9.74% in April from 9.81% in March, according to Bangladesh Bureau of Statistics (BBS) latest release from its monthly series on the "Consumer Price Index (CPI), Inflation Rate and Wage Rate Index (WRI) in Bangladesh."
Meanwhile, the non-food inflation, fell to 9.34% in April from 9.64% the previous month.
The report also highlighted a modest increase in wages, with wage rates climbing to 7.85% in April from 7.8% in March.&nbsp;
Despite this, wage growth is still trailing behind inflation by 1.89 percentage points, signalling a decrease in the real purchasing power of wage earners across the country.
Inflation has been stubbornly high in Bangladesh, exceeding 9% for the last 14 months.&nbsp;
The average inflation rate from May 2023 to April 2024 was 9.73%, overshooting the government's target of around 6% for the fiscal year.
Differences between rural and urban areas were also noted in the report.&nbsp;
Rural areas experienced an increase in both food and non-food inflation, with food prices rising to 10.25% in April from 9.86% in March, and non-food prices increasing to 9.60% from 9.41%.&nbsp;
Conversely, urban areas saw a decrease in overall inflation to 9.46% in April from 9.94% in March, with a reduction in non-food inflation to 9.01% from 9.71%, although food prices still increased to 10.19% from 9.98%.
&nbsp;

Food inflation hits 10.22% in April, highest in last five months: BBS

Price of most rice varieties found declining sharply in the city markets for the last two weeks while lowering of staple food price likely to be continued till further period.
The price of medium and coarse variety rice has been declined and the situation would continue for at least next two months due to current Boro harvest which likely to be continued till the middle of the next month.
While visiting city's Kawran bazaar and Mohammadpur Government Krishi wholesale market found that the price of all sorts of medium and coarse variety rice has declined up to Taka 3, in per kilogram, compare to the price stood in last week.
The retail price of medium fine quality Miniket rice is being sold at Taka 66 per kg, while it was sold at Taka 68 before a week.
At the wholesale market, the price of a 50-kg sack Miniket rice now is being sold at Taka 3,215, declined from Taka 287 from the earlier Taka 3,500, said Morshed Alam, a wholesaler of Mohammadpur Govt Krishi market.
"The rice price is declining with a range of Taka 100-150, per 50-kg sack, on an average.&rdquo;The price fall situation likely to be continued for one and half month", said the whole seller.
Even the price of coarse variety 'BR-28' is being sold at Taka 52 per kg, declining by Taka 3 from the earlier price of Taka 55 where selling price of per 50-kg sack stands at Taka 2500, decline from Taka 2730-2750, a week ago.
Talking about the present rice price situation, noted farm economist Dr Jahangir Alam said &ldquo;there is no chance of rice price hike in the next two months as the overall yield of Aman and Boro has crossed the optimum level."
Dr Alam, however, continued that the rice price likely to be declined more in coming days as the Boro is contributing 54 percent of the total rice output.
Even the rice price is getting lower as the new harvest flooding the market which is ultimately resulting in the growers usually sell 60 percent of their total harvest during this season, the economist added.
The lower rice price situation will not continue for long period as the Boro yield in the haor area was although good, but the other areas across the country was not up to the mark due to prolonged drought", said Nirod Baran Saha, general secretary of Rice Arotdar Samity.
Rejecting the estimate of the optimum Boro output, the Arodar Samity leader said the Boro production has been hampered 3 to 5 maund in a bigha in different areas excepting the haor region as haor area contributes only 13 percent of the boro output.
About Boro production, Badal Chandra Biswas,Director General (DG) of the Department of Agricultural Extension (DAE) said "We are expecting optimum Boro production this year against the production target of 2.22 crore tonnes set for FY24 as the result of overall yield was standard and there is no weakness".
Data released by the Bangladesh Bureau of Statistics (BBS) on the production of dry season crop Boro showed that the country bagged 2.07 crore tonnes of the staple grain during the Boro season in FY23, up 3 percent from the previous fiscal year.
Total rice production grew 2.5 percent year-on-year to 3.91 crore tonnes, the highest on record, in FY23.

Rice price sharply declining in city market

South Korean Ambassador Park Young-sik has expressed his country's keen interest to invest in the jute and leather sectors of Bangladesh for mutual benefits of both the countries.&nbsp;
"Now South Korea is keen to develop both the country's success in jute and leather sectors," he said, while making a courtesy call on textile minister Jahangir Kabir Nanak at his secretariat office here today.
Talking to reporters after the meeting, Nanak said the envoy praised the Bangladeshi government for the development in different sectors.
During the meeting, they discussed the progress of various development projects of Bangladesh's textiles and jute sectors.
The Korean Ambassador greeted Prime Minister Sheikh Hasina on the formation of the government for the fourth consecutive term.&nbsp;
"We are encouraging Korean companies to invest in various projects of Bangladesh," he said, adding that therefore, efforts are being made to increase Korean investment in other sectors besides the jute and leather sectors.&nbsp; &nbsp; The Ambassador sought the minister's cooperation to reduce their tariff and to extend validity of the visas to those who are working in Bangladesh.&nbsp;
The Minister of Textiles and Jute assured the ambassador that he will try to solve these problems by discussing with the concerned ministries and departments.

South Korea keen to invest in country's jute, leather sectors

Ashraful Islam

The manner in which Bangladesh Bank raised the exchange rate of the dollar by Tk7 at once is not consistent with how the crawling peg system operates. In fact, the central bank is implementing a coercive policy under the guise of voluntariness," said Biru Paksha Paul, an economics professor at the State University of New York and former chief economist at Bangladesh Bank.
During an interview with Barta24.com Planning Editor Ashraful Islam, Biru Paksha Paul discussed various aspects of the current economy, including the central bank&rsquo;s policy-level weaknesses, restrictions on journalists' access, and the clash between academics and bureaucrats.
The economist said the Bangladesh Bank had no choice but to increase the dollar rate as it failed to meet the reserve target set by the International Monetary Fund (IMF) as a condition for obtaining a $4.7 billion loan. To better explain the situation, the prominent economist resorted to a story: a man who rescued another person who fell off a ship was recognized with a medal, but it turned out that the person did not voluntarily jumped into the sea; rather, someone pushed him.
Biru Paksha argued that the system implemented by Bangladesh Bank is not a crawling peg but rather a "jumping peg." Regarding the potential impact of the sharp hike, Paul likened it to a student falling ill after cramming overnight following a year of neglecting studies.
He said the central bank would not need to increase the exchange rate at once if it listened to economists. Economists in the country have long advocated for introducing a market-based exchange rate, but Bangladesh Bank ignored their advice, prioritising the interests of certain groups over setting a knowledge-based policy.
The economist pointed out that the dollar rate had long been artificially devalued to favour certain importers, who prevented the central bank from allowing the exchange rate to be determined by the market. This issue was exposed during the Covid-19 pandemic.
He attributed the current economic crisis not to Covid-19 or the Russia-Ukraine war, but to the central bank's policy-making weaknesses.
He blamed the crisis on the Bangladesh Bank governor, stating that the bank invited economists to offer advice but did not accept any suggestions.
He also criticized the governor's introduction of the SMART system for determining lending rates, which was later revoked, as well as the forced merger of weak banks with stronger ones in the name of voluntariness, a move from which they also had to step back.
Regarding Bangladesh Bank's restriction on journalists' entry, Biru Paksha said the central bank's role as a major source of economic news and criticised attempts to conceal information.
He also opposed bureaucrats' entry into politics, citing former Bangladesh Bank Governor Forasuddin's opinion that retired bureaucrats should not join politics as it diminishes the quality of politics.
Biru Paksha Paul said the bureaucrats now think of how to join politics while still in the government service. He said loyalty is now considered as a qualification in the job recruitment process.
The financial disaster experienced in the last two and a half years was created by these loyalists. Covid-19 or the Russia-Ukraine war has nothing to do with this crisis, said Dr Biru Paksha Paul.

Economic crisis emerged from central bank's policy instability: Biru Paksha

Prime Minister Sheikh Hasina today invited the Italian businessmen to invest in Bangladesh to grab potential of its local markets along with the entire south and south-east Asian markets as her country is in the centre of opportunities.
"Businessmen and investors can invest in Bangladesh's special economic zones," she said while Italian Ambassador in Dhaka Antonio Alessandro called on her at her official residence Ganabhaban here.
Prime Minister's Speech Writer M Nazrul Islam briefed the newsmen after the meeting.
Sheikh Hasina said Bangladesh also has a huge domestic market apart from South and South-East Asian markets.
"Bangladesh can be the big central market encircling South Asia and South East Asian markets," she said.
The prime minister said after 2026, Bangladesh will step into the developing country's arena as she sought Italian assistance to continue her country's GSP plus facilities to export Bangladeshi items to the European countries.
Sheikh Hasina also emphasised increasing trade between the two countries, saying, "There is an ample scope to increase trade and commerce between the two countries."
She called for exploring and utilising those opportunities as well.
About the illegal migrants in the European countries including Italy, the prime minister said the government is taking all-out initiatives so that none illegally enters any overseas country.
"It is very much regretful that many people including Bangladeshis died in Mediterranean Sea while going to the European countries," she observed.
She mentioned that her government is taking highest efforts so that no one goes to any country illegally.
"For that, we are taking legal steps as well as creating awareness among the people," she said, briefly elaborating various measures of her government.
The premier requested Italy to take more Bangladeshi manpower through legal process.
Sheikh Hasina invited the Italian prime minister to visit Bangladesh at his convenient time through Antonio Alessandro.
The Italian ambassador said his country wanted to assist Bangladesh in technology transfer and defence purchase, and modernisation in various sectors.
He also expressed his country's keen interest to provide second satellite to Bangladesh.
He put emphasis on trade diversification to tape the trade and commerce opportunities between the two countries.
Talking about the Rohingya issue, both the Bangladesh premier and the Italian envoy agreed on the dignified repatriation of the forcibly displaced Myanmar nationals to their homeland.
PMO Secretary Mohammad Salahuddin was present at the meeting.

PM invites Italian businessmen to invest in Bangladesh

A deal has been signed between the state-owned Sonali Bank with another state-owned bank, Bangladesh Development Bank Limited (BDBL).
The deal was signed in the presence of Bangladesh Bank Governor Abdur Rouf Talukder and other officials of the central bank and the two state-owned banks on Sunday (12 May).
"There is no reason for BDBL employees to worry following its merger with Sonali Bank. The bank will become stronger; Bangladesh Bank will start the next activities with the appointment of an audit firm,&rdquo; Sonali Bank Managing Director Afzal Karim said following the signing.
"Among the four indicators of BDBL, there is the only weakness in the recovery of defaulted loans. If there was time, this problem could have been overcome; however, the merger has to be done on the advice of Bangladesh Bank," said BDBL Chairperson Shamima Nargis.
The first decision to merge BDBL and Sonali Bank was taken on 3 April of this year following the Bangladesh Bank's effort to improve the image of the country's entire banking sector by reducing its numbers through merger.
According to the Bangladesh Bank, troubled banks will be compulsorily merged with good banks starting in March next year. A Prompt Corrective Action (PCA) Framework based on four indicators has been announced to identify weak banks before mergers. The central bank has pledged support for any banks that decide to merge themselves by December this year.
In 2009, Bangladesh Shilpa Bank and Bangladesh Shilpa Credit Corporation merged to form the Bangladesh Development Bank Limited.
The new bank was saddled with the debts of its predecessors.
In December, BDBL's defaulted loans stood at Tk982 crore - 42.46% of disbursed loans.

Bank mergers: Sonali Bank and BDBL sign deal

Foreign Minister Hasan Mahmud has sought "deeper and wider" trade and investment relations with the United States.
"With the continued robust growth of our economy and the deepening relationship with the US, I am confident that this economic partnership will continue to reach new heights," he said.
The foreign minister was speaking as the chief guest at the closing ceremony of the "29th US Trade Show" at a Dhaka hotel on Saturday night.
American Chamber of Commerce in Bangladesh President Syed Ershad Ahmed and Deputy Chief of Mission at the US Embassy in Dhaka Helen LaFave, among others, were present at the event.
"We firmly believe that freedom remains meaningless without the economic welfare of the people. We are therefore putting all our efforts towards attaining the Vision 2041-Smart Bangladesh and want US businesses by our side in this journey," Hasan said.
He said Bangladesh's economy is in a "fast transition", seeking diversification.
The RMG sector's export contribution decreased from 84% to 80% in the last four years.
Other sectors like agriculture, jute, pharmaceuticals, and ICT are showing promise. ICT exports have exceeded $1 billion, with a rising number of startups and digital manufacturing plants.
The US is the largest single destination of Bangladesh&rsquo;s exports, the largest source of FDI, and the second-largest source of incoming remittance.
Hasan said since its first edition in 1992, the US Trade Show has significantly contributed to expanding bilateral trade, which has already surpassed $10 billion.
He also thanked US Ambassador to Bangladesh Peter D. Hass, DCM Helen LaFave, Commercial Counselor John Fay, and his team for making the 29th US Trade Show successful.
"I believe AmCham's pioneering efforts in trade show culture in Bangladesh will further contribute to trade and investment growth between Bangladesh and the USA through this edition and other future initiatives and endeavors by AmCham," Hasan said.
He conveyed to the investors and business leaders that the government is mindful of the scope to improve the ease of doing business and is pivoting digital technology to automate various services for the investors.
Bangladesh Investment Development Authority (BIDA) has already made 130 of about 170 services available online.
"Land registration has been fully digitalized. Digitalization of services of Customs and NBR is also progressing," said the Foreign Minister.
He said the government of Bangladesh treats the investors well. "Foreign companies that invest in Bangladesh want to stay with us for long. For example, the US company Metlife has been here for the last 65 years."
They have been the number one life insurer in Bangladesh since 1997. Coca-Cola has been present in Bangladesh for over 60 years, he added.
Chevron has been Bangladesh&rsquo;s largest partner in the energy sector for decades.
"Chevron-managed gas fields produce more than 60% of our domestic demand for natural gas," Hasan said.
Another US energy giant, General Electric (GE), has been operating in Bangladesh since 1970 and continues to expand its footprint in power generation, he said.
"US tech giants like Oracle, Microsoft, Alphabet, and Meta continue to be partners in transforming from a &lsquo;Digital&rsquo; to a &lsquo;Smart&rsquo; Bangladesh," Hasan said.
"As we grow economically, we see growing opportunities for collaboration between the businesses of our two countries," he said, hoping that over the three days of the trade show, participating US companies found potential partners in Bangladesh.
Bangladesh-US relationship is founded on the strong bonds between the two peoples. When Senator Edward M Kennedy visited Bangladesh in February 1972, immediately after independence, and met with the architect of independence, Bangabandhu Sheikh Mujibur Rahman, he said in his speech, &ldquo;I have come to Bangladesh to bring you the prayers and hopes of millions of people of the United States of America. &acirc;&euro;&brvbar;We are brothers in liberty, and no man, no policy, no government can change that fact.&rdquo;
"Indeed, bound by our shared values and people-to-people friendship, the United States has remained a leading partner in our development journey ever since," Hasan said.
From a humble beginning in 1971, the Foreign Minister said Bangladesh today represents a success story among the developing countries marked by its remarkable socio-economic achievements.
This has been possible due to the hard work of its enterprising people under the passionate leadership of Prime Minister Sheikh Hasina and the support and partnership of foreign friends, including the USA, he said.
Considering the imminent LDC graduation and rapid digitalisation, Hasan said, they have updated IP laws and are drafting legislation for data protection, digital commerce, and AI regulation.
Through annual TICFA dialogue and periodic high-level economic consultations, Bangladesh and the USA continue to work together to ensure that businesses do not face difficulties in doing business with each other, he said.

Bangladesh wants greater trade, investment relations with US: Foreign minister

Breaching listing regulations, Saif Powertec Limited has not published its quarterly and yearly financial reports for the past one and a half years.
The company did not publish a financial report for fiscal year 2022-23 or a quarterly report for the third quarter of the same year and also failed to publish reports for the first two quarters of the current year.
&ldquo;There was a fire in the company's accounts section which had damaged almost all documents. We are trying to recover it and have already informed the regulatory body. We are hopeful that we will be able to publish all the financial reports within one month," Saif Powertec Limited Chief Financial Officer Muhammad Hasan Reza told media.
In a disclosure in November last year, the company said the extent of damage in terms of value and volume would be available after a comprehensive inquiry.
However, no information was shared afterwards regarding that.
Listing regulations state the annual financial statements of listed companies, excluding mutual funds, have to be audited in 120 days following the end of the fiscal year and the report must be published within 14 days of the audit.
Except for life insurers, all listed companies are required to prepare, submit and make those public within 45 days of the end of the period for quarterly financial statements.
Delays to do so will result in a penalty of Tk 5,000 per day.
Speaking to the media, Bangladesh Securities and Exchange Commission (BSEC) Spokesperson Mohammad Rezaul Karim said, &ldquo;We are aware of the company's failure to comply with the rules. Action will be taken soon&rdquo;
&ldquo;We have sent a show-cause notice has been sent to the company. If the company cannot provide a valid reason for this, action will be taken against its directors,&rdquo; he added.
The company did not provide any dividend for the last fiscal year.
Market analysis said some investors in the infrastructure support services provider company have started manipulating the price of its stock by trading it among themselves.
This has led to the stock prices of Saif Powertec Limited soaring over the past week.
Saif Powertec Limited&rsquo;s stock surged by 9.91% to Tk 25.50 and topped the gainers' list at the Dhaka Stock Exchange (DSE) on Thursday (9 May).
&nbsp;

Saif Powertec did not publish financial reports in last 1.5-year, says fire burned it all

Finance Minister Abul Hassan Mahmood Ali today said that reforms are needed in the country's accounting system in order to meet international standards and also to comply with the suggestions of the development partners.
The finance minister said this while addressing as chief guest a discussion meeting marking the 51st founding anniversary of the Comptroller and Auditor General (CAG) at its office in the capital.
Ali also inaugurated a three-day service operation of the CAG office that would continue till May 14 across the country.
Presided over by Comptroller and Auditor General (CAG) of Bangladesh Md Nurul Islam, Parliamentary Standing Committee Chairman on Public Accounts Hafiz Uddin Ahmed and Finance Division Secretary Md Khairuzzaman Mazumder spoke at the function as special guests.
Ali said in consistence with the ever changing global order, to face economic challenges and to gain excellence in ICT, there is a need to conduct performance audit, IT audit, environment and climate change related audit reports alongside conducting international standard traditional compliance and financial audits.
"Reforms are needed in the accounting system in order to meet the international standards and demand of the development partners. Already the modern structure of accounting system has already been framed with support from the audit and accounting department," he said, hoping that this would help ensure transparency in the financial sector.
The finance minister noted that if the audit operations of the government become more fruitful, then it would be possible to ensure the effective use of the financial assets of the government.
He also assured that the Ministry of Finance would extend all necessary cooperation to enhance the capacity of the CAG office to conduct standard quality and real time audits.
"The audit management and monitoring software has already been launched through bringing in the audit management in digital platform. Now it's high time to put emphasis on its implementation through ensuring its excellence. Online management has already been formulated instead of the old fashioned communication system between the auditors and auditing firms," he added.
Hafiz Uddin Ahmed, MP, said that more than four crore audit reports have been settled through which more than Taka 3,000 crore has been realized.
Finance Secretary Dr Md Khairuzzaman Mozumder said that the pensioners are receiving their pension amounts while staying at home thanks to the automation system of the government. "The CAG is playing a role in making us cost efficient in various expenditure," he added.
CAG Md Nurul Islam said that they have introduced one-stop service for which budget management has become more efficient.
The meeting was informed that some 81 audit reports were placed before the Jatiya Sangsad in the 11th parliament through the President. The Parliamentary Standing Committee on Public Accounts discussed on some 814 audit objections during this time.
It was also informed that till May 1 of FY24, some 2,50,465 pensioners received e-services while 20,48,512 public servants received GPF-service. Besides, some 4,091 complains were lodged during this period.

