Just have to solves the country’s acute power crisis and ongoing labour unrest.
Bangladesh’s central bank (Bangladesh Bank)said Monday the economy could grow a record 6.7 percent this year, but only if the government solves the country’s acute power crisis and ongoing labour unrest.

Last year, the global economic crisis led to nine months of export contraction, driving growth in gross domestic product (GDP) to a seven-year low of 5.54 percent.

A recovery of exports could help Bangladesh clock its highest ever GDP growth of 6.7 percent this year — up from a previous high of 6.6 percent in 2005 to 2006 financial year — the central bank said in a statement on Monday.

“The growth (of 6.7 percent) targeted by the government this year is not over-ambitious,” the central Bangladesh Bank said.

The bank said this was dependent on the government getting 14 small power-generation units operational in 2010 as planned.

Years of under-investment in the power sector mean Bangladesh now has a daily shortfall of around 2,000 megawatts of power, with rolling blackouts hitting the private sector, particularly manufacturing, hard.

The problem sent manufacturing growth tumbling to just five percent last year — from record double-digit growth four years ago — as factories struggle with long blackouts each day.

Achieving 6.7 percent growth also requires the “quick resolution of ongoing labour unrest in the export-oriented apparel sector,” the bank said in the statement.

Ready-made garments for top Western brands make up 80 percent of Bangladesh’s annual export earnings and employ some 40 percent of the country’s industrial workforce.

But the industry has seen some of the worst ever labour riots in recent months, with tens of thousands of workers battling it out on the streets with police, ransacking factories and demanding immediate minimum wage hikes.

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Sources :The Asian Development Bank (ADB) is extending financial assistance to Bangladesh to grow high-value crops including vegetables, spices, and fruits that will boost incomes for poor farmers and support the nation’s food security.

A loan of $40 million equivalent from ADB’s concessional Asian Development Fund is being provided for the Second Crop Diversification Project. It will be used to support the development of high-value crops in 27 districts in the southwest and northwest of Bangladesh – including some of the poorest, least developed and most climate-vulnerable areas in the country.

Over 75% of Bangladeshis are involved in agriculture, with rice the dominant crop. However, the country lacks sufficient supplies of fruit and other nutritious foods, forcing it to rely on pricey imports. In response, the government has put in place an agriculture development strategy to diversify crops, ensuring national food self-sufficiency and increased incomes for farmers.

The new project will build on the gains of an earlier ADB-assisted Northwest Crop Diversification Project. It will provide farmers in targeted districts with the latest in high-value crop production techniques, including “green” technologies for organic manure. The focus will be on crops with proven market demand, high profitability, and potential for commercialization, including fruits, vegetables, pulses, spices, cut flowers, potted plants and value-added agriproducts.

“Agriculture projects continue to be important for promoting social inclusiveness, particularly of women and ethnic minorities, and this initiative will benefit marginal, small and medium farmers in target areas, as well as generating employment opportunities for landless people,” said Jiangfeng Zhang, Senior Country Economist for ADB’s Bangladesh Resident Mission.

With Bangladesh highly susceptible to extreme weather events due to its low-lying position along the Bay of Bengal, the new project will pilot test climate-resilient varieties of crops in drought and flood-prone areas. Training in the production and post-harvest processing and marketing of high-value crops will be provided equally to men and women, and to reduce post-harvest losses and improve produce quality, the project will support investments in low-cost community-based infrastructure such as collection and post-harvest handling centers, and small scale cool, cold and dry storage facilities.

As small farmers typically lack savings to make business changes, the project will provide about 175,000 of them with access to agriculture credit to diversify into new crops.

“The project will also undertake a feasibility study on setting up a quality standards certification system for fruit and vegetable farms to pave the way for access to domestic retail outlets, including supermarkets, and to reduce food contamination,” said Mr. Zhang.

The new initiative complements and incorporates lessons from agriculture projects undertaken by ADB’s development partners in Bangladesh, including World Bank, Danish International Development Agency, International Fund for Agricultural Development, Islamic Development Bank and Food and Agriculture Organziation.

