The government will import rice and LNG to meet the demands of the domestic market, it's been decided. The Advisors Council Committee on Government Purchase (ACCGP), in a meeting with Finance Advisor Dr Salehuddin Ahmed in the chair, approved two separate proposals in this regard. As per a proposal, moved by the Ministry of Food, the Food Directorate will import 50,000 Metric Tons (MT) of non-basmati parboiled rice from India through an international open tender. Bagadiya Brothers Limited of India will supply the bulk rice at a cost of Tk 275.30 crore, with each kg at Tk 55.06. Bangladesh Oil, Gas and Minerals Corporation-Petrobangla will import one cargo of LNG from the international spot market through quotation. Excelerate Energy PLC of United States will supply the LNG cargo at a cost of Tk 752.50 crore, with each MMBtu at $15.69. After the meeting, Finance Advisor Dr Salehuddin Ahmed told reporters that the government will not bring any change in the duty structure of essential commodities until the end of the upcoming month of holy Ramadan which is expected to begin from March 1. No change in duties until Ramadan ends: Finance Adviser Responding to a question on ensuring adequate supply of essential commodities at affordable price during the Ramadan, the advisor said that the government had already imported chickpeas, lentils, and dates. The price of Soybean oil has come to a reasonable level. “If necessary, the government will take further measures in regard to the price of soybean oil”, he said. He said that the government has been giving priority on market monitoring. “The market monitoring has to be intensified. Only application of Consumer Protection Act is not enough to contain the prices”. He mentioned that the price of onion has already come down to Tk 40 per kg from Tk 200. In our country, prices of goods frequently go up and down while prices remain stable in developed countries.

The government won’t change duty  on any product until the Ramadan ends, said Finance Adviser Dr Salehuddin Ahmed on Tuesday. He made the remark while talking to reporters after a meeting of the Cabinet Committee on Government Purchase at the Secretariat. Replying to a question over the supply of essentials and prices during Ramadan, he said, "Gram, pulses, dates have already been imported. Soybeans have also become somewhat tolerable. If necessary, we will decide on soybeans again.” He stressed the need for market monitoring to keep prices of commodities at tolerable level saying that only the Consumers’ Right Protection Act won’t work. Keep prices under control during Ramadan: CA to officials Asked whether duty will be imposed once onion is imported afresh, he replied, “We will no longer change any duty structure till Ramadan ends. Messages have been given.” The Finance Adviser said a special Open Market Sale (OMS) will start to keep the prices of rice at tolerable level as rice prices are soaring. He said, “We have kept an eye so that the prices of rice don’t’ shoot up due to the middleman, it’s a major concern. “ The adviser said the Ministry of Food has been instructed to start importing rice from anywhere to boost stock.

Finance Adviser Dr. Salehuddin Ahmed on Tuesday said the government expects commitments of around $6 billion from development partners, including the World Bank and IMF, by next June. “Following our discussions with the development partners in Washington, we’re expecting around $6 billion from the development partners by next June,” he stated. Dr. Salehuddin made this comment after an IMF Mission, led by IMF Country Representative Jayendu De, met him at his office at the Bangladesh Secretariat. The third review mission of the IMF arrived in the capital today to assess progress in meeting the conditions for releasing the fourth tranche of the $4.7 billion loan agreement. In Washington, the Finance Adviser said discussions were held with the World Bank, IMF, the OPEC Fund, and the government expects some commitments by next June.  “We’re also expecting funding from ADB and OPEC Fund in the near future. The commitments will come, but the aid flow will not arrive all in one year,” he added. The Adviser noted that the IMF Mission is likely to return in March next year for further discussions on their next course of action. Regarding the ongoing $4.7 billion loan package, he said $1.11 billion is expected to be released this time. The IMF Mission’s visit will focus primarily on the revenue sector, fiscal deficit, growth, and inflation, according to Dr. Salehuddin.  “They will also evaluate the strategies we’ve undertaken so far and those planned for the coming days. The IMF Mission will hold discussions with the Bangladesh Bank on banking reforms, default loans, depositor stress, and other issues,” he said. Dr. Salehuddin emphasized that economic stability has improved, although not entirely.  “Now is the time to attract investments and encourage foreign donors to contribute,” he said. He noted that the foreign exchange rate is relatively stable. Although some banks required liquidity support, Islami Bank, the largest private sector bank, is recovering, and other banks are expected to gradually stabilize. Dr. Salehuddin pointed out that inward remittance and export growth remain strong, while imports are lower, particularly in capital machinery, due to restrictions. “We are considering possible actions to address this situation,” he added. The IMF Mission will stay in Bangladesh for several days, according to the Adviser.  “We assured them that all measures we take will benefit the country in the long term,” he said, adding that the government avoids taking decisions that could create challenges for future administrations. Bangladesh Bank to maintain database tracking ownership of bank shares  “All measures are thoroughly scrutinized and well-considered. The IMF Mission is also convinced,” he stated. Dr. Salehuddin, a former central bank governor, expressed optimism that the IMF would set realistic targets beneficial for the country’s economic development. When asked, he said additional funding would be considered after discussions on the current loan package.  “We are discussing the ongoing loan package now and will consider seeking extra funds later,” he said. The Adviser added that the government’s reform initiatives, such as banking and revenue sector reforms, require foreign funding, as well as measures to address the trade deficit and current account balance.  “We have already approached the World Bank in this regard,” he said. The IMF review mission will leave on December 17. Bangladesh has received three installments under the IMF loan agreement so far, with the fourth installment expected to be released in December. EU, Bangladesh discuss ILO Conventions, money recovery On June 24 this year, the IMF approved the release of $1.11 billion as the third tranche of Bangladesh’s $4.7 billion loan.