Finance minister for reforms in accounting system to meet global standard

The Power Grid Company of Bangladesh (PGCB) has inaugurated the operation of three newly constructed power transmission lines.
These lines include the Karerhat-Chaumuhani 230 KV Four-Circuit Transmission Line, the Chaumuhani-Kachua 230 KV Four-Circuit Transmission Line, and the Chaumuhani-Maijdi 230 KV Double-Circuit Transmission Line.
The Karerhat-Chowmuhani 230kV four-circuit transmission line was successfully charged with voltage from the Chowmuhani grid substation at 1 pm on Saturday (May 11).
Earlier, on May 10, the 'Chowmuhani-Kachua 230 KV Four-Circuit Transmission Line' and 'Chowmuhani-Maijdi 230 KV Double-Circuit Transmission Line' were also successfully charged (commissioned) with voltage from the Chowmuhani grid substation.
These newly constructed lines will increase the national grid's capacity.&nbsp;
The lengths of the 'Karerhat-Chowmuhani, Chowmuhani-Kachua, and 'Chowmuhani-Maijdi' lines are 53 km, 50 km, and 20 km, respectively.
The new lines have been constructed under PGCB's project titled &ldquo;Extension and Enhancement of Eastern Grid Network (ESPNER)&rdquo;.
The World Bank, Government of Bangladesh, and PGCB jointly financed the project.

3 new power transmission lines connected to national grid

State Minister for Commerce Ahsanul Islam Titu today said the Ministry of Commerce is working to promote export trade.
"According to the instructions of the Prime Minister, priority is being given to leather, jute, tea and pharmaceutical sectors to increase export products," he said.
Titu said this while speaking as the chief guest at the CIP (commercially important person) cards for the year 2022 distribution function at a hotel in the city, said a press release.
A total of 184 businesspersons have been honoured with CIP status for the year 2022.
The Export Promotion Bureau (EPB), under the commerce ministry, organised the event.
Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh, among others, spoke on the occasion.
&nbsp;

Commerce ministry working to promote export trade: Titu

A high-level delegation from Singapore during a meeting with Bangladesh Investment Development Authority (BIDA) has shown keen interest in investing in Bangladesh.&nbsp;
The meeting was held today at the BIDA conference room, chaired by DrAzizul Islam, Executive Member (Additional Secretary) of BIDA, to explore investment prospects in Bangladesh&rsquo;s tourism, jute, and related sectors.
DrAzizul Islam, at the meeting, underscored Bangladesh's conducive investment environment, particularly highlighting its safety and potential in various sectors, according to a press release.&nbsp;
He emphasized the allure of Bangladesh's tourism sector, spotlighting destinations like Cox&rsquo;s Bazar and the Sundarbans, while also urging investment in jute, agriculture, and vegetable cultivation.
Derek Loh, Non-resident High Commissioner of the Republic of Singapore, reinforced the strong bond between Singapore and Bangladesh, noting the significant Bangladeshi workforce in Singapore.
He echoed the interest in investing in Bangladesh's tourism, jute, agriculture, and vegetable sectors, citing the country's impressive socio-economic progress and its position as an export powerhouse.
Accompanying of Loh were Sheela Pillai, Charge d&rsquo;Affaires at the Singapore High Commission in Dhaka, Mitchel Lee, Deputy Director at the Ministry of Foreign Affairs, Benjamin Chue, Development Partner for South Asia at Enterprise Singapore, Esther Lee from the Ministry of Foreign Affairs, and Clarence Chong, Assistant Development Partner at Enterprise Singapore.
During the meeting, Mohibul Islam, Deputy Director of Marketing and Branding at the Bangladesh Tourism Board, presented on the country's tourism industry, while SejutiBoroua, Deputy Director at BEZA, elaborated on Tourism Ventures of BEZA.&nbsp;
Additionally, Faruq Ahmed, Chairman of Bangladesh Jute Mills Corporation, discussed investment opportunities in the jute sector.
Representatives from key Bangladeshi organizations such as BEZA, Bangladesh Parjatan Corporation, Tourism Board, BJMC, Akij Group, and Bay Group were also present, actively engaging in discussions to foster potential collaborations and investments.

Singapore shows interest in investing in Bangladesh

The national budget for fiscal year 2024-25 (FY25) is likely to be placed in the Jatiya Sangsad (JS) on 6 June.&nbsp;
"The national budget for FY25 will be placed in Jatiya Sangsad on June 6, 2024. Finance Minister Abul Hasan Mahmud Ali will unveil the budget in the JS on that day. The ministry has already distributed responsibilities among the officials concerned in this regard," a senior official of the ministry confirmed BSS today.&nbsp;
The size of the next budget is expected to be around Taka 8.0 lakh crore, said the official, adding that controlling the rising inflation is likely to get the highest priority in the budget.&nbsp;
The budget for FY25 will be the country's 53rd budget and the 25th of the Awami League government in 6th terms. &nbsp;
Tajuddin Ahmed presented the country's first budget as finance minister of the post-independence Bangabandhu government in 1972. The size of the country's first budget was Taka 7.86 billion and ADP size was Taka 5.01 billion.&nbsp;

National budget for FY25 likely on 6 June

Prime Minister Sheikh Hasina today asked the Finance Division of the Ministry of Finance to take effective steps to enlist the potential State Owned Enterprises (SoEs) or government entities and public companies, in the capital market to enhance the strength and fundamentals of the country's share market.
The Premier gave the directive while chairing the 9th meeting of the Executive Committee of the National Economic Council (ECNEC) of this year held at the NEC Conference Room in city's Sher-e-Bangla Nagar area.
Briefing the reporters after the meeting, Planning Division Senior Secretary Satyajit Karmakar said that the Prime Minister has asked the Finance Division and the Finance Secretary to take effective steps to enlist the SoEs and the government entities in the share market.
Planning Minister Major General (retd) Abdus Salam, State Minister for Planning Md Shahiduzzaman Sarker, Planning Commission members and secretaries concerned attended the briefing.
Answering a question, Satyajit Karmakar said that the Premier did not specify the names of the SoEs, but asked the Finance Division and the Finance Secretary to select the SoEs and the concerned government companies after proper scrutiny before enlisting those in the capital market.
Supplementing on the Prime Minister's directive, the Planning Minister termed it as an important decision and said that this would enhance the competitiveness of those government enterprises as they would be eventually able to minimize their expenditures.
"This will also create an attitude of competition and once those (SoEs) will be able to undertake projects based on their own income'" he said adding that certain time would be given to the government enterprises and entities so that they could be enlisted in the capital market and thus compete with the private companies.
The Planning Secretary said the meeting also approved a total of 10 projects involving an overall estimated cost of Taka 5,563.68 crore. "Of the total project cost, Taka 5,203.21 crore will come from the government portion and Taka 360.47 crore as project assistance".
Of the approved 10 projects, eight are new while two are revised projects.
Revealing some of the directives from the Premier, Satyajit said in line with the Prime Minister's earlier directive for implementing those nearing completion projects with necessary funds, a record number of 334 projects out of 339 projects would be completed within this fiscal year (FY24). The rest of the five projects are unlikely to be completed within this fiscal year due to some rational reasons.
He said the Prime Minister asked the authorities concerned to remain alert in building bridges in exact height on the rivers and canals so that the river vessels can ply smoothly as well as the usual flow of water is not hindered.
Referring to the Taka 1,874.54 crore projects for necessary land acquisition, land development and constructing basic infrastructures for Sheikh Hasina Medical University, Khulna, the Prime Minister gave two observations -- first to change her name from the project title and also to shift the component cost of building a mural in other components.
Satyajit, however, said following requests from several ministers and secretaries and considering legal complexities, the ECNEC &nbsp;agreed to use the Prime Minister&rsquo;s name for the Khulna Medical University.&nbsp;
&ldquo;There will be many complications if the prime minister's name is removed from the Khulna Medical University because the Parliament has already passed the act," he added.
Expressing dissatisfaction on this, Sheikh Hasina also cautioned that she would not give approval to any proposal in future if her name is attached to any project.
About the approval of Taka 284.76 crore project for China Aid Project of Burn Unit of Chittagong Medical College Hospital in Bangladesh, she suggested the concerned authorities for sitting with the development partner to select a fresh name for the project.
When asked whether the Planning Commission is relaxing its terms and conditions for extending the timeframes of projects, Satyajit replied in the negative and said that despite repeated appeals from the executing agencies, the Planning Commission did not extend the timeframes for which a record number of 334 projects would see completion in this fiscal year.
Commenting on the issue, the Planning Minister said, "As long as the projects will be delayed, there will be time over runs. This is why we scrutinize each and every project before taking it. But, sometimes, there is time over run of projects due to unavoidable circumstances,"
Citing that delay in land acquisition often delays the execution of projects, Salam said that the government has taken decision to start the process of land acquisition as early as early possible while undertaking a project.
Mentioning that the existing problems surrounding the project directors would be resolve very soon, the Planning Minister said if the Ministries and divisions concerned conduct the feasibility studies in a speedy manner, the possible problems and potentials would be rightly identified which would eventually help in smooth implementation of development schemes.
Salam also hoped that under the dynamic and courageous leadership of Prime Minister Sheikh Hasina, the operations of the Planning Commission would be further smooth and thus the country would march towards prosperity.
Asked whether the recent devaluation of Taka against US Dollars would put an impact on the foreign aided projects, the Planning Secretary said it is very hard to determine the immediate impact.
The other projects approved in the meeting are: Capacity Building of Statistics Service based on Platform with Taka 144.07 crore, Important rural infrastructures development: Pirojpur and Jhalkati districts with Taka 1,100 crore, Important rural infrastructures development: Barishal district with Taka 1,000 crore, Programme for Sustainability in the Textile and Leather Sector (STILE) with Taka 81.44 crore,
Transforming the production method of Chatak Cement Company Ltd from wet process to dry process, 2nd revised with an additional cost of Taka 527.77 crore, Constructing new state-of-the art circuit house building instead of the existing Dhaka district circuit house building with Taka 334.46 crore, Constructing various infrastructures for the newly formed (63BGB) battalion of Border Guard Bangladesh (BGB) with Taka 223.02 crore and Urban Resilience Project (URP): DDM portion, 3rd revised with a les expenditure of Taka 6.40 crore.
Minister and State Ministers attended the meeting while Planning Commission members and secretaries concerned were present.

PM asks finance ministry to take effective steps to enlist SoEs in share market

The increase in dollar prices will not be affecting the country's imports, said Prime Minister's Private Industry and Investment Adviser Salman F Rahman.
"Despite the increase in dollar price, there will be no impact on imports in the country. But there will be a huge impact on exports. As a result, remittance income and export-oriented industries will benefit," he said in a briefing with reporters after the opening ceremony of the US Trade Show on Thursday (9 May).
"There was no other option other than to increase the price of the dollar to face the economic challenges," he added.
He said increasing the price of the dollar will reduce the pressure on the reserves.
"It was very necessary to bring inflation under control. Inflation is above 9%, which we need to reduce. At the same time, increasing the price of the dollar will not put any pressure on the country's economy. That's because the country is doing very well in the agricultural sector. We have become self-sufficient in food," Salman F Rahman said.
He said the tax net should be increased by reducing the tax rate.
"Countries around the world that have reduced tax rates and increased tax nets have seen revenue rise," he added.
"Many people are doing good business in upazilas and even in rural areas. They should also be brought under tax," he further said.

Increase in dollar price will not affect imports: Salman F Rahman

Finance Minister Abul Hassan Mahmood Ali today visited the Asian Infrastructure Investment Bank (AIIB) Abu Dhabi Hub Office, which is the first overseas mission of AIIB, operational since September 2023.
Welcomed by Yuanjiang Sun, Head of the Hub, and senior officials of the Bank, the Finance Minister's visit was recognized as pivotal in fostering robust development cooperation between AIIB and Bangladesh.
After a tour of the facilities, the Finance Minister engaged in discussions with AIIB officials, reviewing the status of ongoing and pipeline projects in Bangladesh, said a press release.
They explored further cooperation opportunities in renewable energy, transportation, smart city development, water supply, urban development, and other potential sectors.
While appreciating AIIB's partnership with Bangladesh to promoting sustainable infrastructure and fostering economic growth of the country, the Finance Minister reiterated Bangladesh's continued support for the Bank's endeavors in the region and beyond.
He expressed optimism that the AIIB Abu Dhabi Hub would contribute significantly to realizing AIIB's agenda in the region.
Ambassador of Bangladesh to the UAE Abu Zafar and Additional Secretary of ERD Anwar Hossain, among others, accompanied the Finance Minister during the visit.
AIIB, a multilateral development bank, strives to promote sustainable infrastructure development and regional connectivity, prioritizing economic growth, poverty reduction, and environmental sustainability.
Bangladesh is a founding member of AIIB and the Finance Minister is a member of the Board of Governors of the Bank. Bangladesh is currently the 5th largest recipient of AIIB's financing. In the afternoon, the Finance Minister visited the Embassy of Bangladesh in Abu Dhabi.
There, he toured the facilities at the chancery, which are dedicated to providing consular and welfare services to the expatriate Bangladeshi community.
Engaging in discussions with embassy officials, he expressed satisfaction with the embassy's activities and its expatriate-friendly environment.
The Finance Minister is presently in Abu Dhabi for a three-day visit to attend the 13th AIM (Annual Investment Meeting) Congress-2024 at the invitation of the UAE government.
Apart from participating in the AIM events, he engaged in bilateral meetings with UAE dignitaries, fostering fruitful discussions aimed at enhancing bilateral relations through meaningful engagements.
The Finance Minister is expected to return home tomorrow.

AIIB renews commitment to strengthen Bangladesh's sustainable development

Prime Minister Sheikh Hasina today said in parliament that the conflicting situation in the Middle East may affect the economy of Bangladesh.
"It can be presumed that the brunt of the conflicting situation in the Middle East may affect the social, political, and economic aspects of Bangladesh as well as the whole world. This conflict may have some effect on the country's economy," she said.
The premier made this apprehension while responding to a question of Dr Samil Uddin Ahmed Shimul, elected from Chapainawabganj-1 constituency, during the Prime Minister's scheduled question answer session in parliament.
Sheikh Hasina said that there is the possibility of rise of the inflation slightly due to the instability in the world market, inconsistency in market management and the increase in global fuel prices.
In addition, the disruption of the commodity supply chain due to the conflicting situations may increase transportation costs related to exports primarily to Iran or neighbouring regions, she observed.
She noted that "exporters may face tougher competition for this, as the cost of manufacturing and supplying products increases."
The Leader of the House said that she has directed all concerned ministries or departments to keep eyes on the ongoing events in the Middle East and determine their own course of actions.
"I've given instructions to take necessary preparations, especially considering that this conflict might be prolonged and accessing impact of that over the sectors," she added.
The premier, however, said that there is uncertainty regarding the magnitude of this conflict and what will be its economic impact. "To deal with the situation, there may be a need to support the sector with an emphasis on export trade," she said.
She mentioned that if the ongoing crisis in the Middle East gets more concentrated and prolonged, it might impact Bangladesh economically. "The government will take necessary measures in this regard," she said.
Mentioning that Bangladesh is against all forms of conflict, Sheikh Hasina said: "We believe in the path shown by Father of the Nation and the principle - "friendship to all, malice towards none."

Conflicting situation in Middle East may affect Bangladesh economy: PM

Food Minister Sadhan Chandra Majumder today said there is no possibility of increasing the staple food (Rice) price right now at the open market across the country.
"There is no chance of soaring the rice price at this moment as the country has substantial food stock," he said while responding to a supplementary question during the question-answer session held at the Jatiya Sangsad (JS) here with Speaker Dr Shirin Sharmin Chaudhury in the chair.
In addition to this, Majumder said the country has substantial stock of rice and procurement of Boro paddy has already begun in the country.
Under the programme, the government will procure 17 lakh tonnes of rice from the farmers and the programme has already been inaugurated.
The food minister said the commodity price particularly the rice price is now very much stable as the country has sufficient supply of rice.

