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External debt servicing crosses $2 billion in 8 months of current fiscal, up 43% year on year
Bangladesh spent $2.03 billion on external debt servicing, including paying off the principal and interest on foreign debt, in the first eight months of the 2023-24 fiscal.
Of the total, the interest payments amount to $805.9 million, while the payments towards principal were $1.22 billion.
In the first 8 months of the last fiscal, 2022-23, debt servicing stood at $1.42 billion.
It means the amount has gone up by $610 million in the space of a year, or 43% year-on-year.
According to officials at the Economic Relations Division, or ERD, the sharp increase witnessed in debt servicing is driven mainly by increased interest payments on the debt. The $805.9 million that has gone towards paying the interest on foreign loans is double what the government paid towards interest in the corresponding period of the last fiscal, when it was $403 million.
ERD records indicate loan commitments with development partners increased in the first eight months of the current fiscal. These development partners pledged a total of $7.2 billion in various loan commitments from July 2023 to February 2024, the first 8 months of the current fiscal, which is up significantly from the $1.78 billion in loan commitments secured from July 2022 to February 2023, the first 8 months of the last fiscal.
What may surprise some observers, given the alarm that has been raised recently in some quarters over the country's growing portfolio of foreign debt, is that rather than ease off for a period, ERD officials are determined to realize a target of $9.92 billion in loan commitments for the 12-month period.
That means they are looking to secure a further $2.7 billion in loan commitments in the four months (Mar-Jun) that remain of the current fiscal, mainly from the various development aid organizations and multilateral lending agencies.
The government has always maintained that the rising foreign debt burden will have to be met by the increased capacity of the Bangladesh economy, that is now close to half-a-trillion in size (Bangladesh GDP $460 billion, 1 trillion = 1000 billion).
While Bangladesh's foreign debt has indeed surged in the last decade or so, it is equally true that the economy itself has surged equally, if not more, and that has built up the country's capacity to not renege on repaying its loans.
It is to be noted that the country's debt-to-GDP ratio, the globally accepted indicator of a country's capacity to repay its debts, has remained remarkably stable at a very safe level through all these years.
The debt-to-GDP ratio is the metric comparing a country's public debt to its gross domestic product (GDP). By comparing what a country owes with what it produces, the debt-to-GDP ratio reliably indicates that particular country's ability to pay back its debts, according to Investopedia. Yet this globally accepted metric was ignored in almost all the alarmist reporting witnessed recently, on the news of the country's total foreign debt crossing the $100 billion mark for the first time.
Bangladesh's debt-to-GDP ratio was just 35.6% in 2023, up from 33.2% in 2022, according to Fitch, the American credit ratings agency.
Fitch estimated it would reach 36.4% over the course of 2024, which would still be the lowest in the entire Asia Pacific region among emerging markets.
END/UNB/AI/ssk
Young entrepreneurs must step up to break the hold of syndicates: DG of Consumer Rights
Director General (DG) of the Directorate of National Consumer Rights Protection, AHM Shafiquzzaman, on Monday deplored the presence of 'terrible syndicates' at every stage of the supply chain.
He said the syndicates are active not only at the wholesale or retail levels, but also in the transport sector.
“Due to this, the traders cannot sell products at low prices even if they want to do so. New and young entrepreneurs must come forward to break these syndicates,” he added.
He said this while inaugurating the sale of whole watermelons (as pieces) at fair prices at the TCB's premises in Karwan Bazar of the capital on Monday.
Shafiquzzaman said, “We have seen the regular rent of a truck that is Tk40,000 jump to Tk60,000 if you want to transport watermelons. Truck fares increase by 50 percent during mango season. The same thing happens during the Eid ul Azha for transporting cattle.”
He urged SMEs and young entrepreneurs to step up and break the syndicates' hold over markets, assuring support from his Directorate.
Driver killed as fleeing CNG's cylinder explodes in Chattogram
A CNG-run autorickshaw driver was killed as the gas cylinder in his vehicle exploded in Chandanaish upazila of Chattogram on Monday afternoon.
His identity is yet to be confirmed by authorities.
According to witnesses, the CNG autorickshaw collided with a private car while trying to flee at speed from being chased by the highway police.
Following the collision, the 'CNG' overturned on the road, and there was an explosion after which it caught fire.
Ruhul Amin, duty officer of Chandanaish Fire Service Control Room, confirmed the matter.
Locals brought the fire under control before FSCD reached the spot.
The driver sustained burn injuries and died on the spot, Ruhul Amin added.
