Rejaul Karim Byron

Bangladesh’s economic recovery from the devastating coronavirus pandemic has received a shot in the arm after both public and private sector credit growths rose sharply in July.

Bangladesh would pay up to 27 per cent lower prices when it buys liquified natural gas (LNG) from Vitol Asia of Singapore on the spot market, compared to the payments it makes to the existing suppliers.

Development expenditure fell 17.64 per cent year-on-year in July as the coronavirus pandemic continued to hammer the economy, official data showed.

The government has decided to buy liquified natural gas (LNG) from the spot market for the first time – a move that would help the country purchase the super-chilled fuel at a cheaper rate, officials said yesterday.

Inflation has risen by 15 basis points to 5.68 per cent in August, led by an increase in prices of food items, official figures showed yesterday.

The combined cost of four development projects went up by 72.84 per cent after the government yesterday revised upwards their allocation and extended deadlines.

Migrant workers who toil abroad have once again beat forecasts, sending home 36 per cent higher remittance in August, in a respite for their families as well as the ailing economy amid the coronavirus pandemic.

With just a year or so to go for golden jubilee celebrations of independence, Bangladesh is on its way to marking an epoch in history by manufacturing its own brand of automobiles with assistance from Japan.

The government has officially scrapped its plan to build a deep seaport in Cox’s Bazar’s Sonadia out of environmental concerns, said the cabinet secretary yesterday.

The Asian Development Bank has redesigned its financing plan in Bangladesh for the next three years in the wake of the coronavirus pandemic to help the country spring back from the economic whiplash faster.

A Japanese company is likely to build a bridge over the Tentulia and Kalabadar rivers to connect island district Bhola with Barishal under a Public Private Partnership (PPP) initiative.

The government has moved to amend the 129-year old Bankers’ Books Evidence Act to make it time-benefiting in keeping with the massive changes in the banking sector triggered by technological advancement.

Data about a quarter of the indicators needed to monitor Bangladesh’s progress on the Sustainable Development Goals (SDGs) are readily available, exposing the challenges the country faces in finding out how it is faring in attaining the Vision 2030, an official report said.

The Bangladesh Bank has relaxed rules on securing funds from pre-shipment credit schemes and the Export Development Fund so that exporters can avail soft loans to expedite shipments and make their international business more competitive.

The deadline for finishing the Padma bridge is going to be extended by more than a year largely due to the pandemic.

The government may consider another stimulus package for garment exporters such that they can pay workers’ wages of August, said Finance Minister AHM Mustafa Kamal yesterday.

The government has revised upwards the allocation for two projects at a time when it is strict about approving funds amid drastic fall in revenue because of the coronavirus pandemic.

The government has extended policy support to garment exporting factories falling under the small and medium enterprise (SME) category to improve their competitiveness during this time of the coronavirus pandemic.

Cabinet ministers cannot spend more than $700 in entertainment purposes and $250 for other expenses during their official trips abroad as the government has moved to consolidate its expenditures under development and revenue budgets.

Record remittance earnings and foreign currency reserves are among a few positive takeaways for the government in an otherwise painful fiscal year as the devastating coronavirus pandemic pushed revenue collection to an unprecedented fall and exports to collapse.