No chance of rice price hike at this moment: Food Minister tells in JS

State Minister for Commerce Ahsanul Islam Titu today said the government will construct modern cold storages for preservation of the perishable commodities including onion.
&ldquo;Trading Corporation of Bangladesh (TCB) will implement the project titled &ldquo;Modern Cold Storage Construction&rdquo; for preserving agricultural commodities including onion&rdquo;, he said.
The state minister revealed this while responding to a star-marked query raised by treasury bench lawmaker Alauddin Ahmed Chowdhury of Feni-1 in favor of Nizam Uddin Hazari of Feni-2 during the question-answer session held at the Jatiya Sangsad here with Speaker Dr Shirin Sharmin Chaudhury in the chair.
To construct the facilities, the state minister said feasibility study already has been completed under the commerce ministry to undertake the project, adding &ldquo;according to the feasibility study report, the project is financially and economically viable.&rdquo;
&ldquo;The commodities which would be stored at the cold storage will play a significant role in controlling price at the market across the country, said the state minister while explaining the benefit of the project.
TCB has been proposed to implement the project at a cost of over Taka 428.86 crore within a timeframe between March 2024 and June 2027, said the state minister.&nbsp;
The project will be implemented after the approval of the finance ministry as the proposal is now under process at the ministry of finance.
Under the project, he said one cold storage will be constructed at Faridpur with a capacity of 10,000 metric tonnes and other will be constructed at Pabna district. A total of 20,000 metric tonnes of onions or perishable items will be stored.

Govt to construct modern cold storage for storing onion and other commodities

The International Monetary Fund (IMF) has reached an agreement to lend about $1.15 billion to Bangladesh, marking the third installment of financial assistance under its multi-billion-dollar loan programme aimed at supporting the country&rsquo;s economic stability.&nbsp;
This funding is part of the IMF's Extended Credit Facility (ECF), Extended Fund Facility (EFF), and Resilience and Sustainability Facility (RSF).
The agreement, which is awaiting approval from the IMF's executive board, was finalised during a mission to Dhaka from 24 April to 8 May, led by IMF's Chris Papageorgiou.&nbsp;
Upon the board's approval, Bangladesh will have access to SDR871 million (about $1,152 million) in financing, the statement added.
Chris Papageorgiou commented on the agreement, saying, &ldquo;The IMF team reached a staff-level agreement with the Bangladesh authorities on the policies needed to complete the second review under the ECF/EFF/RSF arrangements. Completion of the second review will make available significant financial support under the ECF/EFF and RSF."
He further added, "The authorities have made significant progress on structural reforms under the IMF-supported programme, including the implementation of a formula-based fuel price adjustment mechanism for petroleum products."
"Nonetheless, larger-than-expected spillovers from tightening of global financial conditions, and still elevated international commodity and food prices, coupled with domestic vulnerabilities, has led to persistently high inflation and declining foreign exchange (FX) reserves. This has exacerbated pressures on the economy and heightened the complexity of macroeconomic challenges," he added.
The IMF highlighted the need for continued economic reforms in Bangladesh, particularly in fiscal policy and revenue generation, to support social welfare and development.&nbsp;
The economic outlook suggests a moderation in growth to 5.4% this fiscal year, with a recovery expected next year as financial and external pressures ease.

IMF to lend $1.15 billion to Bangladesh in third installment

Bangladesh has sought preferential and duty-free quota-free market access for Bangladeshi exportable, including apparels, into the British market until 2032 to support sustainable transition.
Foreign Minister Hasan Mahmud discussed the issue when UK Minister of State for Indo-Pacific Anne-Marie Trevelyan met him at his office at the Ministry of Foreign Affairs on Wednesday afternoon.
&ldquo;Useful discussions with Bangladesh Foreign Minister Hasan Mahmud on a wide range of mutually important policy areas &ndash; from energy transition to human rights and democracy, migration and Rohingya challenges, to LDC transition in 2026 and the future trade growth,&rdquo; the British Minister said after the meeting.
He apprised the British State Minister that Bangladesh has set a target of producing at least 40% of its energy from renewable sources by 2041 and has started working through different projects including solar, wind, tides, waste-to-energy etc. to achieve the target.
The British Minister of State expressed delight over the improved traffic condition in Dhaka and completion of mega infrastructure projects, such as metro rail, 3rd terminal of the airport and expressway etc.
She highly praised the Bangladesh community living in the UK and their entrepreneurship efforts in different sectors including in culinary business.
The British Minister congratulated Bangladesh&rsquo;s upcoming graduation from LDC status in 2026 and assured of her government&rsquo;s support during and after this economic transition, according to the Ministry of Foreign Affairs.
She commended Bangladesh for generously hosting the Rohingyas and affirmed continuous British political and financial support in this regard, including the recent one of 12 million pounds.
The Foreign Minister expressed satisfaction over expanding trade between the two countries that reached a landmark height of 6 billion USD last year, and thanked the UK government for its support towards Bangladesh&rsquo;s development efforts and being the highest FDI source for Bangladesh in 2023.
He hoped that the UK would be beside Bangladesh in its climate actions.
He underlined that the only solution to this protracted Rohingya crisis lies in the safe, sustainable and dignified return of the Rohingyas to Myanmar and requested the British State Minister for their active political support in it.
The two Ministers further discussed cooperation in the areas of migration and skills development, capacity building, ease of doing business, rural development, climate and environmental challenges, green energy, aviation, defence, etc.
The Foreign Minister fondly recalled Bangabandhu&rsquo;s first historic visit to the UK on 8 January 1972 immediately after being released from the Pakistani captivity that formed the base of the friendly ties of the two countries.

Bangladesh seeks preferential trade benefits to British market until 2032

In a bid to tame the rising inflation, the Bangladesh Bank has raised the policy rate by 50 basis points to 8.5%.
The new rate will come into effect from Thursday (9 May), Bangladesh Bank said in a notice on Wednesday (8 May).
At the same time, the central bank has also raised the US dollar price to Tk117 from the existing Tk110 by introducing the crawling peg exchange rate mechanism following a meeting of the monetary policy committee.
The crawling peg is a system of exchange rate adjustments in which a currency with a fixed exchange rate is allowed to fluctuate within a band of rates.&nbsp;
It also decided to end the SMART lending rate mechanism. SMART is an acronym for the Six-Month Moving Average Rate of Treasury Bill.
Banks can set the lending rate based on the demand and supply of dollars, the Bangladesh Bank said.
Earlier, Bangladesh Bank Governor Abdur Rouf Talukder said they will adopt a market-based interest rate and apply a crawling peg system to fix the foreign exchange rate.
However, the International Monetary Fund (IMF) has advocated for a market-based dollar rate as part of its several conditions against the $4.7 billion loan facility to Bangladesh over a three-and-a-half-year period.
Since inflation has stayed above 9%, the central bank has been following a contractionary policy stance in its efforts to reduce demand and contain prices.
It has raised the policy rate several times since May 2022 to increase the cost of money.
The point-to-point inflation in Bangladesh rose slightly to 9.81% in March, said the Bangladesh Bureau of Statistics (BBS).
Prime Minister Sheikh Hasina announced her government's main aim was to fight inflation as she formed government in January this year.
&nbsp;

Policy rate hiked by 50 basis points to 8.5%, dollar price raised by Tk7

Seven major foreign companies have purchased tender bids for the exploration of offshore gas and oil in the country, State Minister for Energy Nasrul Hamid said on Wednesday (May 8).
&ldquo;So far, seven companies have bought the tender bids, with a total of 15 business entities expressing interest in participating in the offshore oil and gas exploration,&rdquo; said the state minister following a seminar on the bidding round at a hotel in Dhaka.
More than 15 foreign companies took part in today&rsquo;s seminar, expressing their interest in participating in the tender bids, said Nasrul Hamid.
He said, &ldquo;The government plans to complete the sale and submission of tender bids by September this year and will strike deals next year following an evaluation.&rdquo;
"If everything goes according to plan, gas extraction will be possible within 7-8 years," the state minister added.
Tawfiq-e-Elahi, energy adviser to the prime minister, said they are receiving a huge response to the offshore bidding. The bidders are benefiting from the multi-client seismic data for the blocks they intend to bid for from TGS-Schlumberger.
Earlier, on March 11, Petrobangla issued the offshore bidding tender, inviting international oil and gas companies (IOCs) to explore Bangladesh's maritime areas in the Bay of Bengal.
The state-owned gas company invited the top 55 foreign companies to that programme.
Bangladesh established its authority over 118,813 square kilometers of sea area following the settlement of maritime border disputes with India in 2012 and with Myanmar in 2014.

7 foreign companies bid for offshore gas exploration: Nasrul Hamid

The Planning Commission has crafted a proposal for the Annual Development Programme (ADP) totalling Tk2,65,000 crore for the upcoming fiscal year 2024-25, emphasising priority areas such as transport, power and energy, and education sectors.&nbsp;
The government will provide Tk1,65,000 crore from own funds to implement the proposed ADP while the remaining Tk1,00,000 crore will be mobilised as loans and grants from external sources, said officials of the commission.
They said that the extended meeting of the Planning Commission held on Tuesday (7 May) chaired by Planning Minister Abdus Salam decided to place the proposal to the meeting of the National Economic Council (NEC).
The final size of the ADP may change slightly at the meeting of the NEC to be held chaired by Prime Minister Sheikh Hasina, said Satyajit Karmaker, senior secretary of the Planning Division.
The NEC approved ADP worth Tk2,63,000 crore for the current fiscal year with a breakdown of Tk1,69,000 crore from the government exchequer and Tk94,000 crore from foreign sources.
The size of the ADP for the next fiscal will be increased by only Tk2,000 crore, mere 0.76% from the current fiscal year.
The commission proposed a decrease of Tk4,000 crore, about 2.37% from the current fiscal year from the government funds but proposed an increase of Tk6,000 crore 6.38% higher from foreign sources.
Whatever, the NEC cut down the ADP of the current fiscal year due to sluggish implementation and financial crisis and approved Revised ADP (RADP) worth Tk2,45,,000 crore. The size of the next ADP to increase by Tk20,000 crore, about 8.16% comparing the RADP of the current fiscal.
Analysing the series data of the Implementation Monitoring and Evaluation Division (IMED) of the Planning Ministry, it found that the allocation from government exchequer reduced slightly in the fiscal year 2008-2009, when the economy was facing several types of financial crises in the caretaker government regime.
The IMED statistics claim that government allocation for development has never decreased in any year since independence. There is little opportunity to increase the development allocation from domestic sources considering the ongoing financial crisis, said Dr Ahsan H Mansur, executive director, Policy Research Institute (PRI).
He said that fiscal spaces of the government being reduced due to failure in mobilising revenue. Reducing aggregate demand will also hinder the imposition of higher taxes on imports. Provision of borrowing from banking sector also reduced due to liquidity crisis.
The economist also said that a sufficient control on public spending should be ensures to tackle the ongoing inflation. He said that the massive flu of cash would push upward the prices of commodities.
However, he suggested that the work of priority projects should be carried forward quickly without cutting the allocation of the projects on a mass basis.
Domestic fund allocation is under significant pressure:
The Planning Commission proposed allocation Tk20,391.19 crore less than the combined demand of all of the ministries and divisions to avail from the domestic fund, revealed an working paper presented in the meeting of the extended committee.
The paper revealed that all of the ministries asked for Tk1,85,391 crore from the government and the commission managed to allocate only 89% of the demand.
All of the implementing agencies placed demand worth Tk2,76,402.46 crore, while the Planning Commission reduced a lower amount which will make a shortage of Tk11,402.46 crore.
Whatever, the Planning Commission would impose an allocation worth Tk8,988.73 crore from the external sector, out of the demand to the implementing agencies.
The commission wants to allocate a total of Tk1,00,000 crore, Tk8,988.73 crore higher than the requirement of Tk91,011.27 crore to all ministries and divisions from foreign aid.
Highest priority on transport and communication:
In the continuation of the last few years, the transport and communication sector would get the highest priority in the development budget of the next financial year.
The sector would be allocated Tk70,688 crore, around 26.67% of the total ADP. Power and energy sector would secure the second place receiving an allocation Tk40,752 crore, about 15.38% of the ADP.
The third most priority sector education would receive Tk31,529 crore, about 12% of total ADP allocation.
The health sector would be recognised as the fifth priority sector following the housing and community facilities sector. Allocation of Tk20,683 crore will be proposed for health sector, 7.8% of the ADP.
Highest allocation in the favor of LGD:
The Local Government Division to get the maximum allocation under ADP in the next fiscal year as like the current fiscal. The division would receive Tk38,809 crore, which is 15.40% of the total proposed ADP.
The Road Transport and Highways Division is in the second position with 13% of ADP, Tk32,042 crores of allocation. The third position Power Division would be allotted Tk29,177 crore.
Apart from this, Ministry of Primary and Mass Education (Tk16,136 crore), Health Services Division, (Tk13,741 crore), Ministry of Railways (Tk13,726 crore), Ministry of Science and Technology (Tk12,887 crore) and Directorate of Secondary and Higher Education are at the top of the allocations.

Planning Commission finalises ADP worth Tk2,65,000 crore for next fiscal

The daily trade turnover on the Dhaka Stock Exchange (DSE) today scaled Taka 11 billion-mark.
Turnover, a crucial indicator of the market, stood at Taka 11.08 billion on the premier bourse which was Taka 10.95 billion at the previous session of the week.
DSEX, the prime index of the DSE, went down by 1.74 point or 0.03 per cent to settle at 5,725.28. Two other indices also ended lower with the DSE 30 Index, comprising blue chips, plunged 6.43 points to finish at 2,040.38 and the DSE Shariah Index (DSES) lost 6.48 points to close at 1,255.02.
At DSE, out of the day's 394 securities, prices of 131 securities closed higher against 222 losing issues.
The Chittagong Stock Exchange (CSE) closed the day of the week with a downward trend with its major CASPI 34.50 points down at 16,396.41.
At the CSE, 244 issues were traded. Of those, 111 closed higher and 113 closed lower.

DSE turnover surpasses Tk 11b-mark

The country received investment proposals worth Taka 33,806.29 crore from some 302 industrial units during January-March, 2024.
These 302 industrial units were registered with the Bangladesh Investment Development Authority (BIDA) during this period, said a press release.
According to the press release, Taka 17,636.9 crore came as local investment proposals while Taka 16,169.37 crore were foreign investment proposals.
Out of the 302 industrial units, some 270 industrial units are local, some 18 units are foreign while 14 industrial units are in joint ventures.
The investment proposals from local and foreign entrepreneurs are expected to create 4,735 job opportunities in the country.

Bangladesh receives investment proposals worth Tk 33,806cr in Jan-Mar

American aircraft manufacturing giant The Boeing Company has had unfavourable winds under its wings for some time now given the recent incidents of accidents involving its airplanes.
Since 2019, the company has made a loss of $32 billion and at present has a staggering $48 billion in debt, it may have to issue more debt this year to avoid falling into junk bond status.
According to business analysts, if any company other than Boeing suffered such losses, they would have gone bankrupt.
The company, along with its competitor Airbus, holds an exclusive position in the world market that has ensured its survival.
Insiders in the company said despite such high losses, Boeing could not deliver 5,600 commercial aircraft worth $529 billion.
Boeing reduced their output to ensure the quality of the aircraft they made.
&ldquo;This situation cannot continue forever. Because they have little deviation. But that's why they don't want to get into trouble again,&rdquo; US aerospace expert Ron Epstein said.
Wings heavy with debt
Boeing management says they are focusing more on safety and quality than profits given the recent instances of air accidents involving aircraft made by them.
Boeing's recently departed CEO Dave Calhoun said Boeing's finances are not as bad as they seem.
&ldquo;It is important for us to understand how optimistic our employees and stakeholders are about Boeing's future. Rather, we also have incredibly strong selection across the portfolio. We also have world-class staff. We also have a lot of work ahead of us. But we are proud of our staff and we are very confident about the future,&rdquo; he added.
Reputation precedes &ndash; far from favourably
Quality and safety issues have eroded the confidence of air travellers.
Additionally, Boeing&rsquo;s orders were falling even before the Alaska Airlines incident.
Its European rival, Airbus, already has taken the lead in the market.
In 2018, 189 passengers were killed in the crash of Lion Air in Indonesia and 1 57 people lost their lives in the crash of Ethiopian Airlines in 2019. Both incidents involved Boeing-made aeroplanes.
The worst-selling Boeing 737 Max crash in the second quarter of 2019 came with a 20-month grounding of the fleet.
And Boeing's debt rose from $13 billion to $48 billion at the end of 2018 following the Max 737 crash.
Still flying thanks to air of advantage
Boeing has two advantages that other companies do not have.
Firstly, even if all of the company's customers decide to switch from Boeing to Airbus, the US-based company has orders for more than 8,000 commercial jets and is targeting to deliver about 800 planes this year.
If a new aircraft manufacturer wants to enter this business, it will take years and billions of dollars of investment to come up with a competitive business model.
Secondly, airline pilots are certified to fly only a specific model of aircraft. They cannot switch to a competing model aircraft at will.
Airlines also need to maintain a supply of spare parts to ensure the serviceability of their aircraft.
So once an airline chooses the 737 Max aircraft, it is very expensive to switch to a rival model.
US FAA opens probe into Boeing 787 inspections
The Federal Aviation Administration has opened an investigation into the Boeing 787 Dreamliner after the planemaker said some employees had committed "misconduct" by claiming some tests had been completed, Reuters reported on Monday.&nbsp;
The FAA said it is investigating whether Boeing completed the inspections to confirm adequate bonding and grounding where the wings join the fuselage on certain 787 Dreamliner airplanes "and whether company employees may have falsified aircraft records."
The agency said, "at the same time, Boeing is reinspecting all 787 airplanes still within the production system and must also create a plan to address the in-service fleet."
Boeing shares were down 1.5% at $177.03 late on Monday afternoon.

How Boeing continues to fly despite the weight of $32 billion loss on its wings?