Boao Forum for Asia's annual conference set to commence in China's Hainan province
The annual conference of the Boao Forum for Asia, is set to begin tomorrow in the resort town of Boao, located in the southern Chinese province of Hainan, with this year's theme set as “Asia and the World: Common Challenges, Shared Responsibilities.”
Chairman of the Standing Committee of the National People’s Congress of China, Zhao Leji, will attend the opening plenary of the four-day conference and deliver a keynote speech, the Chinese Foreign Ministry announced on Monday.
President of the Republic of Kazakhstan Kassym-Jomart Tokayev, President of Nauru David W.R. Adeang, Prime Minister of Sri Lanka Dinesh Gunawardena, Prime Minister of Dominica Roosevelt Skerrit, Prime Minister of Cambodia Samdech Techo Hun Sen, Director General of the World Intellectual Property Organization (WIPO) Daren Tang, and Secretary-General of the Organisation for Economic Co-operation and Development (OECD) Mathias Cormann, are some of the dignitaries attending the annual conference.
BFA Secretary General Li Baodong said this year’s event will focus on how the international community can work together to deal with challenges and shoulder responsibilities.
As a whole, Asian countries need a forum that is created truly from the perspective and for the benefit of Asia, that can be dedicated to the discussion of Asian issues and aimed at enhancing cooperation and exchanges among Asian countries, and also between Asian countries and other parts of the world, he added.
Organisers also informed that this year's annual meeting sets up four major sections: "World Economy," "Technological Innovation," "Social Development," and "International Cooperation," totaling dozens of topics. Each section's topics will reflect the theme of unity and development, seeking evidence through in-depth discussions on various issues.
Confronting challenges and sharing responsibilities are common interests of the international community and are the inevitable choices for building a community with a shared future for mankind, they also informed.
China International Press Communication Centre (CIPCC) arranged a pre- departure briefing for the journalists coming from Asia and Eurasia on Monday in Beijing.
It said the conference will include multiple activities such as the opening plenary, entrepreneur dialogue, panel discussions, roundtables, and press conferences, providing a high-level platform for in-depth exchanges and extensive cooperation among all parties.
On the other hand, the panel discussions, in particular, will cover a broad range of topics including those focusing on Asia, such as investing in Asia, deepening financial cooperation in Asia, and efforts to build Asia into a growth center, it also said.
The mission of the BFA is to pool positive energy for the development of Asia and the world to promote economic integration in Asia.
Hainan Province, also known as “Qiong”, is located at the southernmost tip of China. With its tropical coastal view and first-class ecological quality, Hainan has long been a renowned tourist destination in China.
On June 1, 2020, the CPC Central Committee and the State Council issued the Master Plan for the Development of Hainan Free Trade Port, entrusting Hainan with a new and historic mission to build a free trade port (FTP) with Chinese characteristics. In 2023, the provincial GDP was up by 9.2 percent, the second highest growth rate in China.
31-gun salute to usher in 54th Independence Day on Tuesday
Bangladesh is all set to celebrate its 54th Independence Day, also commemorated as the country's National Day, on Tuesday with a vow to build the developed, prosperous, and harmonious Smart 'Sonar Bangla' dreamt of by Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
On March 26, 1971, Father of the Nation Bangabandhu Sheikh Mujibur Rahman declared Bangladesh's independence following the crackdown on unarmed Bangalees on the midnight of March 25 by the Pakistani occupation forces.
After the nine-month War of Liberation with the supreme sacrifices of three million people and at the cost of chastity of two lakh women, Bangladesh achieved its cherished independence on December 16, 1971.
The day is a public holiday.
Different sociocultural and political organisations have chalked out elaborate programmes on the occasion.
The day's programme will begin with a 31-gun salute before President Mohammed Shahabuddin and Prime Minister Sheikh Hasina pay their tributes at the National Mausoleum in Savar on Tuesday morning.
They will be followed by the freedom fighters and their family members, foreign diplomats, leaders of Awami League and different political and social organisations and people from all walks of life.
Later, foreign diplomats, leaders of different political and social organisations and people from all walks of life will place wreaths to pay homage to the martyrs.
The national flag will be hoisted atop government and private buildings while the government and semi-government buildings and other public places will be illuminated on the auspicious occasion.
National dailies will bring out special supplements while Bangladesh Betar, Bangladesh Television, private radio stations and television channels will air special programmes highlighting the significance of the day.
Special prayers will be offered at all mosques, temples, churches and other places of worship across the country seeking divine blessings for the eternal peace of the departed souls of Father of the Nation, four national leaders, martyrs of the War of Liberation and all other patriotic sons of the soil.
