Rejaul Karim Byron

Development spending in Bangladesh rose 36 per cent year-on-year in September despite the government’s efforts to cut expenditures in a bid to save US dollars.  

The International Monetary Fund has cut Bangladesh’s growth forecast to 6 percent for fiscal year 2022-2023.

People in rural areas were hit harder by food and non-food inflation than those in urban areas over the last two months, with the overall inflation surging to a 10-year high of 9.52 percent in August.

The government has approved a project to revive four canals of  Dhaka to reduce the capital’s waterlogging woes.

The Tk 10,460 crore Ghorashal Palash Urea Fertiliser Factory project, taken up four years ago, is likely to cost 48 percent more and take two more years to be completed.

Employers in Bangladesh required nine out of the last 10 jobseekers they hired in the past five years to possess at least basic digital literacy and skills, found an Asian Development Bank (ADB) and LinkedIn survey.  

The growing number of people from Bangladesh registering for work overseas indicates that international migration from the country may soon surpass pre-pandemic levels, according to a recent report by the World Bank.

The Asian Development Bank is ready to give over $20 billion to finance Bangladesh’s road and railway projects but raised concerns over the timely implementation of schemes.

A Bangladesh delegation will discuss a $4.5 billion loan with International Monetary Fund officials in Washington next week.

The government initiative to import rice from different sources to beef up the stock and keep the prices stable is yet to see any significant progress.

Bangladesh’s foreign currency reserves may average $34 billion in the next fiscal year, which is enough to cover 4.7 months’ import bills, said the American credit rating agency Fitch yesterday.

Wholesale and retail establishments that saw their business crippled by Covid-19 may have enjoyed some recovery alongside the return to economic normalcy but the ongoing Russia-Ukraine war now threatens to offset their gains amid global inflationary pressure.

The government’s foreign debt repayment has become costlier owing to the sharp depreciation of the taka against the US dollar in recent months.

Revenue collection by the National Board of Revenue (NBR) witnessed robust growth of 21 per cent in the July-August period of the current fiscal year thanks to the devaluation of taka, high inflationary pressure and expansion of the economy.

Bangladesh’s request for additional budget support of $1 billion from the World Bank is unlikely to come through this fiscal year, dashing the government’s hope of meeting a portion of the budget deficit with cost-effective funding.

The ongoing Household Income and Expenditure Survey is giving special emphasis to gauging Bangladesh’s food security in keeping with the global food shortage sown by the pandemic and turbocharged by the Ukraine war.

Bangladesh’s external debt repayment obligation will double in the next three years, according to data of the Economic Relations Division (ERD).

That development projects in Bangladesh are rarely completed on time and within the original budget is well established by now.

The government has been deprived of about Tk 4,697 crore for 19 counts of irregularities by Petrobangla and Bangladesh Petroleum Corporation, found an audit.

The state coffer is at least Tk 2,258.76 crore short, thanks to Bangladesh Telecommunications Company Limited’s failure to deposit the sum for mismanagement, shows audit report.