ADB’s loan, which will finance 87% of the total project cost of $45.8 million, has a 32-year term with an 8-year grace period. Interest during the grace period is set at 1% per annum, rising to 1.5% for the rest of the term. The government is extending $5.42 million, with farm communities extending around $390,000 equivalent.

The Department of Agricultural Extension and Bangladesh Bank are the executing agencies for the project, which is expected to be completed by June 2016. ??? Asian Development Bank

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The World Bank approved $327 million in loans to Bangladesh to implement three infrastructure projects, a statement of the bank said on Saturday.
The World Bank’s total concessionary lending to Bangladesh is now $830 million in the fiscal year to end June 2010.

The credits from the International Development Association (IDA), the World Bank’s concessionary arm, have 40 year

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In physics, energy (from – energeia, “activity, operation”, from- energos, “active, working”) is a quantity that can be assigned to every particle, object, and system of objects as a consequence of the state of that particle, object or system of objects. Different forms of energy include kinetic, potential, thermal, gravitational, sound, elastic, light, and electromagnetic energy. The forms of energy are often named after a related force.
To active digital and successful Bangladesh energy security is most thurst.

Bangladesh Bank ,The central bank of Bangladesh is recommending immediately ensuring adequate power and gas supplies as a way to attain sustainable economic growth by curbing inflation.

??For the output potentials for exports and domestic consumption to be realized, availability of adequate power and gas supplies must be ensured with utmost urgency,?? the Bangladesh Bank, the country??s central bank, said in its latest quarterly report released Wednesday.

The reported noted “the slower than expected recovery of exports and the disruptions in output activities from shortage in power and gas supplies are likely to cause fiscal 2009-10 (FY10) real gross domestic product growth to fall somewhat short of the initial projection of around 6 percent.??

The central bank said disruptions in manufacturing routines from shortages in power and gas supplies, if prolonged, may cause supply shortages and attendant price pressures; new investment activities are also being slowed by power and gas supply bottlenecks as evidenced by lower withdrawal of industrial term loans during the third quarter.

Disbursement of industrial term loans fell by nearly 14 percent in the period due mainly to worsening supply of gas and electricity, the report said.

The disbursement of industrial term loans dropped to US$896 million (BDT 62.12 billion) during the January-March period from $1.04 billion (BDT 72.11 billion) the previous quarter, according to central bank statistics.

The estimate included disbursement of fresh credit, rescheduling of term loans and fund release for balancing, modernization, rehabilitation and expansion (BMRE) of industrial units, a senior bank official said.

The central bank has predicted that the 12-month average consumers?? price index (CPI) inflation might touch around 7 percent by the end of this fiscal year, exceeding the program projection of 6.5 percent.

The rate of annual average inflation went up 0.31 percent in March mainly because of the increase in prices of food items.

The inflation rate moved up to 6.26 percent in March from 5.95 percent in February on an annual average basis, according to the Bangladesh Bureau of Statistics.

??The upward pressures on domestic consumer prices originate mainly from rising trends in international prices of major food and non-food commodities feeding in through import and export channels in the open external trade regime,?? the BB report added

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The World Bank approved on Wednesday $292 million in loans to finance two infrastructure projects in Bangladesh, through its Investment Promotion and Financing Facility (IPFF).While 257 million dollars would provide long term finance for infrastructure, another 35 million dollars is for bringing disadvantaged and poor children back to school through the Reaching Out-of-School Children project (ROSC).
Noting that Bangladesh has an enormous investment need in infrastructure, Zafrul Islam, World Bank Acting Country Director for Bangladesh, said, ?We expect this additional financing to boost infrastructure funding by over $400 million, leveraging about 100% private resources.?

It will be used to increase infrastructure supply in the power sector – renewable energy and energy savings – as well as bridges, ports, container terminals, water treatment plants, waste disposal projects, and others, he said.

The additional financing to the IPFF project, amounting to about five times the original project that has been operating since 2006, will build and expand on the project?s successful experience in the power sector, the World Bank said.