Special meals will be served to the inmates of hospitals, jails, old homes and other public institutions to mark the day.
Different political parties as well as socio-cultural and professional organisations have drawn up elaborate programmes to observe the day in a befitting manner.
Bangladesh Shilpakala Academy, Bangla Academy, National Museum, Liberation War Museum, Bangladesh Shishu Academy and other social and cultural organisations will organize different programmes including cultural programmes, art exhibition, sports, an exhibition of documentary films and posters based on the history and tradition of the Liberation War.
Bangladesh Postal Department will release a commemorative postage stamp marking the Independence and National Day.
All children's parks and museums will be kept open with free entry across the country.
President Mohammed Shahabuddin, the head of state, and Prime Minister Sheikh Hasina, the head of government, have issued separate messages on the occasion.
In his message, the President said, "I recall with deep respect the millions of martyrs who sacrificed their lives in the War of Liberation. I recall with deep reverence our Four National Leaders, heroic freedom-fighters, organizers, supporters, foreign friends and people from all walks of life who made contributions to attain our right to self-determination and freedom movement.”
“I hope, based on the unprecedented achievements of the government in the country's overall development activities and socio-economic indicators in the past years, we will be able to face these challenges in the days to come, InshaAllah,” said the president.
“To expedite the progress of the country, let the nation embrace the spirit of the liberation war and the ideals of the Father of the Nation and move forward in building ‘Sonar Bangla (Golden Bengal)’ dreamt by Bangabandhu--this is my expectation on the great Independence Day,” he said.
In her message, the Prime Minister said, “On this auspicious occasion, I extend my sincere greetings and congratulations to all the Bangladeshi citizens living in the country and abroad.
I remember with the most profound respect the Greatest Bangali of all time, Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, under whose firm and far-sighted leadership we achieved independent and sovereign Bangladesh.”
“The Awami League government believes in the philosophy of upgrading the fate of the people. We are running our government through immediate, short, medium, and long-term plans to uplift the living standard of ordinary people and develop the country. Moreover, we regularly monitor the implementation progress of our election manifesto. Due to these reasons, people's trust and strong support for Awami League continues,” she said.
“On this very occasion of Independence Day and National Day, being imbued with the spirit of our great Liberation War, let us take the oath to build developed-prosperous non-communal smart 'Sonar Bangla' as dreamt by Father of the Nation Bangabandhu Sheikh Mujib,” she said.
Seasoned journalists, experts stress vital role of media in creating awareness to make roads safe again
Noting that road accidents have turned into 'an epidemic worse than coronavirus', experts at a workshop stressed the very important role of the media in raising public awareness to tackle the problem.
They were speaking at a workshop on ‘Establishment of Safe Roads and Media’ arranged by the National Institute of Mass Communication, better known as Nimco, at the latter's auditorium in the capital on Monday.
Shipping and Communications Reporters Forum (SCRF) was present at the workshop.
“To ensure road safety in Bangladesh, the media will have to play a stronger role in sustainable integrated road management and proper implementation of the existing road laws,” Farid Hossain, editor of UNB, said at the workshop.
He also stressed the need for increasing the skill level of the drivers and helpers of different vehicles, stopping unfit vehicles from plying on the highways, and raising awareness among passengers and pedestrians.
Locals block Sylhet-Tamabil highway protesting rising road accidents
Sufi Zakir Hossain, additional director general of Nimco, said discipline has to be brought back in the public transport sector to reduce road accidents and in this regard, Nimco is working to create public awareness.
Zahirul Islam, deputy secretary of the Road Transport and Bridges Ministry, said the media can play a vital role by creating public awareness in this regard.
The session was presided over by Dr Maruf Newaz, deputy director of Nimco, while another deputy director of Nimco Sumona Parvin, its assistant director Tanjim Tamanna, president of SCRF Ashish Kumar Dey, and its general secretary Jahangir Alam also spoke at the programme, among others.
Cop among 3 dead in Sylhet, Habiganj road accidents
Fire at TK Group’s super board manufacturing factory brought under control after 22 hrs
The fire that broke out at a super board manufacturing factory of TK Groupat Sikirgaon in Gazaria upazila of Munshiganj was brought under control after 22 hours on Monday.
The firefighting units are still working to fully douse the flame till the filing of this report around 4 pm today.
Already, a probe body, formed to look into the fire incident, has visited the spot in the morning and is trying to unearth the reason behind the fire.
The fire broke out at the board factory around 1:10 pm on Sunday and ten firefighting units rushed to the spot to tame the flame.