Prime Minister Sheikh Hasina today asked the authorities concerned to assess economic possibilities and benefit first before taking any development project.
"Before taking any development project with huge investment, we should first think that how many people will be benefited by the project and what will be its economic prospect," she said. &nbsp; The premier said this while witnessing the outline of a programme of the Roads and Highways Department to help build Smart Bangladesh by 2041 at her official Ganabhaban residence this morning.
She said, "We have to make the development of our country in such a way that our ability could increase and dependency on others could decrease".
PM's Deputy Press Secretary KM Shakhawat Moon briefed the newsmen after the premier witnessed the outline.
Sheikh Hasina also gave necessary instructions and asked all concerned to attach priority on avoiding unnecessary expenses and accomplish the projects at the quickest possible time. &nbsp; She said, "You have to consider that how much the country will be developed in case of taking projects".
The premier said the countrymen are getting the benefit as some infrastructural development has taken place quickly.
She said her government is running the state with a target.
After coming to power in 1996, her government's first priority was to ensure food and nutrition security for the people, she continued.
"We have successfully ensured the food security with increasing food production through research," she added.
Sheikh Hasina said her government had announced Vision-2021 and successfully implemented it achieving recognition of a developing nation.
"Now, our target is to transform Bangladesh into a developed, prosperous and Smart country by 2041. We have been working to implement the vision," she said.
Road Transport and Bridges Minister Obaidul Quader and PM's Principal Secretary M Tofazzel Hossain Miah, among others, were present.

Evaluate economic prospect before taking development projects: PM

AP/UNB

The helicopter crash in which Iranian President Ebrahim Raisi, the country&rsquo;s foreign minister and other officials were killed is likely to reverberate across the Middle East, where Iran&rsquo;s influence runs wide and deep.
That's because Iran has spent decades supporting armed groups and militants in Lebanon, Syria, Iraq, Yemen and the Palestinian territories, allowing it to project power and potentially deter attacks from the United States or Israel, the sworn enemies of its 1979 Islamic Revolution.
Tensions have never been higher than they were last month when Iran under Raisi and Supreme Leader Ayatollah Ali Khamenei launched hundreds of drones and ballistic missiles at Israel in response to an airstrike on an Iranian Consulate in Syria that killed two Iranian generals and five officers.
Israel, with the help of the United States, Britain, Jordan and others, intercepted nearly all the projectiles. In response, Israel apparently launched its own strike against an air defence radar system in the Iranian city of Isfahan, causing no casualties but sending an unmistakable message.
The sides have waged a shadow war of covert operations and cyberattacks for years, but the exchange of fire in April was their first direct military confrontation.
The ongoing war between Israel and Hamas has drawn in other Iranian allies, with each attack and counterattack threatening to set off a wider war.
It's a combustible mix that could be ignited by unexpected events, such as Sunday's deadly crash.
A BITTER RIVALRY WITH ISRAEL
Israel has long viewed Iran as its greatest threat because of Tehran's controversial nuclear program, its ballistic missiles and its support for armed groups sworn to Israel's destruction.
Iran views itself as the chief patron of Palestinian resistance to Israeli rule, and top officials for years have called for Israel to be wiped off the map.
Raisi, who was a hard-liner viewed as a prot&eacute;g&eacute; and possible successor of Khamenei, chastised Israel last month, saying &ldquo;the Zionist Israeli regime has been committing oppression against the people of Palestine for 75 years.&rdquo;
&ldquo;First of all we have to expel the usurpers, secondly we should make them pay the cost for all the damages they have created, and thirdly, we have to bring to justice the oppressor and usurper," he said.
Israel is believed to have carried out numerous attacks over the years targeting senior Iranian military officials and nuclear scientists.
There is no evidence Israel was involved in Sunday's helicopter crash, and Israeli officials have not commented on the incident.
Who is Ebrahim Raisi, Iran's president whose helicopter suffered a 'hard landing' in foggy weather?
Arab countries on the Persian Gulf have also long viewed Iran with suspicion, a key factor in the decision of the United Arab Emirates and Bahrain to normalize relations with Israel in 2020, and of Saudi Arabia to consider such a move.
A PROXY WAR STRETCHING FROM LEBANON TO YEMEN
Iran has provided financial and other support over the years to the Palestinian militant group Hamas, which led the 7 October attack into Israel that triggered the Gaza war, and the smaller but more radical Palestinian Islamic Jihad, which took part in it. But there is no evidence that Iran was directly involved in the attack.
Since the start of the war, Iran's leaders have expressed solidarity with the Palestinians. Their allies in the region have gone much further.
Lebanon's Hezbollah group, Iran's most militarily advanced proxy, has waged a low-intensity conflict with Israel since the start of the Gaza war. The two sides have traded strikes on a near-daily basis along the Israel-Lebanon border, forcing tens of thousands of people on both sides to flee.
So far, however, the conflict has not boiled over into a full-blown war that would be disastrous for both countries.
Iran-backed militias in Syria and Iraq launched repeated attacks on US bases in the opening months of the war but pulled back after US retaliatory strikes for a drone attack that killed three American soldiers in January.
Yemen's Houthi rebels, another ally of Iran, have repeatedly targeted international shipping in what they portray as a blockade of Israel. Those strikes, which often target ships with no apparent links to Israel, have also drawn US-led retaliation.
BEYOND THE MIDDLE EAST
Iran's influence extends beyond the Middle East and its rivalry with Israel.
Israel and Western countries have long suspected Iran of pursuing nuclear weapons in the guise of a peaceful atomic program in what they see as a threat to non-proliferation everywhere.
Then-President Donald Trump's withdrawal from a landmark nuclear pact between Iran and world powers in 2018, and his imposition of crushing sanctions, led Iran to gradually abandon all the limits placed on its program by the deal.
These days, Iran is enriching uranium to up to 60% purity &mdash; near weapons-grade levels of 90%. Surveillance cameras installed by the UN nuclear agency have been disrupted, and Iran has barred some of the agency's most experienced inspectors. Iran has always insisted its nuclear program is for purely peaceful purposes, but the United States and others believe it had an active nuclear weapons programme until 2003.
Iran has also emerged as a key ally of Russia following its invasion of Ukraine, and is widely accused of supplying exploding drones that have wreaked havoc on Ukraine's cities. Raisi himself denied the allegations last fall in an interview with The Associated Press, saying Iran had not supplied such weapons since the outbreak of hostilities in February 2022.
Iranian officials have made contradictory comments about the drones, while US and European officials say the sheer number being used in the war in Ukraine shows that the flow of such weapons has intensified since the war began.

Helicopter crash that killed Iran's president and others could reverberate across the Middle East

Prime Minister Sheikh Hasina has directed that battery-run auto-rickshaws and easy bikes be allowed to operate in Dhaka city, Awami League General Secretary Obaidul Quader said on Monday (May 20).
The direction comes after the drivers of battery-run auto-rickshaws and easy bikes took to the street for the second consecutive day protesting the ban on their vehicles.
"Prime Minister Sheikh Hasina has asked for allowing the movement of battery-run auto-rickshaws during a Cabinet meeting on Monday,&rdquo; said Quader while addressing a discussion organised to mark the founding anniversary of the Olama League at the Awami League&rsquo;s central office on Bangabandhu Avenue in Dhaka this afternoon.
However, the movement of battery-run auto-rickshaws will be banned on 22 highways, said the road transport and bridges minister.
The auto-rickshaw and easy bike drivers blocked roads in the Staff Quarters, Mohammadpur Beribadh, Khilgaon, and Agargaon Taltola areas, causing significant inconvenience to commuters.
In Demra, a clash erupted between the police and drivers when the latter blocked the road in the Staff Quarters area around 11:15 am. Police used batons and fired shotgun rounds to disperse the crowd, according to Jahirul Islam, officer-in-charge of Demra Police Station. Protestors retaliated by throwing bricks at the law enforcers, creating panic in the area, as reported by police and locals.
In Rampura, over 100 drivers blocked the road near Better Life Hospital at around 9:30 am, causing a severe traffic jam. Mashiur Rahman, officer-in-charge of Rampura Police Station, said that traffic movement resumed after the drivers left the road around 10:30 am.
In Agargaon, a group of drivers formed a human chain beside the road, urging the government to allow their vehicles to operate until alternative employment could be arranged. When the protesters attempted to position themselves beside the road, police chased and dispersed them. Some drivers responded by throwing bricks at the police. Police detained at least seven drivers from the scene, according to our staff photographer on site.
Yesterday, traffic in Mirpur was severely disrupted as drivers of battery-run rickshaws demonstrated, clashed with police, and vandalised vehicles.

PM allows battery-run rickshaws to ply in Dhaka: Quader

As Iranian President &nbsp;Ibrahim Raisi was killed in a helicopter crash, US Republican Senator Rick Scott said the world is a "safer and better place" without him.
"If Raisi is dead, the world is now a safer &amp; better place. That evil man was a tyrant &amp; terrorist. He was not loved or respected &amp; he will be missed by no one," Rick Scott wrote on X on Monday (20 May).
"If he's gone, I truly hope the Iranian people have the chance to take their country back from murderous dictators," he added.
Senator Scott's comments stand in stark contrast with the numerous foreign officials and countries expressing condolences over Raisi's death, including many US allies in the Middle East.
As confirmed by officials and state media, Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian, along with other passengers, were killed in a helicopter crash in mountainous terrain near the Azerbaijan border.
Their remains were found early on Monday after an overnight search in blizzard conditions.&nbsp;
State TV reported that images from the site showed the aircraft slammed into a mountain peak, although there was no official word on the cause of the crash.

World is now a safer place: US senator on Raisi's death

Drivers of battery-run rickshaws and easy bikes continued their protests on various city streets for the second consecutive day, opposing the crackdown on their vehicles.
The drivers blocked roads in the Staff Quarters, Mohammadpur Beribadh, Khilgaon, and Agargaon Taltola areas, causing significant inconvenience to commuters.
In Demra, a clash erupted between the police and drivers when the latter blocked the road in the Staff Quarters area around 11:15 am. Police used batons and fired shotgun rounds to disperse the crowd, according to Jahirul Islam, officer-in-charge of Demra Police Station. Protestors retaliated by throwing bricks at the law enforcers, creating panic in the area, as reported by police and locals.
In Rampura, over 100 drivers blocked the road near Better Life Hospital at around 9:30 am, causing a severe traffic jam. Mashiur Rahman, officer-in-charge of Rampura Police Station, stated that traffic movement resumed after the drivers left the road around 10:30 am.
In Agargaon, a group of drivers formed a human chain beside the road, urging the government to allow their vehicles to operate until alternative employment could be arranged. When the protesters attempted to position themselves beside the road, police chased and dispersed them. Some drivers responded by throwing bricks at the police. Police detained at least seven drivers from the scene, according to our staff photographer on site.
Yesterday, traffic in Mirpur was severely disrupted as drivers of battery-run rickshaws demonstrated, clashed with police, and vandalized vehicles.

Drivers take to street for second straight day protesting ban on battery-run rickshaws

Iranian President Ebrahim Raisi, a hardliner long seen as a potential successor to Supreme Leader Ayatollah Ali Khamenei, was killed in a helicopter crash in mountainous terrain near the Azerbaijan border, officials and state media said on Monday.
The helicopter was also carrying Foreign Minister Hossein Amirabdollahian and six other passengers and crew.
Here are reactions to the news:
CHARLES MICHEL, PRESIDENT OF THE EUROPEAN COUNCIL, ON X, FORMERLY KNOWN AS TWITTER:
"The European Union expresses its sincere condolences for the death of President Raisi and Foreign Minister Abdollahian, as well as other members of their delegation and crew in a helicopter accident. Our thoughts go to the families."
RUSSIAN FOREIGN MINISTER SERGEI LAVROV, IN STATEMENT:
Raisi and Abdollahian were known as "true, reliable friends of our country".
"Their role in strengthening mutually beneficial Russian-Iranian cooperation and trusting partnership is invaluable.
"We sincerely extend our condolences to the families and friends of the victims, as well as to the entire friendly people of Iran. Our thoughts and hearts are with you in this sad hour."
JAPAN'S GOVERNMENT SPOKESPERSON YOSHIMASA HAYASHI:
Japan expresses its deepest condolences to the government and people of Iran over the death of President Raisi and the foreign minister.
VENEZUELAN PRESIDENT NICOLAS MADURO, ON X:
"...Deeply saddened to have to say goodbye to an exemplary person, an extraordinary leader of the world as our brother Ebrahim is, and will always be, an excellent human being, defender of the sovereignty of his people and unconditional friend of our country.
"From Bolivarian lands, we express our deepest condolences to Supreme Leader Ayatollah Ali Khamenei and wish for divine consolation for such a sensitive loss. We join the feelings of his family and our Iranian brothers and sisters in these difficult moments."
MARYAM RAJAVI, PRESIDENT-ELECT OF THE PARIS-BASED NATIONAL COUNCIL OF RESISTANCE OF IRAN OPPOSITION GROUP, IN A STATEMENT:
"This represents a monumental and irreparable strategic blow to the mullahs&rsquo; Supreme Leader Ali Khamenei and the entire regime, notorious for its executions and massacres.
"It will trigger a series of repercussions and crises within theocratic tyranny, which will spur rebellious youths into action.
"The curse of mothers and those seeking justice for the executed, along with the damnation of the Iranian people and history, mark the legacy of Ebrahim Raisi, the notorious perpetrator of the 1988 massacre of political prisoners."
EGYPTIAN PRESIDENT ABDEL FATTAH EL-SISI, IN A STATEMENT:
"The president of the Arab Republic of Egypt extends his sincere condolences and sympathy to the brotherly Iranian people, and prays that the deceased Iranian President and the departed may rest in God Almighty's mercy, and grant their families patience and solace, expressing the solidarity of the Arab Republic of Egypt with the Iranian leadership and people in this terrible incident."
LEBANON'S IRAN-BACKED HEZBOLLAH GROUP, IN A STATEMENT:
Said it mourned "with deep sadness the martyrdom of Raisi, Abdollahian and others in a tragic incident."
It offered condolences to the Supreme Leader Ali Khamenei, the religious authorities, the leaders of Iran and its patient people.
It praised the struggle of the martyrs in defending the causes of the nation and their service to Iran, calling upon God to bless them with His mercy, to protect Khamenei, and to grant Iran the ability to overcome the ordeal with patience and determination.
SRI LANKA PRESIDENT RANIL WICKREMESINGHE, ON X:
"I express my deepest sympathies and sincere condolences to the bereaved families, the government and the people of Iran. Our thoughts and prayers are with the families of President Raisi and his entourage."
JORDAN'S KING ABDULLAH, ON X:
"My deepest condolences to the brothers, leadership, government and people of the Islamic Republic of Iran on the death of Brother President Ebrahim Raisi, Foreign Minister Brother Hossein Amir Abdullahian and those accompanying them, may God have mercy on them all.
"We stand in solidarity with our brothers in Iran in this difficult circumstance"
UAE PRIME MINISTER SHEIKH MOHAMMED BIN RASHID AL-MAKTOUM, IN A STATEMENT:
"Our hearts are with you in this difficult time. Our prayers are that God will cover them with His vast mercy and dwell them in His spacious Paradise."
SYRIAN PRESIDENT BASHAR AL-ASSAD:
In a statement of condolence, Assad affirmed Syria's solidarity with the Islamic Republic of Iran and the families of the dead, adding that Raisi's dedication to his work and duties had taken him to East Azerbaijan to inaugurate a vital project for his country, where he was martyred in the line of duty.
Assad added that Syria had worked with the late president to ensure strategic ties between Syria and Iran remained prosperous, recalling Raisi's important visit to Syria as part of enhancing ties for the benefit of both nations.
IRAQ PRIME MINISTER MOHAMMED SHIA AL-SUDANI, IN A STATEMENT:
"We extend our heartfelt condolences and sympathies to the Supreme Leader of the Islamic Republic, Ali Khamenei, and to the nation of Iran, its government and people.
"We express our solidarity with the brotherly Iranian people and the officials of the Islamic Republic during this painful tragedy."
HAMAS STATEMENT:
The statement conveyed Hamas' "deepest condolences...for "this immense loss."
It praised the deceased Iranian leaders for supporting the Palestinian cause and resistance against Israel and expressed confidence that Iran's "deep-rooted institutions" will enable it to overcome "the repercussions of this great loss."
MOHAMMED ALI AL-HOUTHI, HEAD OF YEMEN'S HOUTHI SUPREME REVOLUTIONARY COMMITTEE, ON X:
"We ask God to grant their families patience and solace. Verily we belong to Allah and to Him we shall return. The Iranian people will remain adhering to the loyal leaders of their people, by God's will."
QATAR'S EMIR SHEIKH TAMIN BIN HAMAD AL-THANI, ON X:
"Sincere condolences to the government and people of the Islamic Republic of Iran...asking God Almighty for mercy and forgiveness for them and for their families with patience and solace.
"We belong to Allah and to Him we shall return."
PAKISTAN PRIME MINISTER SHEHBAZ SHARIF, ON X:
"The great Iranian nation will overcome this tragedy with customary courage.
"Pakistan will observe a day of mourning and the flag will fly at half mast as a mark of respect for President Raisi and his companions and in solidarity with brotherly Iran."
INDIAN PRIME MINISTER NARENDRA MODI ON X:
"Deeply saddened and shocked by the tragic demise of Dr. Seyed Ebrahim Raisi, president of the Islamic Republic of Iran. His contribution to strengthening India-Iran bilateral relationship will always be remembered.
"My heartfelt condolences to his family and the people of Iran. India stands with Iran in this time of sorrow."
&nbsp;

Reactions to the death of Iran's president in a helicopter crash

Here are some key facts about Mohammad Mokhber, 68, Iran's first vice president who, based on the country's constitution, is expected to become interim president following the death of Ebrahim Raisi in a helicopter crash.
* As interim president, Mokhber is part of a three-person council, along with the speaker of parliament and the head of the judiciary, that will organise a new presidential election within 50 days of the president's death.
* Born on Sept. 1, 1955, Mokhber, like Raisi, is seen as close to Supreme Leader Ali Khamenei, who has the last say in all matters of state. Mokhber became first vice president in 2021 when Raisi was elected president.
* Mokhber was part of a team of Iranian officials who visited Moscow in October and agreed to supply surface-to-surface missiles and more drones to Russia's military, sources told Reuters at the time. The team also included two senior officials from Iran's Revolutionary Guards and an official from the Supreme National Security Council.
* Mokhber had previously been head of Setad, an investment fund linked to the supreme leader.
* In 2010, the European Union included Mokhber on a list of individuals and entities it was sanctioning for alleged involvement in "nuclear or ballistic missile activities". Two years later, it removed him from the list.
* In 2013, the U.S. Treasury Department added Setad and 37 companies it oversaw to a list of sanctioned entities.
* Setad, whose full name is Setad Ejraiye Farmane Hazrate Emam, or the Headquarters for Executing the Order of the Imam, was set up under an order issued by the founder of the Islamic Republic, Khamenei's predecessor, Ayatollah Ruhollah Khomeini. It ordered aides to sell and manage properties supposedly abandoned in the chaotic years after the 1979 Islamic Revolution and channel the bulk of the proceeds to charity.