It has helped boost the national electricity generation capacity by 5% by adding 178 MW electricity to the national grid and two special economic zones Dhaka Export Processing Zone (DEPZ) and Chittagong Export Processing Zone (CEPZ).

The World Bank also extended more support to the ROSC, a project which since 2004 has helped enroll over 500,000 out-of-school children through more than 15,000 Ananda Schools (Learning Centers) in 60 upazilas with high incidence of poverty and low enrollment.

?Bangladesh has made significant progress in education over the past two decades,? Islam said. ?With nearly 18 million children enrolled in about 80,000 primary schools in the country, the primary gross enrollment rate is over 90%. Importantly, gender parity in primary education has been achieved,? he said.

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The central bank of Bangladesh will complete its transformation to computerization by the end of 2011, officials told Media Sunday.

The World Bank has urged the central bank of Bangladesh to coordinate and speed up implementation of information technology and to formulate a comprehensive project plan that identifies all the dependencies.

?The current global financial crisis has underscored not only the importance of a sound legal and regulatory framework, but also the need to have legal rules for cross-border insolvency and crisis management,? the World Bank said in an Information Note issued in Dhaka on Sunday.

The Financial Sector Assessment Program (FSAP) findings show that the Bangladesh Bank Order (BBO) and Banking Companies Act (BCA) do not have adequate provision to cope with a changing global financial situation.

?There is thus an urgent need to improve the provisions of BBO and BCA,? the World Bank said, adding that the Bangladesh Bank needs to ensure that it has legal powers to own and supervise payment systems including the automated clearing house and securities depositor
“We’re now working to implement the ongoing Central Bank Strengthening Project (CBSP) along with IT components within the stipulated timeframe,? a senior official of the Bangladesh Bank, the country?s central bank, told in Dhaka.
There is no alternative but to implement the automated system in the central bank to bring dynamism in its overall activities, the bank official added.

The World Bank-funded project began in 2003 and was scheduled to take four years. Unable to complete the major components of the project on time, the central bank had received a two-year extension from the World Bank, which is providing US$ 37 million of the total project cost of $46.13 million.

The Washington-based multilateral lending agency had also agreed to extend the timeframe of the project to the end of 2011, another Bangladesh Bank official said, adding that networking of the central bank has almost completed under the CBSP.

The World Bank is supporting the government initiative to enable the central bank to play its role as country?s monetary authority, bank regulator and supervisor

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In a revolutionary step on April 13, mobile remittance service or mRemittance was introduced in the country, opening doors to millions of migrant workers to help transfer their hard-earned money easily, effectively and most importantly, swiftly.

Bangladesh has entered the international mobile remittance market based on the previous success of the Philippines model. Bangladesh?s migrant workforce has been encountering the typical remittance issues: inability to send money frequently, delays while sending, unsecure distribution, inconsistent delivery methods, etc. To combat these issues Bangladesh has established an mRemittance service supported by two local banks — Dhaka Bank Ltd and Eastern Bank Ltd — and the country’s second largest mobile operator, Banglalink.
Amzad Hossain has been working for a construction firm in Dubai for the last six years. He has to send money home on a regular basis, as he is the only earning member in his family. Each time Amzad has to go through a lot of hurdles to send money to his aged father in a remote village in Bangladesh.

There are no money transfer agencies near his village and so he hardly uses banks or agencies. Most of the time he has to rely on migrant workers like him, who is travelling home, which is quite rare, and sometimes by other means that he cannot rely on much. It takes minimum four to five days for the money to reach his family if he uses banks or agencies, and sometimes more. Like Amzad, there are many migrant workers who face the same problem. But now it can all be done in just a day or a few minutes.

This is a ?bank led? model ensuring the process adheres to financial regulations. The value chain between the banks and mobile carrier is also well understood, which bodes well for the MRemittance service to become a success. Dhaka Bank Ltd, Eastern Bank Ltd and Bangalink have clearly defined operational assets that each partner is providing to facilitate this new network, another reason to believe this will work in the marketplace.

