Rejaul Karim Byron

At least 66,622 people would fall below the poverty line due to the decline in exports following Bangladesh’s graduation to a developing nation from the group of least-developed countries, according to a government analysis.

Development of physical infrastructure, improvement of the business climate and labour productivity and technological adoption are the key to making Bangladesh competitive in global trade by offsetting the fallouts of the LDC graduation.

Loans to the vulnerable sectors in Bangladesh such as garment, textile, cement and tanneries will face significant pressure as they are yet to see expected recovery from the shock of the coronavirus pandemic, Moody’s said.

Prime Minister Sheikh Hasina yesterday expressed displeasure over frequent revisions of projects and directed the authorities to take legal action against those responsible for flawed project designs that ultimately push up costs.

The government has undertaken a Tk 4,367 crore project to turn the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) into an environment-friendly industrial city with a view to attracting more foreign investment.

Bangladesh will face an uphill task in convincing major trading partners and regional blocs to sign free trade agreements (FTAs) because of higher tariffs as it looks to retain duty benefits after its graduation from the LDC group, according to a government report.

University-going students aspiring to be tech-entrepreneurs are set to get a shot in the arm as the government is planning to create innovation hubs at both public and private universities to develop digital entrepreneurship and innovation ecosystems.

Bangladesh’s export earnings and the flow of concessional foreign financing and grants will decline once it becomes a developing country, according to a government study.

Small traders, entrepreneurs and farmers who had no access to finance from banking channels will now be able to avail loans at 4 per cent interest from a fresh Tk 1,500 crore stimulus package.

The coronavirus crisis has worsened education inequality between rich and poor in Bangladesh as a huge number of students from poor families are not able to access the distance learning adopted by the government, according to a World Bank working paper.

Bangladesh’s economy will return to the high growth trajectory in the next fiscal year overcoming the scarring impacts of the coronavirus pandemic, according to a United Nations report.

The government plans to take a Tk 428 crore project to develop the skills of 256,000 unemployed and disadvantaged women to turn them into entrepreneurs and create jobs.

In 2019, the government took up a project to construct the first terminal of the Payra Sea Port and its related infrastructure.

In 2017, the government took up a four-and-a-half-year project, worth over Tk 3,900 crore, to construct bridges in rural areas for boosting agricultural and non-agricultural productions as well as sending the produce to the market easily.

With small businesses still struggling to recover from the pandemic-induced economic slowdown, the government has rolled out two fresh stimulus packages involving Tk 2,700 crore to boost the cottage industry and SMEs and expand the social security scheme for the elderly and widows in poverty-stricken areas.

The cabinet committee on government purchase yesterday approved a proposal to import 50,000 tonnes of wheat.

Bangladesh will seek to retain the zero duty benefit and the market access for five years after its graduation to a developing country as the pandemic took a heavy toll on the nation’s economy.

The government in June last year granted a blanket immunity for whitening black money in a bid to bring them into the mainstream economy and generate more revenues and jobs.

Finance Minister AHM Mustafa Kamal yesterday said that black money whitening has increased in the country as the government has given the scope to invest untaxed income in the housing sector.

In a bid to boost food grain reserve, the Cabinet Committee on Government Purchase yesterday approved a proposal for procuring 2.5 lakh tonnes of rice.