Gazipur cylinder blast: Death toll rises to 16
Two ships later joined the firefighting units but they failed to bring the blaze under control.
Later, the firefighters used a robotic machine to extinguish the fire.
Jashim Uddin, deputy director of Dhaka Fire Service and Civil Defense, said the fire was partially brought under control around 12 am on Sunday midnight but it was extinguished around 1 pm on Monday.
Local administration has formed a five-member probe body to look into the fire incident.
The committee has been asked to submit its report within seven working days, said head of the probe body Additional deputy commissioner Md Masudul Alam.
President visits Military Hardware Exhibition
President Mohammed Shahabuddin on Monday visited the combined Military Hardware Exhibition at the National Parade Square.
The exhibition was organised on the occasion of Independence Day and National Day-2024.
Chief of Army Staff General S M Shafiuddin Ahmed, Chief of Naval Staff Admiral M Nazmul Hassan, Chief of Air Staff Air Chief Marshal Shaikh Abdul Hannan and Principal Staff Officer of the Armed Forces Division Lt General Mizanur Rahman Shameem received the president on his arrival at the National Parade Square.
The president went round different stalls and pavilions set up by the three forces and witnessed various light and heavy weapons being used by the army, navy and air force troops; concerned officials briefed him on the hardware.
The president and his entourage also enjoyed a cultural program by the artists of Swadhin Bangla Betar Kendra and later joined a photo session there as well.
Secretaries concerned to the president were also present on the occasion.
Dhaka rolls out red carpet to welcome Bhutanese king
Prime Minister Sheikh Hasina yesterday inaugurated the combined Military Hardware Exhibition.
The exposition would be open to all from 10 am to 4 pm from March 26 to March 30.
Let's honour those who work silently for public welfare: PM Hasina
Dhaka Metro Rail service hours being extended from March 27
In a move to cater to the increasing demand for late-night transportation, Dhaka Mass Transit Company Limited (DMTCL) has announced the extension of metro rail service hours beyond 9 pm, starting from Wednesday, March 27.
During a press briefing scheduled for tomorrow, the Managing Director of DMTCL, M. A. N Siddique, will provide detailed information regarding this significant service extension.
According to sources from DMTCL, the last train from Motijheel will now depart at 9:40 pm, and from Uttara end at 9:20 pm. This extension will introduce trains running every 12 minutes during the additional service hours, adding 10 more trains to the current schedule.
Read more: Metro rail operating hours to be extended by one hour from 16th Ramadan
Consequently, the total number of daily trips will increase from 184 to 194.
Currently, the Dhaka metro rail operates from 7 am to 8:40 pm, with trains running every 8 minutes during peak hours (7 am to 11:30 am and 2 pm to 8 pm) and every 12 minutes during off-peak hours (11 am to 2:30 pm).
This expansion of metro rail service is aimed at enhancing the commuting experience for Dhaka's residents, providing a more flexible and accessible transportation option during the evening hours.
Read more: HC orders probe into rent of Metro rail canteen
Genocide Day today
‘Genocide Day’ is being observed in the country on Monday, to commemorate brutalities of the Pakistan army during Operation Searchlight, launched on the night of March 25 in 1971, as a last resort to try and suppress the will of the people of what would become, in less than nine months, an independent Bangladesh.
On the Black Night of March 25 in 1971, the Pakistani military junta resorted to mass killings and arson in Dhaka to implement their blueprint to thwart the Awami League's assumption of office following the election mandate of 1970.
In the attack dubbed 'Operation Searchlight', the Pakistani forces mercilessly killed the Bangalee members of the East Pakistan Rifles and police, students, teachers and common people.
They killed people indiscriminately, set fire to the houses and property and looted business establishments, leaving a trail of destruction.
The night also witnessed Bangabandhu Sheikh Mujibur Rahman’s proclamation of independence before he was arrested by the Pakistani troops and subsequently flown to West Pakistan.
The day is being observed as Genocide Day officially for the eighth time in the country since the Parliament unanimously adopted a resolution on March 11, 2017.
President Mohammed Shahabuddin and Prime Minister Sheikh Hasina issued separate messages on this occasion.
Political parties including the ruling one have taken up programmes in observance of the day.
Different cultural organizations are holding seminars, cultural programmes lyrical drama on genocide.
Bangladesh Betar and Bangladesh Television as well as private television channels and radio stations are airing special programmes while national dailies published supplements marking the day.
Meanwhile different religious organizations arranged special prayers and doa mehfil seeking peace for the eternal souls of the deceased.