This service will no doubt be helpful to the many Bangladesh migration workers, but it is also showcasing how these international remittance models are maturing. No longer are these being introduced with many open questions about revenue sharing, compliance issues, etc. etc. These issues are now being addressed first and then going to market second, which is a great step forward for international mobile remittance

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Bangladesh’s consumers’ price index (CPI) inflation rose to 9.06 percent in February 2010, up from 8.99 percent of the previous month,
The rate of inflation went up by 0.07 percentage point in February, over that of the previous month, mainly because of the increase in prices of food items.

“The inflationary pressures on economy has slightly gone up during the period due mainly to the increase in prices of food items in the local market as well as in the global markets,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told gurumia in Dhaka.

The official also said the existing upward trend of inflation might continue in the third quarters but it particularly in food inflationary pressure would decline in the fourth quarters of the current fiscal year due to arrival of new ?Boro? rice crop along with the government?s market intervention.

Food price inflation rose to 10.93 percent in February from 10.56 percent in January this year on the point-to-point basis due mainly to raise the prices of essential items including rice and sugar during the period.

Despite good domestic output of the ?Aman? rice crop, a recent surge in domestic prices of essential commodities including rice, sugar, edible oil, pulses, onion, garlic and vegetables is the reason for higher inflation during the period under review, the central bank officials said.

The inflation rate moved up to 5.95 percent in February from 5.67 percent of the previous month on the annual average basis, according to the state-run Bangladesh Bureau of Statistics (BBS) data, released on Monday.

The central bank in its latest monetary policy projected a further rise in the country’s CPI inflation on a point-to-point basis in the coming months. However, it expressed hope that the 12-month average CPI would be within a 6.5 percent range by the end of the fiscal year 2009-10, as earlier projected by the BB

…BAck Story:(February2010)
Bangladesh’s consumers’ price index (CPI) inflation rose to 7.24 percent on the point-to-point basis in November 2009, up?from 6.71 percent of the previous month, officials told AHN Media on Tuesday.

The rate of inflation went up by 0.53 percentage point in November, over that of the previous month,?mainly because of the increase in prices of both food and non-food items.

And?that marked an upward trend since the inflation rate moved up to 5.21 percent in November 2009 from 5.11 percent in the previous month on annual average basis, they added.

Food prices rose by 7.84 percent in November from 7.78 percent in October 2009 while non-food items’ prices rose by 6.44 percent from 5.07 percent, the Bangladesh Bureau of Statistics (BBS) said.

“The inflationary pressures on [the] economy has slightly gone up during the period due mainly to the increase in prices of food and non-food items in the local market as well as in the global markets,” a senior official of the Bangladesh Bank (BB), the country’s central bank, told AHN in Dhaka.

He also said the existing upward trend of inflation might continue in the near future because of the?recovery of major economies from the global meltdown with a rising trend of prices of commodities in the international market that would also?push inflationary expectations in the country.

The central bank of Bangladesh in its monetary policy projected a further rise in the country’s CPI inflation on a point-to-point basis in the coming months of the fiscal 2009-10 (FY10). However, it expressed the hope that the 12-month average CPI would be within the budgetary target by the end of FY10.

Food and non-food commodity prices in the global market have firmed up with an up-trend in many cases, according to a report by the?monetary policy, released on Jan. 19. That is why the domestic prices of food grains are holding firm even in the harvesting seasons, it added.

Accordingly, the 12-month average CPI inflation instead of declining is expected to?creep up in the second half of this fiscal year. But it is expected to remain within a?6.5 percent range by the end of FY10, as earlier projected by the central bank of Bangladesh.

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Sources :WHEN the nation has been yearning for a piece of good news amidst the power, gas and water crunch, the news that Bangladesh has scored good figures in the first-ever global ratings on economy bears a special significance for all of us.

The US based global rating agency Standard and Poor’s (S&P) has assigned BB to Bangladesh, with a stable outlook for the financial sector. Moody’s Investor Service, another US based global rating agency, announced its sovereign credit rating for Bangladesh as Ba3 on April 12, just a week after S&P’s rating.