Who is Mohammad Mokhber, the man set to become Iran's interim president?

Press Release

Islami Bank Bangladesh PLC and Daffodil International University (DIU) signed an agreement on payment of all student fees.&nbsp;
Under this agreement, DIU students and their parents can pay all kinds of fees including tuition and semester fees conveniently at Islami Bank branches, sub-branches, agent outlets and through the Cellfin app, reads a press release.&nbsp;
In the presence of Professor Dr. M. Lutfar Rahman, Vice Chancellor of DIU and Md. Altaf Hossain, Additional Managing Director of Islami Bank, Mominul Haque Majumder, Treasurer (Current Duties) of DIU and A.B.M Mostafa Ali Haidar, Head of Ashulia Branch of the bank signed the agreement on behalf of their respective organizations recently at the DIU Conference Hall. Md. Maksudur Rahman, Senior Executive Vice President, Bashir Ahamed, Head of Dhaka North Zone of Islami Bank, Dr. S.M. Mahbub Ul Haque Majumder, Pro- Vice Chancellor and Dr. Mohammed Nadir Bin Ali, Registrar, Dr. Sayed Mizanur Rahman, Professor, Department of Economics of DIU along with executives &amp; officials of both institutions were present on the occasion.

Islami Bank inks agreement with Daffodil International University

Iranian President Ebrahim Raisi and his foreign minister were killed in a helicopter crash in mountainous terrain and icy weather, an Iranian official said on Monday, after search teams located the wreckage in East Azerbaijan province.
"President Raisi, the foreign minister and all the passengers in the helicopter were killed in the crash," the senior Iranian official told Reuters, asking not to be named because of the sensitivity of the matter.
Iran's Mehr news agency confirmed the deaths, reporting that "all passengers of the helicopter carrying the Iranian president and foreign minister were martyred".
An Iranian official earlier told Reuters the helicopter carrying Raisi and Foreign Minister Hossein Amirabdollahian was completely burned in the crash on Sunday.
State TV reported that images from the site showed the aircraft slammed into a mountain peak, although there was no official word on the cause of the crash.
State news agency IRNA said Raisi was flying in a US-made Bell 212 helicopter.
Raisi, 63, was elected president in 2021, and since taking office has ordered a tightening of morality laws, overseen a bloody crackdown on anti-government protests and pushed hard in nuclear talks with world powers.
Iranian Supreme Leader Ayatollah Ali Khamenei, who holds ultimate power with a final say on foreign policy and Iran's nuclear programme, had earlier sought to reassure Iranians, saying there would be no disruption to state affairs.
PRAYERS, SEARCHES
Rescue teams fought blizzards and difficult terrain through the night to reach the wreckage in the early hours of Monday.
&ldquo;With the discovery of the crash site, no signs of life have been detected among the helicopter's passengers,&rdquo; the head of Iran&rsquo;s Red Crescent, Pirhossein Kolivand, told state TV.
Earlier, the national broadcaster had stopped all regular programming to show prayers being held for Raisi across the country.
In the early hours of Monday, it showed a rescue team, wearing bright jackets and head torches, huddled around a GPS device as they searched a pitch-black mountainside on foot in a blizzard.
Several countries expressed concern and offered assistance in any rescue.
The White House said US President Joe Biden had been briefed on reports about the crash. China said it was deeply concerned. The European Union offered emergency satellite mapping technology.
HARDLINER, POSSIBLE SUCCESSOR TO KHAMENEI
The crash comes at a time of growing dissent within Iran over an array of political, social and economic crises. Iran's clerical rulers face international pressure over Tehran's disputed nuclear programme and its deepening military ties with Russia during the war in Ukraine.
Since Iran's ally Hamas attacked Israel on 7 October provoking Israel's assault on Gaza, conflagrations involving Iran-aligned groups have erupted throughout the Middle East.
In Iran's dual political system, split between the clerical establishment and the government, it is Raisi's 85-year-old mentor Khamenei, supreme leader since 1989, who holds decision-making power on all major policies.
For years many have seen Raisi as a strong contender to succeed Khamenei, who has endorsed Raisi's main policies.
Raisi's victory in a closely managed election in 2021 brought all branches of power under the control of hardliners, after eight years when the presidency had been held by pragmatist Hassan Rouhani and a nuclear deal was negotiated with powers including Washington.
However, Raisi's standing may have been dented by widespread protests against clerical rule and a failure to turn around Iran's economy, hamstrung by Western sanctions.
Raisi had been at the Azerbaijani border on Sunday to inaugurate the Qiz-Qalasi Dam, a joint project. Azerbaijan's President Ilham Aliyev, who said he had bid a "friendly farewell" to Raisi earlier in the day, offered assistance in the rescue.

Iranian president, foreign minister killed in helicopter crash

Social Islami Bank held a reception and felicitation ceremony for its newly promoted officers working in Dhaka.
The event took place at Jamuna Future Park Convention Center on May 13 with the bank's Managing Director and Chief Executive &nbsp;Zafar Alam in attendance as the chief guest at reads a press release.
Muhammad Forkanullah, Deputy Managing Director, presided over the ceremony. Special guests included Deputy Managing Directors Abdul Hannan Khan and Mohammad Habibur Rahman.
The occasion was attended by regional heads from various bank regions, department heads from the head office, senior executives, and branch managers from Dhaka and surrounding areas. Approximately 2000 officers and employees from all levels of branches in Dhaka and its neighboring regions participated in the event.
In his address, Zafar Alam encouraged everyone to collaborate and innovate to propel the bank forward. He emphasized that the success of the bank is intrinsically linked to the success of its employees, urging them to work together to achieve excellence.

Social Islami Bank greets promoted officers in Dhaka

Social Islami Bank arranged a programme on Saturday &nbsp;to congratulate the officers who got promotion in 2024 in Chattogram.&nbsp;
Zafar Alam, Managing Director &amp; CEO, was present as chief guest while Mohammad Forkanullah and Mohammad Habibur Rahman, Deputy Managing Directors, were present as special guests, reads a press release.&nbsp;
Sayed Md Sohel, Head of Chattogram Zone, presided over the programme. Md. Towhid Hossain, SEVP &amp; Head of IRMD-I, Abu Rushd Iftekharul Haque, Head of TF &amp; RMG, branch managers, sub-branch in-charges &amp; officers of Chattogram Zone attended the event.
Zafar Alam, MD &amp; CEO, greeted the officers who got promotion, and urged everyone to work dedicatedly to take our bank to the height of success.&nbsp;

Social Islami Bank greets promoted officers in Chattogram

Gusty winds along with rain and thunderstorms are likely to pass through some places in Dhaka, Rangpur, Mymensingh, Chattogram and Sylhet divisions, said the Bangladesh Meteorological Department (BMD).
&ldquo;Along with this, there may be scattered hailstorms in some places,&rdquo; the BMD said in its latest weather forecast bulletin on Monday (20 May).
Some places in Rajshahi, Khulna and Barisal divisions may experience temporary gusty or windy rain or rain with thunder, it added.
At the same time, stormy winds with a speed of 60-80km per hour may blow temporarily over Rangpur, Dinajpur, Bogura, Tangail and Mymensingh districts from west or north-west. &nbsp;Rain or thundershowers may also occur, the BMD said.
River ports in these areas have been asked to hoist warning signals no 2.
BMD said that the additional low pressure is extending from West Bengal in India to the North-West Bay of Bengal.

Gusty winds and rain likely in Dhaka, 4 other divisions: BMD

Israeli planes and tanks pounded areas across the Gaza Strip, residents said, as White House national security adviser Jake Sullivan met Israeli Prime Minister Benjamin Netanyahu on Sunday amid US calls for a more focused military campaign.
Sullivan was expected to press for Israel to go after Hamas militants in a targeted way, not with a full-scale assault on the southern Gaza city of Rafah, the White House said before the discussions.
Israel has been pushing into the city that it says is the last bastion of Hamas forces. Hundreds of thousands of Palestinians have fled the area that was one of their few remaining places of refuge.
"Across the Gaza Strip, there is no safety," said Majid Omran who told Reuters his family had fled Rafah and just returned to what was left of their home in the southern city of Khan Younis that they had fled nearly five months ago.
"We took our children, grandchildren, and daughters and we came and lived above the rubble of our home. Because there is no place to take refuge here," Omran told Reuters inside the wrecked property as a woman cooked over a fire.
Israeli forces also pushed deeper into the narrow alleyways of Jabalia in northern Gaza overnight and into Sunday, returning to an area that they said they had cleared earlier in the conflict, residents said.
The Israeli military has said its operations in Jabalia - the largest of Gaza's eight historic refugee camps - are precise and meant to stop Hamas from reestablishing its grip there.
The Israeli military said it was "operating to identify armed terrorist cells and ... conducting dozens of strikes to assist the forces operating on the ground" in the Jabalia area.
TALKS, TUNNELS, THREATS
Ahead of Sunday's talks, an Israeli official said Prime Minister Benjamin Netanyahu and his senior aides would try to reach an agreement with Sullivan about the need to press ahead with the Rafah push.
Past US misgivings about the feasibility of Israel's humanitarian measures may have been allayed by the evacuation of around half of the city's Palestinians in 12 days, said the official, who spoke to Reuters on condition of anonymity.
"We've shown that this is not only necessary, but doable," added the official.
The official said Israel would also air concerns about dozens of tunnels it says its forces have found under Rafah, running into next-door Egypt - which has condemned the military sweep.
"These tunnels are used by Hamas to supply itself with weapons and ammunition, and could potentially be used to smuggle out of Gaza hostages or Hamas senior operatives," Deputy Israeli State Attorney Noam Gilad said during a hearing at The Hague on Friday, in a rare detailing of allegations that Egypt's state information service previously dismissed as untrue.
Netanyahu has said the operation in Rafah, where Israel believes that as much as a quarter of Hamas' fighting forces are holed up, could be completed within weeks.
Washington worries for the hundreds of thousands of displaced Palestinians sheltering there, and has cited a need not just to evacuate them but also to ensure adequate alternative accommodation.
At least 28 Palestinians were killed on Sunday, Gaza health officials and Hamas said, most of them in a strike on a house in Nuseirat in the central Gaza Strip.
The Gaza Civil Emergency Service said in a statement rescue teams have so far recovered the bodies of 150 Palestinians killed by the army in recent days, and that 300 houses had been struck by Israeli aerial and ground fire.
The 7 October Hamas assault on Israel that sparked the war killed 1,200 people, according to Israeli tallies. About 125 of the 253 people abducted in the raid are believed to remain in captivity in Gaza.
At least 35,386 Palestinians have been killed in Israeli strikes since 7 October, according to the enclave's health ministry. Aid agencies have warned of widespread hunger and shortages of fuel and medical supplies.
The US military said on Friday trucks had started moving aid ashore from a temporary pier built by its forces, the first to reach the besieged enclave by sea in weeks.
The Popular Resistance Committee (PRC), an armed group that fights alongside Hamas in Gaza, released a statement saying the pier had been built to ease political pressure on Israel, and that any Israeli or US troops on its territory would be considered a legitimate target.
On Saturday, Hamas also raised concerns about the pier and warned against any foreign military force in Gaza, but made no direct threats.
In March, when President Joe Biden announced his country's pier construction plans, he said: "No US boots will be on the ground."

Israel launches strikes across Gaza as US envoy meets Netanyahu

Dhaka has ranked sixth on the list of cities worldwide with the worst air quality with an AQI score of 165 at 9 am this morning (May 20, 2024).
Dhaka&rsquo;s air this morning was classified as 'unhealthy', according to the air quality index.
When the AQI value for particle pollution is between 50 and 100, air quality is considered &lsquo;moderate&rsquo;, between 101 and 150, air quality is considered &lsquo;unhealthy for sensitive groups&rsquo;, between 150 and 200 is &lsquo;unhealthy&rsquo;, between 201 and 300 is said to be 'very unhealthy', while a reading of 301+ is considered 'hazardous', posing serious health risks to residents.
India&rsquo;s Delhi, Pakistan&rsquo;s Lahore and Indonesia&rsquo;s Jakarta occupied the first, second and third spots on the list, with AQI scores of 381, 188 and 175, respectively.
The AQI, an index for reporting daily air quality, informs people how clean or polluted the air of a certain city is and what associated health effects might be a concern for them.
The AQI in Bangladesh is based on five pollutants: particulate matter (PM10 and PM2.5), NO2, CO, SO2, and ozone.
Dhaka has long been grappling with air pollution issues. Its air quality usually turns unhealthy in winter and improves during the monsoon.
As per the World Health Organization (WHO), air pollution kills an estimated seven million people worldwide every year, mainly due to increased mortality from stroke, heart disease, chronic obstructive pulmonary disease, lung cancer, and acute respiratory infections. &nbsp;

Dhaka’s air quality 6th worst in the world this morning

India began voting in the fifth phase of its mammoth general elections on Monday, with seats in the financial capital Mumbai and the opposition's Gandhi family bastions set to be sealed in the last few legs of the seven-phase vote.
The world's largest election began on 19 April and will conclude on 1 June, with votes set to be counted on 4 June.
Monday's phase has the least number of seats being contested, with 89.5 million voters set to choose representatives for 49 seats.
Several high-profile candidates are in the fray on Monday - including Defence Minister Rajnath Singh from Lucknow and Trade Minister Piyush Goyal from Mumbai - cities which have suffered from a dismal voter turnout in the past.
The Election Commission on Sunday specifically called upon residents of those cities "to erase the stigma" of urban apathy.
"At the core of our vision for Mumbai is &ndash; better infrastructure and more 'ease of living," Prime Minister Narendra Modi said while campaigning in the city last week, just days after at least 14 people were killed when a massive billboard fell during a rainstorm.
Two boroughs of the Congress party's Nehru-Gandhi dynasty in the politically crucial Uttar Pradesh are also going to polls, with scion Rahul Gandhi contesting the seat of Raebareli, in addition to Wayanad in the south which has already voted. India allows candidates to contest multiple constituencies but represents only one.
Sonia Gandhi, Congress party chief and former lawmaker from Raebareli, made an emotional appeal to voters asking them to vote for her son in a region that the Bhartiya Janata Party (BJP) has dominated in the last 10 years.
Smriti Irani, minister for women and child development, is contesting from Amethi. In 2019, she defeated Rahul Gandhi in a seat his family held continuously for the last four decades.
Among other keenly watched electorates in the state is Kaiserganj, where the BJP is fielding a former wrestling federation chief's son, despite his father being charged with sexually harassing female wrestlers.
Poor voter turnout became a concern for the ruling BJP initially, and analysts believe the low numbers cast doubts on the landslide victory the party and its allies sought.
After an initial poor performance, more people started casting their votes with an average turnout of 66.95% in four phases, and 69% in the fourth one on 13 May.
Modi, widely expected to return as prime minister for a third consecutive term, has been accused by opponents of targeting minority Muslims to please hardline voters.
Modi has repeatedly accused the Congress party of planning to extend welfare benefits to Muslims at the expense of disadvantaged tribal groups and Hindu castes, a claim the Congress has denied.
In a recent television interview aired after the fourth phase, Modi said it was his resolve to "not do Hindu-Muslim (in politics)".
The opposition INDIA alliance, consisting of Congress and a dozen political parties, got a major boost after fierce Modi critic and Chief Minister of Delhi Arvind Kejriwal was given temporary relief by the court and allowed to campaign in the elections.

India begins voting in fifth phase as Mumbai, Gandhi family boroughs head to polls

A Dhaka court on Sunday sent BNP's International Affairs Committee member and former mayoral candidate of Dhaka South City Corporation, Ishraque Hossain, to jail by rejecting his bail petition in a case filed on charges of committing treason.
Dhaka Metropolitan Sessions Judge Mohammad As-Shams Joglul Hossain issued the order as Ishraque Hossain appeared before the court seeking bail in the case, said his lawyer Taherul Islam Tauhid.
On 29 October, Mohiuddin Shikder filed a case with Paltan Police Station, accusing Mian Zahidul Islam Arefy, who claimed to be an advisor to US President Joe Biden, Ishraque, and retired Lieutenant General Chowdhury Hasan Sarwardi of attempting to destabilise the country by resorting to lies.
Tauhid stated that his client, Ishraq, had secured bail for six weeks once already in the case. "As that period was about to end, he applied for bail in court again."
Tauhid further mentioned that the BNP leader applied for permanent bail in twelve cases, including the one with Paltan Thana. "The court granted bail in all cases except this one and ordered him to be sent to jail."
According to the case statement, during a press conference at BNP&rsquo;s Nayapaltan central office on 28 October last year, Arefy recommended the US government to impose bans on various governmental departments and claimed to have frequent contact with President Biden.
The plaintiff also alleged that Ishraque and Suhrawardi endorsed Arefy's speech, inciting chaos to disturb the peace in the country. &nbsp;

BNP leader Ishraque sent to jail

BSS/AFP

China said on Monday it was "deeply concerned" after Iranian President Ebrahim Raisi's helicopter went missing in what Tehran's state media described as an accident, and pledged to help the rescue operation.
Contact was lost with the aircraft carrying Raisi, as well as Foreign Minister Hossein Amir-Abdollahian and others, in East Azerbaijan province in northwest Iran on Sunday, reports said.
Iran's Red Crescent said on Monday the helicopter had been found and the situation was "not good".
"The Chinese side is deeply concerned about the hard landing of the helicopter in which President Raisi was travelling, and we wish President Raisi and the crew on board safe and sound," state broadcaster CCTV quoted Beijing's foreign ministry as saying.
China was closely monitoring the situation and would "provide all necessary support and assistance" to the rescue operations, it added.
China is a close partner of Iran, its largest trade partner, and a top buyer of its sanctioned oil.
Tehran and Beijing have deepened trade ties in recent years, though Beijing's efforts to pull Iran into its flagship Belt and Road Initiative infrastructure project have been complicated by sanctions.
Beijing has also long played a critical role in arming Iran, aiding its efforts to modernise its military hardware and tactics.
It has also facilitated the "transfer of technology and machinery" for Iran's illicit nuclear program, according to the RAND Corporation.
The United States has repeatedly made public appeals for China to use its influence over Tehran to manage tensions in the region, which have been heightened by the Israel-Hamas conflict.