The BB and Ba3 of sovereign credit ratings have placed Bangladesh higher than Pakistan and Sri Lanka, and in the same rank as Vietnam, Philippines, Indonesia and Turkey. The rating agencies mentioned the resilience of the Bangladesh economy to external shocks as well as domestic stress as a positive indicator. The strong and resilient readymade garment (RMG) sector as well as the robust inflow of migrant workers’ remittances underpinned the economic growth.

Standard and Poor’s operates as a financial services company worldwide. Its products and services include credit ratings, equity research and providing information and workflow solutions to a particular debt security or other financial obligation. Over the years, its credit ratings have achieved wide acceptance of investors as convenient tools for differentiating credit quality.

Moody’s Investor Service also performs financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers through using a standardised ratings scale. Moody’s credit rating system is increasingly becoming sophisticated.

Bangladesh is a country globally known for its poverty, corruption, violence and natural calamities. But these are not all that the country is about. There are some positives that discerning eyes cannot fail to see. Bangladesh has made positive strides in education, life expectancy and rural development. Literacy rates have increased remarkably, though the quality of education is yet to be improved.

The country has made remarkable progress in human development. Each year since 1990 the Human Development Report has published the Human Development Index (HDI), which looks beyond GDP to a broader perspective of well-being. The HDI for Bangladesh (2009) is 0.543, which gives it a rank of 146 out of 182 countries. Among the medium human development in Asia, Bangladesh is ranked above Pakistan, Myanmar, Nepal, Cambodia and Yemen.

The HDI measures the average progress of a country in terms of human development. But the Human Poverty Index (HPI) focuses on the proportion of people below certain threshold levels in each of the dimensions of the HDI. The HPI value of 36.1 percent for Bangladesh ranks it 112th among 135 countries for which the index was calculated.

Bangladesh has advanced its position in global competitiveness, marked by a 5-stage leap from last year’s position. The Global Competitiveness Report (GCR) is a yearly report published by the World Economic Forum. The 2009-10 report, covering 134 major and emerging economics across the world, ranks Bangladesh 106th (from 111th in 2008-09), though the power and gas crunch are major hurdles to achieving better business competitiveness.

The country’s economic freedom score of 51.1 percent makes its economy the 137th freest in the global index of 2010. Its overall score is 3.6 points higher than last year’s. Bangladesh is ranked 29th out of 41countries in the Asia-Pacific region in economic freedom.

The US-based Heritage Foundation and the Wall Street Journal index of economic freedom 2010 ranks Bangladesh 137th out of 179 countries. The country has enjoyed impressive economic growth of around 6 percent per year over the last 5 years, driven mainly by its strong and resilient RMG sector.

Bangladesh has also performed well in the global environmental scene. The Environmental Performance Index 2010 ranks 163 countries on 25 performance indicators tracked across 10 policy categories, covering environmental public health and ecosystem vitality. Bangladesh, which is ranked 139th with 44.6 score, is placed above North Korea, Cambodia, Iraq and UAE.

The country was ranked 119 out of 135 countries in terms of the factors influencing FDI, in a study carried out by the renowned international magazine Forbes. It revealed that the capital hospitality of Bangladesh has been dragged down, scoring only 32.6 out of 100 in the Capital Hospitability Index. The Forbes study also said that Bangladesh slipped below its South Asian neighbours due to rampant corruption, poor competitiveness and technological backwardness.

The recent rankings and ratings of the economy give investors insight into the level of risk associated with investing in Bangladesh. To give investors confidence in investing in their country, many countries seek ratings from credit rating agencies like Standard and Poor’s, Moody’s, and Fitch to provide financial transparency and demonstrate their credit standing.

The country, for the first time, has got sovereign credit ratings from two global rating agencies, indicating a favourable position for investment compared with other South Asian nations. These ratings will create confidence and provide access to capital for development. This is a vital benchmark, which is likely to have positive impact on FDI.

Bangladesh has a number of positive attributes that can successfully attract the attention of foreign investors from both the developed and the developing countries. The increasing availability of skilled and unskilled labour at relatively low wages and the success in maintaining a reasonably stable macroeconomic environment have made the country an attractive destination for foreign investors.

Bangladesh, which has performed better in some global rankings and ratings compared to its neighbours, is poised for a good turn. It may soon emerge as yet another Asian Tiger if its positive indicators are put to optimal use.

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Area-wise subsidy, incentives for small, medium enterprises for 2yrs
Economists in a pre-budget discussion have suggested giving area-wise instead of countrywide subsidy and energy incentives to small and medium entrepreneurs for at least next two years.

The economists also urged the government to impose capital gain tax on the banks and city congestion tax to reduce traffic jam. They made the call yesterday at the pre-budget discussion with Finance Minister AMA Muhith held at the Finance Division.

Former finance adviser of the caretaker government M Hafizuddin Khan said the government should form a commission to find out why the ADP could not be implemented and suggest remedies.

A large number of entrepreneurs and households are producing electricity due to ongoing power crisis using diesel-run generators, which eat up a huge amount of fuel.

Hafizuddin said the government could consider setting up a diesel-run power plant for the capital.

Centre for Policy Dialogue (CPD) Executive Director Mustafizur Rahman said there is no possibility of power deficiency being overcome in next two years as per the government plan.

The government should give energy subsidy to small and medium entrepreneurs for at least two years to make up for the losses incurred due to power crunch.

The government is going to take a big size ADP but the finance minister’s budget speech should spell out which ways the ADP would be implemented.

BIDS Research Director Rushidan Islam suggested formulation of a special scheme for areas affected by climate change and disasters. She said the government could make allocations for coastal employment schemes and disaster insurance schemes in the next budget.

She added before giving any privilege to the readymade garments factory owners, the government should ensure that the workers are given proper wages and other facilities.

Former governor of Bangladesh Bank M Farash Uddin suggested formation of an accreditation council to improve quality of education in the public and private universities. He said the council must be given sufficient independence.

Agricultural economist Mahbub Hossain said the price of agricultural equipment has fallen much in the international market. So, instead of giving countrywide agricultural subsidy, he suggested subsidy for selected areas.

Chartered accountant Mashih Malik Chowdhury said capital gain tax should be imposed on the banks as they are making huge profit by investing in the share market.

He said at present the tax rate on the banks is 42.5 percent, but if their profit on share market is taken into account, the rate of real tax on them goes down to below 20 percent.

Malik suggested imposition of city congestion tax to reduce traffic jam.

CPD researcher Fahmida Khatun said budgetary allocation should be made for rainwater harvesting to combat water crisis.

Former finance secretary Mir Mostafizur Rahman recommended stopping scope to whiten black money in the next budget. “For God’s sake, stop giving scope to whiten black money by giving some tax on purchasing house and cars,” he said.

M Motiul Islam, chairman of Industrial and Infrastructure Development Finance Co Ltd, former adviser of the caretaker government Prof Jamilur Reza Chowdhury, former president of Bangladesh Economic Association Dr Qazi Kholiquzzman Ahmed, BIDS Director General MK Mujeri, Prof Khandker Bazlul Haque and Prof Ashrafuddin from Dhaka University, BIDS Research Director Protima Paul, Prof Nurul Islam from Buet, and CPD researcher Uttam Kumar Dev also spoke.

Bangladesh Bank Governor Dr Atiur Rahman, Finance Secretary Dr Mohammad Tareq, Chairman of the National Board of Revenue Dr Nasiruddin Ahmed, ERD Secretary Musharraf Hossain Bhuiyan and Banking Division Secretary Shafiqur Rahman Patwari were present.

Comment:

Comment PolicyFor mitigating electricity crisis, the government should allocate a sum amount of electricity for any building as per sq-ft whose 80 percent will be provided by the state and 20 percent will generate the owner of building through solar energy. If the building owner wishes to increase his/her allocated amount of electricity, then the government will charge double for extra amount of electricity. And the government should reduce the prices of solar machineries through giving subsidy, so that people inspire to generate electricity through solar energy.

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