China 'deeply concerned' over Iran president's helicopter accident

Hopes are fading that Iranian President Ebrahim Raisi and his foreign minister have survived a helicopter crash in mountainous terrain and icy weather, an Iranian official said on Monday after search teams located the wreckage.
"President Raisi's helicopter was completely burned in the crash ... unfortunately, all passengers are feared dead," the official told Reuters.
Rescue teams fought blizzards and difficult terrain through the night to reach the wreckage in East Azerbaijan province in the early hours of Monday.
&ldquo;We can see the wreckage and the situation does not look good,&rdquo; the head of Iran&rsquo;s Red Crescent, Pirhossein Kolivand, told state TV.
&ldquo;With the discovery of the crash site, no signs of life have been detected among the helicopter's passengers.&rdquo;
Iranian state media said images from the site showed the helicopter crashed into a mountain peak, although there was no official word yet on the cause of the crash.
Raisi, 63, was elected president in 2021, and since taking office has ordered a tightening of morality laws, overseen a bloody crackdown on anti-government protests and pushed hard in nuclear talks with world powers.
Iranian Supreme Leader Ayatollah Ali Khamenei, who holds ultimate power with a final say on foreign policy and Iran's nuclear programme, had earlier sought to reassure Iranians, saying there would be no disruption to state affairs.
PRAYERS, SEARCHES A Turkish drone identified a source of heat suspected to be the helicopter's wreckage early on Monday and had shared the coordinates of the possible crash site with Iranian authorities, Anadolu news agency said on X.
State news agency IRNA said Raisi was flying in a U.S.-made Bell 212 helicopter.
The chief of staff of Iran's army ordered all resources of the army and the elite Revolutionary Guards to be put to use in search and rescue operations.
Earlier, the national broadcaster had stopped all regular programming to show prayers being held for Raisi across the country.
In the early hours of Monday, it showed a rescue team, wearing bright jackets and head torches, huddled around a GPS device as they searched a pitch-black mountainside on foot in a blizzard.
&ldquo;We are thoroughly searching every inch of the general area of the crash," state media quoted a regional army commander as saying. "The area has very cold, rainy, and foggy weather conditions. The rain is gradually turning into snow."
Several countries expressed concern and offered assistance in any rescue.
The White House said U.S. President Joe Biden had been briefed on reports about the crash. China said it was deeply concerned. The European Union offered emergency satellite mapping technology.
HARDLINER, POSSIBLE SUCCESSOR TO KHAMENEI The crash comes at a time of growing dissent within Iran over an array of political, social and economic crises. Iran's clerical rulers face international pressure over Tehran's disputed nuclear programme and its deepening military ties with Russia during the war in Ukraine.
Since Iran's ally Hamas attacked Israel on Oct. 7, provoking Israel's assault on Gaza, conflagrations involving Iran-aligned groups have erupted throughout the Middle East.
In Iran's dual political system, split between the clerical establishment and the government, it is Raisi's 85-year-old mentor Khamenei, supreme leader since 1989, who holds decision-making power on all major policies.
For years many have seen Raisi as a strong contender to succeed Khamenei, who has endorsed Raisi's main policies.
Raisi's victory in a closely managed election in 2021 brought all branches of power under the control of hardliners, after eight years when the presidency had been held by pragmatist Hassan Rouhani and a nuclear deal negotiated with powers including Washington.
However, Raisi's standing may have been dented by widespread protests against clerical rule and a failure to turn around Iran's economy, hamstrung by Western sanctions.
Raisi had been at the Azerbaijani border on Sunday to inaugurate the Qiz-Qalasi Dam, a joint project. Azerbaijan's President Ilham Aliyev, who said he had bid a "friendly farewell" to Raisi earlier in the day, offered assistance in the rescue.

Iranian President Raisi feared dead as helicopter wreckage found

Iranian President Ebrahim Raisi, whose helicopter crashed in mountainous terrain on Sunday, has become a contender to be Iran's next supreme leader with a clampdown on morality questions and a bloody crackdown on the nationwide protests it triggered.
Raisi's victory in an election in 2021, after heavyweight conservative and moderate rivals were disqualified by a hardline oversight body, brought all branches of power under the control of hardliners loyal to Supreme Leader Ali Khamenei, Raisi's 85-year-old mentor, who has the final say on all major policies.
Raisi, 63, took a tough stance in now-moribund negotiations with six major powers to revive a 2015 nuclear deal, seeing a chance to win broad relief from US sanctions in return for only modest curbs on Iran's increasingly advanced nuclear programme.
Hardliners in Iran have been emboldened by the chaotic US military withdrawal from neighbouring Afghanistan and policy swings in Washington.
In 2018, then-US president Donald Trump had reneged on the deal Tehran had done with the six powers and restored harsh US sanctions on Iran, prompting Tehran to progressively violate the agreement's nuclear limits.
Indirect talks between US President Joe Biden's administration and Tehran to revive the pact have stalled.
Raisi's hardline position has also been evident in domestic politics; a year after his election, the mid-ranking cleric ordered that authorities tighten enforcement of Iran's "hijab and chastity law" restricting women's dress and behaviour.
Within weeks, a young Kurdish Iranian woman, Mahsa Amini, died in custody after being arrested by morality police for allegedly violating that law.
The resulting months of nationwide protests presented one of the gravest challenges to Iran's clerical rulers since the 1979 Islamic Revolution.
Hundreds were killed, according to rights groups, including dozens of security personnel who were part of a fierce crackdown on the demonstrators. "Acts of chaos are unacceptable," the president insisted.
Although a political novice, Raisi has had full backing for the nuclear stance and the security crackdown from his patron, the strongly anti-Western Khamenei.
However, the widespread protests against clerical rule and a failure to turn around Iran's struggling economy - hamstrung by Western sanctions and mismanagement - may have diminished his popularity at home.
'PILLAR OF THE SYSTEM'
As a young prosecutor in Tehran, Raisi sat on a panel that oversaw the execution of hundreds of political prisoners in the Iranian capital in 1988, as Iran's eight-year war with Iraq was coming to an end, rights groups say.
Inquisitions known as "death committees" were set up across Iran comprising religious judges, prosecutors and intelligence ministry officials to decide the fate of thousands of detainees in arbitrary trials that lasted just a few minutes, according to a report by Amnesty International.
While the number of people killed across Iran was never confirmed, Amnesty said minimum estimates put it at 5,000.
Asked about allegations that he had played a part in the death sentences, Raisi told reporters in 2021: "If a judge, a prosecutor, has defended the security of the people, he should be praised ... I am proud to have defended human rights in every position I have held so far."
He rose through the ranks of Iran's Shi'ite Muslim clergy and was appointed by Khamenei to the high-profile job of judiciary chief in 2019. Shortly afterwards, he was also elected deputy chairman of the Assembly of Experts, the 88-member clerical body responsible for electing the next Supreme Leader.
"Raisi is a pillar of a system that jails, tortures and kills people for daring to criticize state policies," said Hadi Ghaemi, executive director of New York-based advocacy group the Centre for Human Rights in Iran (CHRI). Iran denies torturing prisoners.
Raisi shares with Khamenei a deep suspicion of the West. An anti-corruption populist, he backs Khamenei's self-sufficiency drive in the economy and his strategy of supporting proxy forces across the Middle East.
When a missile attack killed senior Iranian Revolutionary Guard officers in Iran's embassy in Damascus in April, Iran responded with an unprecedented but largely unsuccessful direct aerial bombardment of Israel.
Raisi said that any Israeli retaliation against Iranian territory could result in there being nothing left of the "Zionist regime".
"Raisi is someone that Khamenei trusts," said Sanam Vakil, deputy director of Chatham House&rsquo;s Middle East and North Africa Program. "Raisi can protect the supreme leader's legacy.
Raisi served as deputy head of the judiciary for 10 years before being appointed prosecutor-general in 2014. Five years later, the United States imposed sanctions on him for human rights violations, including the 1980s executions.
Seeking the presidency, Raisi lost to the pragmatist Hassan Rouhani in a 2017 election. His failure was widely attributed to an audio tape dating from 1988 that surfaced in 2016 and purportedly highlighted his role in the 1988 executions.
In the recording, the late Ayatollah Hossein Ali Montazeri, then deputy supreme leader, spoke of the killings. Montazeri&rsquo;s son was arrested and jailed for releasing the tape.
Raisi was born in 1960 to a religious family in Iran's holy Shi'ite Muslim city of Mashhad. He lost his father at the age of 5, but followed in his footsteps to become a cleric.
As a young student at a religious seminary in the holy city of Qom, Raisi took part in protests against the Western-backed Shah in the 1979 revolution. Later, his contacts with religious leaders in Qom made him a trusted figure in the judiciary.

Iranian President Raisi: a hardliner on morality, protests and nuclear talks

Sunrisers Hyderabad ended the IPL league stage in second behind table-toppers Kolkata Knight Riders after they beat Punjab Kings by four wickets on Sunday (19 May).
Former champions Hyderabad, led by Pat Cummins, edged out Rajasthan Royals for second spot on net run-rate after the final league match between Rajasthan and Kolkata was abandoned due to rain without a ball being bowled in Guwahati.
Chasing 215 for victory, Hyderabad, who are already among the top four teams to have made the play-offs, depended on Abhsihek Sharma's 66 to reach the target with five balls to spare at their home.
"We've had a lot of fun and played some really great cricket," said Cummins. "It's satisfying and exciting (to be in the play-offs)."
Kolkata and Hyderabad will face each other in the first qualifier on Tuesday with the winner moving to the final on May 26 in Chennai.
The loser will have another shot at making the final when they play the winner of the eliminator in the second qualifier.
Third-placed Rajasthan, who have been winless in their last five matches, will play Royal Challengers Bengaluru in the eliminator on Wednesday in Ahmedabad.
Left-handed Abhishek, who has been a breakout young Indian star in this edition with 467 runs including three half-centuries, took charge after Travis Head departed for a first-ball duck.
"He (Abhishek) is amazing. I wouldn't want to bowl to him," Cummins said of his team's player of the match. "It's scary as he plays with freedom, not only against pacers but also against spinners."
He reached his 50 in 21 balls and hammered five fours and six sixes in his 28-ball blitz to set up the chase.
- Classy Klaasen -
Abhishek put on an attacking stand of 72 with Rahul Tripathi, who smashed 33, before Nitish Kumar Reddy and Heinrich Klaasen steadied the innings and hit back.
Klaasen smashed 42 before he got out in the 19th over and Sanvir Singh steered the team home.
Punjab, who exited the play-off race early and extended their wait for a first IPL title, posted 214-5 as Prabhsimran Singh hit 71 off 45 balls to lay the foundations for the total.
Prabhsimran put on a key stand of 54 with South Africa's Rilee Rossouw, a left-handed batsman who hit 49, to set up the batting attack.
Rossouw kept up the charge after Prabhsimran's departure in the 15th over as he smashed three fours and four sixes in his 24-ball knock.
Jitesh Sharma, who stood in as captain after England's Sam Curran returned home after the previous win, steered the team past 200 and ended the innings with two sixes in his unbeaten 32 off 15 balls.
Left-arm medium-pace bowler T. Natarajan stood out with figures of 2-33 in his four overs.
In the second match of the day at Rajasthan's adopted home ground in Guwahati, unrelenting rain kept the players off the field until a seven-overs-a-side game was planned.
Kolkata won the toss and elected to field first but another spell of rain finally forced officials to call off the match.

Hyderabad finish second after last IPL league match washed out

Jurgen Klopp hailed Liverpool's fans as the "superpower of world football" after his final match as manager ended in a 2-0 win at home to Wolves on an emotional day at Anfield on Sunday.
Alexis Mac Allister and Jarell Quansah scored the goals, but the game was largely a sideshow as supporters paid tribute to the German they have taken to their hearts.
The charismatic 56-year-old, who announced in January he was leaving the club, has forged a strong bond with the Anfield faithful, who gave him a rousing welcome as he emerged from the famous tunnel.
The fans used cards to create giant mosaics, one simply reading "Jurgen" and another saying "Danke", with many holding scarves aloft bearing Klopp's name during a rousing rendition of the club's anthem "You'll Never Walk Alone".
After full-time he returned to the pitch through a guard of honour from the players to address the crowd wearing a red top bearing the words "Thank You" on the front and "I'll Never Walk Alone Again" on the back.
A stage was set up in the centre of the pitch and the club's owners, directors and ambassadors, including Anfield great Kenny Dalglish, all welcomed Klopp onto the field, with fans chanting his name.
"It doesn't feel like an end," said Klopp, who arrived at Anfield in 2015 with the club at a low ebb.
"It just feels like a start. Today I saw a football team play full of talent, youth, creativity, desire, greed. That's one part of development, that's what you need, obviously.
"People say I turned them from doubters into believers. That's not true. You did it. Nobody tells you to stop believing. This club is in a better moment than for a long time.
"We have this wonderful stadium, training centre and you -- the superpower of world football. Wow."
'Keep believing'&nbsp;
Klopp added: "We decide if we are worried or excited. We decide if we believe. We decide if we trust or don't trust. Today I am one of you and I keep believing. I stay believing 100 percent.
"Obviously I saw a lot of people crying and I will tonight too because I will miss people but change is good. Everything will be fine because the basics are 100 percent there.
"You welcome the new manager (Arne Slot) like you welcomed me. You go all in from the first day. You keep believing. You push the team. I'm one of you now. I love you to bits.
"Thank you. You are the best team in the world. Thank you."
Klopp then also adopted the song Liverpool fans had created for him to lead the crowd in a chant of "Arne Slot, na, na, na, na".
The German led the club to Champions League glory in 2019 -- the sixth time they had been crowned European champions.
The following season he secured his place as a Liverpool great by winning their first Premier League title for 30 years, the 19th time they had been crowned English champions.
He also lifted the FA Cup and won two League Cups in his spell.
When Klopp made the shock announcement that he was leaving earlier this year, Liverpool were chasing a quadruple.
They won the League Cup final against Chelsea in February but crashed out of the FA Cup against Manchester United and the Europa League against Atalanta.
Their Premier League title bid also faded quickly, but by finishing third Liverpool have qualified for next season's Champions League.
Pep Guardiola, the manager of Premier League champions Manchester City, paid a warm tribute to his long-time rival, saying Klopp deserved to be ranked alongside such outstanding Liverpool bosses as Bill Shankly and Bob Paisley.
"He has been a huge competitor in my life," Guardiola said after guiding City to an unprecedented fourth straight English title.
"It's not just about titles won and who won the most. There are personalities that when they arrive in one place they stay forever and Jurgen will depart in the level of Shankly, Paisley, these incredible legends."
/MHK/

Klopp hails 'superpower' fans in emotional Liverpool farewell

Rescuers in Iran were racing on Sunday to find the crash site of a helicopter that was carrying President Ebrahim Raisi to find out the fate of all those on board. Below is brief outline of what Iran's constitution says happens if a president is incapacitated or dies in office:
According to article 131 of the Islamic Republic's constitution, if a president dies in office the first vice president takes over, with the confirmation of the supreme leader, who has the final say in all matters of state.
A council consisting of the first vice president, the speaker of parliament and the head of the judiciary must arrange an election for a new president within a maximum period of 50 days.
Raisi was elected president in 2021 and, under the current timetable, presidential elections are due to take place in 2025.

What happens if an Iranian president dies in office?

World Metrology Day, commemorating the anniversary of signature by representatives of 17 nations of the "Metre Convention-1875", is being observed today (20 May) in Bangladesh and elsewhere across the globe.
Like all member countries of the International Bureau of Weights and Measures (BIPM) and International Bureau of Legal Metrology (BIML), the day will be observed at the initiative of the Bangladesh Standards and Testing Institution (BSTI) in Bangladesh.
The theme of the World Metrology Day-2024 is "We Measure Today for a Sustainable Tomorrow".
President Mohammed Shahabuddin and Prime Minister Sheikh Hasina issued separate messages wishing the success of all programmes on the occasion.
Besides, the heads of BIPM and BIML issued messages on the occasion.
On the eve of the day, the president, in his message, said the government is working towards digital transformation of the traditional system to ensure accurate weight and measurement of equipment used in all sectors of industry, trade and services.
In her message, the prime minister hoped that the collective efforts of all will continue to transform the country into a developed and prosperous Smart Bangladesh by 2041.
To mark the day, BSTI has chalked out various programmes including discussions at its headquarters and regional offices.
Marking the day, a discussion will be held at the head office of BSTI in Dhaka's Tejgaon at 12:30pm today.
Industries Minister Nurul Majid Mahmud Humayun will attend the event as the chief guest, a press release said.

World Metrology Day today

A helicopter carrying Iranian President Ebrahim Raisi and his foreign minister crashed on Sunday as it was crossing mountain terrain in heavy fog, an Iranian official told Reuters, and rescuers were struggling to reach the site of the incident.
The official said the lives of Raisi and Foreign Minister Hossein Amirabdollahian were "at risk following the helicopter crash", which happened on the way back from a visit to the border with Azerbaijan in Iran's northwest.
"We are still hopeful but information coming from the crash site is very concerning," said the official, speaking on condition of anonymity.
Iranian Supreme Leader Ayatollah Ali Khamenei, who holds ultimate power in the Islamic Republic, sought to reassure Iranians, saying there would be no disruption to state affairs.
Iranian state media said bad weather was the cause of the crash and was complicating rescue efforts. The chief of staff of Iran's army ordered all the resources of the army and the elite Revolutionary Guard to be put to use in search and rescue operations.
 "It is dark and it has started raining, but the search continues. Rescue teams have reached the area ... however, the rain has created mud, making the search difficult," a local reporter told state TV.
State TV had earlier stopped all its regular programming to show prayers being held for Raisi across the country and, in a corner of the screen, live coverage of rescue teams deployed on foot in the mountainous area in heavy fog.
The rescue teams were expected to reach the probable site of the crash later on Sunday evening.
Neighbouring countries expressed concern and offered assistance in any rescue. The White House said U.S. President Joe Biden had been briefed on reports about the crash. The European Union offered emergency satellite mapping technology to help Iran with the search.
Hardliner seen as possible successor to Khamenei
The crash comes at a time of growing dissent within Iran over an array of political, social and economic crises. Iran's clerical rulers face international pressure over Tehran's disputed nuclear programme and its deepening military ties with Russia during the war in Ukraine.
Since Iran's ally Hamas attacked Israel on Oct. 7, provoking Israel's assault on Gaza, conflagrations involving Iran-aligned groups have erupted throughout the Middle East.
Raisi, 63, was elected president in 2021, and since taking office has ordered a tightening of morality laws, overseen a bloody crackdown on anti-government protests and pushed hard in nuclear talks with world powers.
In Iran's dual political system, split between the clerical establishment and the government, it is Raisi's 85-year-old mentor Khamenei, supreme leader since 1989, who has the final say on all major policies.
For years many have seen Raisi as a strong contender to succeed Khamenei, who has endorsed Raisi's main policies.
Raisi's victory in a closely managed election in 2021 brought all branches of power under the control of hardliners, after eight years when the presidency had been held by pragmatist Hassan Rouhani and a nuclear deal negotiated with Washington.
However, Raisi's standing may have been dented by widespread protests against clerical rule and a failure to turn around Iran's economy, hamstrung by Western sanctions.
Raisi had been at the Azerbaijani border on Sunday to inaugurate the Qiz-Qalasi Dam, a joint project. Azerbaijan's President Ilham Aliyev, who said he had bid a "friendly farewell" to Raisi earlier in the day, offered assistance in the rescue.

Lives of Iran president, FM at risk following helicopter crash, official says

Iran's supreme leader Ayatollah Ali Khamenei urged Iranians on Sunday to "not worry" for the country after state media said a helicopter carrying President Ebrahim Raisi had an accident.
"The Iranian people should not worry, there will be no disruption in the country's work," Khamenei said in a speech carried on state TV. "We hope that Almighty Allah will bring our dear president and his companions back in full health into the arms of the nation."
/MHK/

Khamenei tells Iranians to 'not worry' after president's helicopter accident

UN High Commissioner for Human Rights Volker T&uuml;rk has appealed to Bangladesh to once again extend protection to vulnerable people seeking safety, and for the international community to provide all necessary support.
&ldquo;I am deeply alarmed by reports of renewed violence and property destruction in Buthidaung township in Myanmar&rsquo;s northern Rakhine state, resulting in the displacement of potentially tens of thousands of civilians, mainly Rohingya," he said on Sunday, commenting on violence in Myanmar&rsquo;s Rakhine State.
Bangladesh is now shouldering the burden of 1.3 million Rohingyas and seeking international community's support for their safe repatriation first. &nbsp; With inter-communal tensions between ethnic Rakhine and Rohingya high &ndash; and being actively stoked by the military &ndash; this is a critical period when the risk of yet further atrocity crimes is particularly acute, T&uuml;rk said in a message issued from Geneva.&nbsp;
"While we seek to corroborate information indicating serious violations, I appeal directly to the Myanmar military and Arakan Army to pause the fighting, protect civilians, allow immediate and unhindered humanitarian access, and comply fully and unconditionally with international law &ndash; including the measures already ordered by the International Court of Justice for the protection of Rohingya," he said.
Foreign Minister Hasan Mahmud on Sunday said Bangladesh has been following the path of "negotiations" through diplomatic channels avoiding provocations from Myanmar and other international actors.
"There were provocations from Myanmar and other international actors. We did not step into those provocations. Rather, we have taken the path of negotiations. We are following the diplomatic path to seek a solution to the crisis and repatriation is the only solution," he said while speaking as the chief guest at a discussion at Jatiya Press Club.

Violence in Rakhine: UN rights chief appeals to Bangladesh to provide protection to people seeking safety

Anwarul Azim Anar, the lawmaker from Jhenaidah-4 constituency, has been missing since at least May 14, having gone on a medical trip to India on 11 May.
&ldquo;His whereabouts are still unknown. Family members and party activists could not reach him after 14 May(Tuesday),&rdquo; the MP Anar's personal assistant, Abdur Rauf said.
He also said &ldquo;Anar went to India for medical treatment on 11 May. He maintained contact with his family members till 14 May. Since then, all communication with him has been lost. His WhatsApp number is also unreachable.&rdquo;
MP Anar's wife and daughters went to the DB office in Dhaka on Sunday (May 19) at noon.
The Prime Minister has also been informed about the matter, Abdur Rauf told the media.
Meanwhile, Anar&rsquo;s nephew Simon and three others went to India to try and find him. But they could not give any good news till Sunday afternoon.
According to party insiders, moments before his last known activity, Hemant asked his manager for Rs 4.2. At that time he was in a private car with some Indian friends after attending a wedding ceremony. There is no trace of MP Anar since taking this money, they claimed.
&nbsp; Kaliganj Municipal Mayor Ashraful Alam said on Sunday afternoon that he spoke with the MP the day after he left for India. He did not know anything since then.
Saidul Karim Mintu, general secretary of the Jhenaidah district unit Awami League, said that he came to know about the matter from the MP's family and upazila Awami League leaders. &ldquo;We have informed the party high command in this regard,&rdquo; he added.
Jhenaidah Superintendent of Police Azim ul-Ahsan said, Awami League leaders and public representatives of Kaliganj verbally informed us about MP Anar's disappearance.
&ldquo;Since the incident is from a different state, we have informed it to the higher authorities,&rdquo; added the SP.
Regarding Awami League MP Anwarul Azim Anar's reported missing, Bangladesh High Commissioner in New Delhi and Bangladesh Deputy High Commissioner in Kolkata are in touch with the relevant authorities to try to know what exactly happened, a diplomatic source told UNB.
The Ministry of External Affairs has also been informed, the source said.

Jhenaidah-4 MP goes missing after going to India for treatment

Prime Minister Sheikh Hasina will inaugurate the construction work of the Bangabazar Nagar Wholesale Market on 25 May.
Dhaka South City Corporation (DSCC) has taken the initiative to construct a new Bangabazar wholesale market to rehabilitate the traders affected by the terrible fire in the Bangabazar complex on 4 April last year.
The blaze razed around 5,000 shops across four markets, shattering the dreams of thousands of traders and leaving employees bereft of their livelihoods.
Sheikh Hasina will also inaugurate the construction of '8-lane Inner Circular Road' from Dhaka South City Corporation&rsquo;s Grihit Postagola to Rayer Bazar Sluice Gate and 'Najrul Sarobar' in the Dhanmondi Lake.
DSCC has initiated the establishment of an 8-lane inner circular road from Postagola Bridge to Rayer Bazar Sluice Gate. This project aims to ensure that North Bengal-bound buses from 21 districts in South Bengal and 16 districts in the Chattogram and Sylhet divisions no longer need to enter Dhaka city.
As part of the initiative, an 8-lane road will be constructed from Lohar Pool in Kamrangirchar to Rayer Bazar Sluice Gate in the 1st phase. Two four lanes in the middle of this road have been kept for expressways and two four lanes on both sides as service lanes.
DSCC is going to construct Nazrul Sarobar on the bank of Dhanmondi Lake adjacent to road number 13/A and 8/A of Dhanmondi residential area to create adequate public space in the city.

PM to inaugurate Bangabazar market on 25 May

The Bangladesh Jewelers Association (BAJUS) has increased the price of 22-carat gold by Tk 984 per bhori, setting the new price at Tk1,19,544.&nbsp;
This change will be effective from Monday (20 May), BAJUS announced in a press release this evening (19 May).
According to the new rates, 21-carat gold is now Tk 1,14,109 per bhori, 18-carat gold is Tk 97,803 per bhori, and traditional method gold is Tk 80,8667 per bhori.
The adjustment is due to an increase in the price of pure gold in the local market, BAJUS said.
&nbsp;
&nbsp;

Gold price rises to Tk1.19 lakh per bhori

A helicopter carrying Iranian President Ebrahim Raisi and his foreign minister crashed on Sunday as it was crossing mountain terrain in heavy fog on the way back from a visit to the border with Azerbaijan, an Iranian official told Reuters.
The official said the lives of Raisi and Foreign Minister Hossein Amirabdollahian were "at risk following the helicopter crash".
"We are still hopeful but information coming from the crash site is very concerning," said the official, speaking on condition of anonymity.
The bad weather was complicating rescue efforts, the state news agency IRNA reported.
State TV stopped all its regular programming to show prayers being held for Raisi across the country and, in a corner of the screen, live coverage of rescue teams searching the mountainous area on foot in heavy fog.
The 63-year-old was elected president at the second attempt in 2021, and since taking office has ordered a tightening of morality laws, overseen a bloody crackdown on anti-government protests and pushed hard in nuclear talks with world powers.
In Iran's dual political system, split between the clerical establishment and the government, it is the supreme leader rather than the president who has the final say on all major policies.
But many see Raisi as a strong contender to succeed his 85-year-old mentor, Supreme Leader Ayatollah Ali Khamenei, who has strongly endorsed Raisi's main policies.
Interior Minister Ahmed Vahidi told state TV only that one of the helicopters in a group of three had come down hard, and that authorities were awaiting further details.
Raisi had been at the Azerbaijani border to inaugurate the Qiz-Qalaisi Dam, a joint project.

Helicopter carrying Iran's President Raisi crashes in mountains, official says

Drivers of battery-run three wheelers set a police box on fire at Kalshi intersection in the city's Mirpur area on Sunday during demonstration against banning the vehicle on Dhaka streets.
Duty office of Fire Service and Civil Defense headquarters, Shahjahan, said the drivers set the police box on fire around 4:15 pm.
On information, a firefighting unit rushed to the spot around 4:32 pm and brought the situation under control.
Mukhlesur Rahman, inspector (investigation) of Pallabi Police Station, said necessary steps were taken.
The drivers of battery-run three wheelers staged demonstration blocking roads in Dhaka&rsquo;s Mirpur, Pallabi and some other areas on Sunday morning, obstructing traffic movement in the area.
The protesters also vandalised some buses passing in the Mirpur area after 2:30 pm. A chase and counter-chase between police and protesters also took place.
Munshi Sabbir Ahmed, officer-in-charge of Mirpur Police Station, said the traffic movement in the area remained halted for four hours following the demonstration, causing immense sufferings to the commuters.
Earlier on Wednesday, Road Transport and Bridges Minister Obaidul Quader instructed the authorities concerned to take steps to stop the movement of battery-run three wheelers on the roads in Dhaka city.
&nbsp;

Ban on battery-run rickshaw: Drivers set police box on fire in Mirpur

Environment, Forest, and Climate Change Minister Saber Hossain Chowdhury said that the government is working to develop an e-waste management system in Bangladesh.
"E-waste management rules have been formulated, and an e-waste management plant will be constructed under the BEST project," the minister told Telenor Asia Senior Vice President Manisha Dogra at the Secretariat on Sunday (19 May).
The minister stated that the government is strongly committed to implementing the sustainable agenda, with goals to reduce fuel consumption, expand the use of renewable energy, and decrease the use of single-use plastics.
He also mentioned that the government is working tirelessly to make Bangladesh a climate-resilient country. He urged Telenor to continue its efforts in building a green Bangladesh.
Climate action plan Nationally Determined Contribution (NDC) targets will be revised soon. The draft of the Enhanced Producer Responsibility (EPR) guidelines will be finalized by June," said the minister.
Telenor Asia Senior Vice President Manisha Dogra said that Telenor Asia is committed to environmental sustainability and climate action in the region and is dedicated to working with the Government of Bangladesh towards a sustainable future.

Govt working to improve e-waste management: Environment Minister

Canada's Indo-Pacific Trade Representative Paul Thoppil said that his country wants to expand trade relations with Bangladesh.&nbsp;
"The Bangladesh-Canada relationship is crucial in the Indo-Pacific region. Canada aims to finalize an investment agreement with Bangladesh to attract investment companies," said Paul Thoppil during a meeting with State Minister for Commerce Ahsanul Islam Titu at the Secretariat on Sunday (19 May).
Indo-Pacific trade representative Paul Thoppil praised the development of Bangladesh and said that Canada is keen to invest in infrastructure projects, cyber security as well as the garment sector.&nbsp;
He said that Canola oil can be exported to Bangladesh, if the oil factory is set up here it will be easier to process the oil.
In the meeting, Ahsanul Islam Titu said that Bangladesh is transitioning to the status of a Least Developed Country (LDC) under the leadership of Prime Minister Sheikh Hasina. Bangladesh is making bilateral agreements with different countries to gain market advantages in various regions.
"Bangladesh-Japan Economic Partnership Agreement (EPA) negotiations started today. The Ministry of Commerce is working to improve relations with various countries of the world, especially ASEAN countries," said Ahsanul Islam Titu.
The first phase of Bangladesh-Japan Economic Partnership Agreement (EPA) negotiations started on Sunday (19 May) at a hotel in the capital. The negotiations will be held on various commercial issues between the two countries and will end on Thursday (23 May).

Canada wants to expand trade relations with Bangladesh

The State Minister of Expatriate Welfare and Overseas Employment Ministry Shafiqur Rahman Chowdhury said that the current government is working to build a better, prosperous and sustainable future for expatriate workers.
The government has always recognised the huge contribution of migrant workers, said the minister at the programme titled "The Project Launching and Stakeholder Networking Event for the Reintegration of Migrant Workers Project" at a hotel in the capital on Sunday (19 May).
"Prime Minister always says that we have taken a lot from them (migrant workers), now we have to give them something back," said the minister.
The state minister said that the government is committed to providing job-oriented training, financial assistance and counseling to the returning migrant workers.&nbsp;
He also said that the government is formulating and implementing various projects so that migrant workers can live in society properly, find jobs, and start businesses.
The Chairperson of Parliamentary Caucus of Migration and Development Tanveer Shakeel Joy, Secretary of Expatriate Welfare and Overseas Employment Ministry Ruhul Amin, Head of Cooperation of Switzerland in Bangladesh Corinne Henchoz Pignani, Country Director of ILO Tuomo Poutiainen, representatives of various international organizations, NGOs were also present at the programme.

Govt working to build sustainable future for migrant workers: State minister

In a country where cricket and football dominate the sports scene, boxing often goes unnoticed. Yet, Muhammad Utshob Ahmed, a young boxer from Rajshahi, is breaking barriers and putting Bangladesh on the global boxing map.
For the first time, a Bangladeshi professional boxer has qualified to compete under the prestigious World Boxing Council (WBC). Utshob, a 19-year-old fighter, will contend for the WBC Asia Silver Super Flyweight title against India's top contender, 32-year-old Mazhar Hussain. This historic match is scheduled for May 25 at the InterContinental Dhaka during the "Beximco Xcel Boxing Championship (XBC) 3.0," according to a media release.
The WBC is one of the four major international boxing organizations, and its belts are among the most prestigious in the sport.
While Bangladesh has already seen its first professional boxing star in Suro Krishna Chakma, who competes in the Lightweight category, Utshob is making waves in the Flyweight division. He is one of the youngest boxers from Bangladesh to step onto the global stage.
In the world of boxing, championship belts are hotly contested and must be defended or relinquished regularly. Currently, the Silver Super Flyweight belt is vacant, providing an opportunity for Utshob and Mazhar to claim it.
Through XBC Xcel Sports Management &amp; Promotions, Utshob earned his shot at the title. Ranked 99th out of 784 in the world in the flyweight division, Utshob's impressive record includes eight bouts, totaling 28 rounds, with 37.5% of his fights ending in knockouts. He has zero losses and eight straight victories, making him a formidable contender.
Utshob's journey to professional boxing began on May 19, 2022. Raised without a father, Utshob was supported by his maternal family, with his mother, Ayesha Khatun, being his sole provider. His passion for boxing was evident from a young age, starting his first fight at seven. Recognizing his talent, Utshob's uncle enrolled him at Bangladesh Ansar VDP in Shafipur for training. There, his skills caught the attention of Kancho Robert McInnes, president of the World Kumite Organization.
Financial hardships were a constant challenge, but Utshob's determination never wavered. Xcel Sports Management &amp; Promotions saw his potential and provided the support he needed to advance. Utshob faced and defeated many of Bangladesh&rsquo;s rising boxers, including notable victories at the BoxStar Series 1 tournament and the Path to Glory event.
His most significant victory came against the undefeated Indian Bantamweight, Pawan Kumar Arya, in a unanimous decision at Beximco XBC 2. Utshob has also won a gold medal at the first Bangabandhu Boxing Competition in 2018, a silver medal at the Bangladesh Youth Games, and a gold medal at the 22nd Junior Boxing Competition.
XBC, in collaboration with WBC Asia, is arranging the first-ever WBC Asia Title match in Bangladesh. Alongside Utshob&rsquo;s highly anticipated bout, other national boxers will face international contenders from China, France, India, Iran, Thailand, and Turkey.
Boxing enthusiasts can watch the event live at the venue or tune in to T Sports and Bongo for live coverage. The event runs from 6 pm to 11 pm. &nbsp;

19-year-old Utshob taking Bangladesh to the global boxing ring

The government has banned fishing in the Bay of Bengal for a total of 65 days, from tomorrow until July 23, to conserve marine fish and ensure their safe spawning.
The Ministry of Fisheries and Livestock issued a notification on Sunday (19 May), prohibiting the fishing of any species using fishing boats in marine waters.
The notification said that during this period, monitoring at navigation entrances will be intensified, and fishing boats will be completely prohibited from operating. To prevent the transport of marine fish, seashore ice mills will operate at a limited capacity, and fishing vessels at sea will remain anchored.
The ministry has sought cooperation from law enforcement agencies to stop illegal fishing in the sea.
The ministry also sent a letter to the Ministry of Information and Broadcasting, requesting measures to broadcast special awareness programs on television and radio.
Under the direction of the Ministry, the Department of Fisheries has launched a control room and formed three divisional monitoring teams in the Barisal, Chattogram, and Khulna divisions.
The ministry announced that, as an emergency alternative source of income, a total of 311,062 families dependent on fishing for their livelihood will be provided with food aid. Each family will receive 86 kilograms of rice, distributed in two installments over 65 days, through the Vulnerable Group Feeding (VGF) programme.

65-day marine fishing ban begins tomorrow

Touseful Islam

Serenity is said to echo as the strings of a Sitar are pulled.&nbsp;
And Ustad Shujaat Husain Khan is a maestro of that soul-serenading music.
Born on 19 May 1960, into the formidable Imdadkhani gharana, Shujaat Khan is the son of the legendary Ustad Vilayat Khan, whose own mastery set an almost unassailable standard.
Yet, Shujaat Khan has not merely inherited a legacy; he has sculpted it anew.&nbsp;
His music, while deeply rooted in the classical tradition, is infused with a spontaneity and emotional depth that render it uniquely his own.&nbsp;
This blend of heritage and personal expression is the hallmark of his style, often described as "gayaki ang" - a sitar playing technique that mimics the nuances of the human voice.
His artistry is a seamless confluence of tradition and innovation, reverence and rebellion.&nbsp;
Each note coaxed from his sitar is as intricate as they are evocative - inviting listeners into a world where the boundaries of time and space dissolve.
There is a palpable sense of dialogue in his music&mdash;a conversation between the musician and the divine, the instrument and the infinite.&nbsp;
His renditions are imbued with a profound sense of bhava (emotion), capable of evoking a spectrum of feelings from the serene to the ecstatic.
The impact of Shujaat Husain Khan&rsquo;s music transcends mere auditory pleasure; it is an experience of transcendence.&nbsp;
His performances are not just concerts but spiritual journeys, each one an exploration of the soul&rsquo;s deepest yearnings and exaltations.&nbsp;
Shujaat Khan&rsquo;s collaborations with musicians across genres and cultures further underscore his versatility and openness.&nbsp;
Whether blending the classical with the contemporary or the Eastern with the Western, he approaches each collaboration with the same integrity and passion that define his solo performances.&nbsp;
These endeavours have not only broadened the horizons of his music but have also introduced the richness of Indian classical music to a global audience, fostering a deeper appreciation and understanding of its complexities and beauties.
Through his music, Shujaat Khan has created a legacy that bridges the past and the future, honouring the traditions of his forebears while simultaneously paving the way for new interpretations and expressions.
&nbsp;In a world increasingly dominated by the ephemeral and the superficial, his music offers a sanctuary of purity and depth.&nbsp;
As his sitar sings, it carries the echoes of an ancient tradition, resounding with the timeless truths of beauty, emotion, and transcendence - It is a reminder of the power of tradition to speak to contemporary sensibilities, of the timeless nature of true artistry.

Shujaat Husain Khan: A maestro of soul serenading music

Foreign Minister Hasan Mahmud said on Sunday it is possible to address the Rohingya crisis if the involvement of India and China can be strengthened.&nbsp;
"We are maintaining communication with countries having influence on Myanmar internationally. India and China are playing key roles in this regard," said the minister, expressing hope that Myanmar will start repatriation if international pressure is maintained.
Hasan made these remarks during a discussion titled "Rohingya Crisis: The Future Way Ahead," organised to mark the 45th founding anniversary of the Overseas Correspondent Association Bangladesh at the National Press Club on Sunday (May 19).
The minister said, "We can't push the Rohingyas into a situation where junta troops are fleeing intense conflicts with rebel groups."
"The country has more than six million Rohingyas who are trying to flee to developing countries like Bangladesh. Repatriation is not the solution; guaranteeing basic rights can provide a sustainable solution," Hasan said.
He also mentioned that during a meeting with Myanmar's foreign minister in Uganda, it was observed that Myanmar is keen to take back the Rohingyas to maintain good relations with the world.
"There have always been ethnic conflicts in Myanmar, but the country should come forward with a solution instead of using the crisis as an excuse," Hasan added.
Speaking at the programme, State Minister for Foreign Affairs Shahriar Alam said, "Prime Minister Sheikh Hasina gave shelter to the displaced Rohingyas on humanitarian grounds. The government is now making all-out efforts to send them back, but it needs time and patience to facilitate repatriation. Not every international effort will fail."

Growing involvement of India, China can address Rohingya crisis: Hasan

A Dhaka Food Court has ordered the withdrawal of all SMC Plus electrolyte drinks from the market, deeming them harmful to human health. The court also fined Tanveer Sinha, owner of ACME Agrovet and Beverages Ltd, Tk 16 lakh.
Pure Food Court Judge Alaul Akbar delivered the order on Sunday (19 May).&nbsp;
ACME Agrovet and Beverages Ltd produces SMC Plus orange and lemon-flavored electrolyte drinks.
Earlier, on 14 May, Food Inspector Qamrul Hossain of the Bangladesh Food Safety Authority filed a case against the owners of five electrolyte drink companies, including SMC Plus, Active, Bruvana, Recharge, and Turbo, for selling products without acquiring approval.
Following the case, the court summoned the accused to appear.&nbsp;
Tanveer Sinha appeared in court this morning, pleaded guilty, and sought bail. The court fined Tanveer Tk 16 lakh and ordered the withdrawal of all SMC Plus electrolyte drinks from the market, confirmed Food Inspector Kamrul Hasan.

Court orders withdrawal of SMC Plus electrolyte drinks from market

Road Transport and Bridges Minister Obaidul Quader said on Saturday he had requested Prime Minister Sheikh Hasina to reconsider the National Board of Revenue's (NBR) decision to impose a 15% VAT on metro rail services.
"Imposing a 15% VAT on metro rail services is a wrong decision. Our neighboring country has not imposed any VAT on metro rail services," Quader said at a branding seminar for Dhaka Metro Rail held at a city hotel.
Addressing the issue of rundown buses in the capital, Quader said, "This is shameful. Don't our bus owners see it?"
He said, "Dhaka's status as one of the most unliveable cities in the world is inconsistent with the country's significant progress over the past fifteen years."
Quader urged the city mayors to take immediate action to address these issues.

Quader requests PM to reconsider decision imposing 15% VAT on metro rail

Though the situation in the Kyrgyzstan capital is &ldquo;under control,&rdquo; as per the local authorities, panicked Bangladeshi students want to return home for a few weeks.
They want to attend regular classes online for the time being.
&ldquo;The situation is under control. We are trying to return to Bangladesh, but we do not have a flight schedule. All Bangladeshi students are trying to return home for the time being,&rdquo; Bangladeshi medical student Samia Kabir told UNB.
She said the university authorities told them that their classes would be conducted online.
Regarding their exams, Samia said that the university authorities will issue a notice soon.
She also said students from other countries are also leaving Kyrgyzstan.
&ldquo;Even though the situation is under control, we still don&rsquo;t feel safe here. It would be better if chartered flights can be arranged soon,&rdquo; Samia said.
Speaking on the subject, Foreign Minister Hasan Mahmud told reporters today, &ldquo;We have conveyed our concerns to Kyrgyzstan. Our students also came under attack, but no one was severely injured.&rdquo;
The Embassy of Bangladesh in Uzbekistan, concurrently accredited to the Kyrgyz Republic, has said the situation in Kyrgyzstan is under control, as per information released by the relevant state authorities.
However, Bangladeshi students have been advised to stay indoor for the moment and get in touch with the embassy for any issue in this regard at the following 24x7 emergency number: +998930009780.
Embassy of Bangladesh in Uzbekistan is in communication with Bangladeshi students in Kyrgyzstan, said the Ministry of Foreign Affairs in Dhaka on Saturday night.
The embassy is also in touch with Kyrgyzstan&rsquo;s Ministry of Foreign Affairs on this matter.
&ldquo;Till now, we have information that Bangladeshis are unhurt,&rdquo; a Bangladeshi diplomat stationed in Uzbekistan told UNB.

Panicked Bangladeshi students want to return home following mob attack in Kyrgyzstan

The Government of Bangladesh has expressed deep concerns over the mob violence on the night of 17 May in the capital of Kyrgyzstan, Bishkek.
&ldquo;We have conveyed our concerns to Kyrgyzstan. Our students also came under attack but no one was severely injured,&rdquo; Foreign Minister Hasan Mahmud told reporters today.
He said they are closely monitoring the situation through the Embassy in Uzbekistan, concurrently accredited to the Kyrgyz Republic.
The Embassy is in constant communication with Bangladeshi students who are currently studying in Kyrgyzstan, as well as with Kyrgyz government officials.
There are no reports of any serious injury or casualty among Bangladeshi students so far.
The Embassy has already shared an emergency contact number on its official Facebook page.
Through the Embassy in Uzbekistan, the government is coordinating with the relevant authorities of Kyrgyzstan, including the ministries of foreign affairs and internal affairs, to ensure the safety and security of Bangladeshi students.
&ldquo;We are closely and constantly monitoring the developments. We have asked our Ambassador stationed in Tashkent to visit Bishkek soon to inquire about the well-being of Bangladeshi students,&rdquo; said the Ministry of Foreign Affairs in a statement.

Conveyed our concerns to Kyrgyzstan, no Bangladeshi student severely injured: Foreign minister

Three members of the Kuki-Chin National Front (KNF) were killed during a gunfight with the army-led joint force in Ruma upazila, Bandarban, on Sunday (May 19).
Acting on a tip-off, the joint force raided a KNF hideout in the Ranin area of the upazila that left three members of the group dead, said Bandarban&rsquo;s Additional Superintendent of Police Raihan Kazemi.
Following the gunfight, the army recovered a cache of arms, ammunition, and radio devices from the scene.
The joint force also conducted a search operation in the area, and the patrolling of security forces has been intensified, Kazemi added.
On April 2 and 3, the joint force launched combing operations in Ruma and Thanchi in Bandarban, suspecting the involvement of the Kuki-Chin National Front (KNF) in cases of bank robbery, mosque attacks, and the looting of money and weapons.

3 KNF members killed in gunfight with army in Bandarban

At least 13 members of a family, including five children, were killed and nine injured when a mini-truck in which they were travelling skidded off the road and fell into a ravine in Pakistan&rsquo;s Punjab province on Saturday, rescue officials said.
The vehicle was coming from the Bannu district of Khyber Pakhtunkhwa province to the Khushab district of Punjab when the accident occurred, reports The Dawn.
The mini-truck, while negotiating a turn, skidded off the road and fell into a ravine at Pench Pir area of Khushab, some 250 kilometres from Lahore.
&ldquo;As many as 14 people, including five children, died on the spot. Nine injured have been shifted to a hospital where their condition is stated to be critical,&rdquo; an official said.
Rescue officials said the deceased and the injured belonged to an extended family who were coming to Khushab for labour work.
According to a couple of eyewitnesses, the driver lost control of the vehicle because of over-speeding.
Punjab Chief Minister Maryam Nawaz expressed her grief over the loss of lives in the accident and directed the authorities to provide the injured with the best treatment facilities.

13 of a family killed in Pakistan road accident

A powerful armed ethnic group in Myanmar said on Sunday it had won control over a town in the western state of Rakhine after weeks of fighting, denying accusations it had targeted members of the Muslim-minority Rohingya during the offensive.
Khine Thu Kha, a spokesman for the Arakan Army (AA), said its soldiers had taken Buthidaung near Myanmar's border with Bangladesh, marking another battlefield defeat for the ruling junta that is fighting opposition groups on multiple fronts.
"We have conquered all the bases in Buthidaung and also took over the town yesterday," Khine Thu Kha told Reuters by telephone.
Some Rohingya activists accuse the AA of targeting the community during the assault on Buthidaung and surrounding areas, forcing many of them to flee for safety.
"AA troops came into downtown, forced the people to leave their homes and started torching houses," Nay San Lwin, co-founder of the Free Rohingya Coalition advocacy group told Reuters, based on what he said were eyewitness accounts.
"While the town was burning, I spoke with several people I have known and trusted for years. They all testified that the arson attack was done by the AA."
Reuters could not independently verify the conflicting accounts. A junta spokesman did not respond to a call seeking comment.
Rohingya have faced persecution in Buddhist-majority Myanmar for decades. After escaping a military-led crackdown in 2017, nearly a million of them live crammed into refugee camps in Bangladesh's border district of Cox's Bazar.
JUNTA'S BIGGEST CHALLENGE
Myanmar has been in turmoil since a 2021 military coup, which led to the rise of the resistance fighting alongside long-established ethnic minority rebel groups.
The conflict has escalated since October, when an alliance of ethnic armies including the AA launched a major offensive near the Chinese border, taking swathes of territory from the better-armed junta and presenting its biggest challenge since taking power.
The junta has lost control of around half its 5,280 military positions, including outposts, bases and headquarters, according to one estimate.
The AA's Khine Thu Kha said junta aircraft and Muslim insurgent groups aligned with the military had set fire to parts of Buthidaung, which had a population of around 55,000 people, according to the most recent government census available, from 2014.
"The burning of Buthidaung is due to the air strikes from the junta's jet fighter before our troops entered the town," he said.
Aung Kyaw Moe, a Rohingya civil society activist and a deputy minister in Myanmar's shadow National Unity Government, said Rohingya residents had been asked by the AA to leave Buthidaung but had responded that they had nowhere to go, leaving them trapped when the offensive occurred.
"Since about 10 p.m. last night up to this early morning, Buthidaung town had been burning and now only ashes remain," he told Reuters.
Rohingya residents fled to the field and there may casualties, he said.
&nbsp;

Myanmar rebel group claims control of town, denies targeting Rohingya

A British court could give a final decision on Monday on whether WikiLeaks' founder Julian Assange should be extradited to the United States over the mass leak of secret US documents, the culmination of 13 years of legal battles and detentions.
Two judges at the High Court in London are set to rule on whether the court is satisfied by US assurances that Assange, 52, would not face the death penalty and could rely on the First Amendment right to free speech if he faced a US trial for spying.
Assange's legal team say he could be on a plane across the Atlantic within 24 hours of the decision, could be released from jail, or his case could yet again be bogged down in months of legal battles.
"I have the sense that anything could happen at this stage," his wife Stella said last week. "Julian could be extradited, or he could be freed."
She said her husband hoped to be in court for the crucial hearing.
WikiLeaks released hundreds of thousands of classified US military documents on Washington's wars in Afghanistan and Iraq - the largest security breaches of their kind in US military history - along with swathes of diplomatic cables.
In April 2010 it published a classified video showing a 2007 US helicopter attack that killed a dozen people in the Iraqi capital, Baghdad, including two Reuters news staff.
The US authorities want to put the Australian-born Assange on trial over 18 charges, nearly all under the Espionage Act, saying his actions with WikiLeaks were reckless, damaged national security, and endangered the lives of agents.
His many global supporters call the prosecution a travesty, an assault on journalism and free speech, and revenge for causing embarrassment. Calls for the case to be dropped have ranged from human rights groups and some media bodies, to Australian Prime Minister Anthony Albanese and other political leaders.
DETAINED SINCE 2010 Assange was first arrested in Britain in 2010 on a Swedish warrant over sex crime allegations that were later dropped. Since then he has been variously under house arrest, holed up in Ecuador's embassy in London for seven years, and held since 2019 in Belmarsh top security jail, latterly while he waited a ruling on his extradition.
"Every day since the seventh of December 2010 he has been in one form of detention or another," said Stella Assange, who was originally part of his legal team and married him in Belmarsh in 2022.
If the High Court rules the extradition can go ahead, Assange's legal avenues in Britain are exhausted, and his lawyers will immediately turn to the European Court of Human Rights to seek an emergency injunction blocking deportation pending a full hearing by that court into his case at a later date.
On the other hand, if the judges reject the US submissions, then he will have permission to appeal his extradition case on three grounds, and that might not be heard until next year.
It is also possible the judges could decide that Monday's hearing should consider not just whether he can appeal but also the substance of that appeal. If they find in his favour in those circumstances, he could be released.
Stella Assange said that whatever the outcome she would continue to fight for his liberty. If he is freed she plans to follow him to Australia or wherever he was safe. If he is extradited, she said all the psychiatric evidence presented at court had concluded he was at very serious risk of suicide.
"We live from day to day, from week to week, from decision to decision. This is a way that we've been living for years and years," she told Reuters.
"This is just not a way to live - it's so cruel. And I can't prepare for his extradition - how could I? But if he's extradited, then I'll do whatever I can, and our family is going to fight for him until he's free."

Commerce ministry working to promote export trade: Titu

Featured

Helicopter crash that killed Iran's president and others could reverberate across the Middle East

PM allows battery-run rickshaws to ply in Dhaka: Quader

World is now a safer place: US senator on Raisi's death

Drivers take to street for second straight day protesting ban on battery-run rickshaws

Reactions to the death of Iran's president in a helicopter crash

Who is Mohammad Mokhber, the man set to become Iran's interim president?

More From Economy

Bangladesh to launch US roadshow with 30 banks’ MDs to advertise offshore services

BPDB to bear the brunt after recent hike in US Dollar rate

100% e-filing can increase tax collection by 5% of GDP: CPD

Make investments in country's economic zones, PM Hasina asks local businesses

Govt trying to control inflation: PM Hasina

Latest

Helicopter crash that killed Iran's president and others could reverberate across the Middle East

PM allows battery-run rickshaws to ply in Dhaka: Quader

World is now a safer place: US senator on Raisi's death

Drivers take to street for second straight day protesting ban on battery-run rickshaws

Reactions to the death of Iran's president in a helicopter crash

Who is Mohammad Mokhber, the man set to become Iran's interim president?

Islami Bank inks agreement with Daffodil International University

Iranian president, foreign minister killed in helicopter crash

Social Islami Bank greets promoted officers in Dhaka

Social Islami Bank greets promoted officers in Chattogram

Categories

Support

Legal