Bangladesh Bank governor
Corporate good governance should be a part of our life: Dr Atiur Rahman
Economist Dr Atiur Rahman said that corporate good governance should be a part of life, not the expectation, which will be a source of value creation for any of the entities in the private and the public sectors.
He said not only in the financial sector, but corporate good governance is also essential for all kinds of enterprises to extend the industrial revolution.
Former Bangladesh Bank Governor Dr. Atiur said this at a seminar in Kolkata organised jointly by the Insurance Institute of India and Kolkata, Insurance Institute on Tuesday (13 June 2023).
Also Read: ICCB calls for good governance to ensure international compliance
Presided by Basant Kumar Naik, Principal of the Institute of Insurance in Kolkata the seminar was attended by Babu Paul, General Manager, National Insurance; Miss Y. Lama, an insurance expert; Professor Konika Chatterjee, Department of Commerce, Calcutta University; and faculties, students, and experts from financial sectors.
“Customer trust is the foundation of good governance of any organization. They want delivery and not empty promises,” Dr Atiur said.
Also Read: Lawyers can play a big role to ensure good governance: President
Again, if they don’t get the promised services, they must be provided with a customer interest protection mechanism to redress their grievances, he pointed out.
The long-term sustainability of the organisation depends largely on corporate good governance, which thrives on the execution of well-set-out rules and procedures of the board with enough competent independent members, he said.
Also Read: Proposed amendments to banking act don’t go far enough in quest for good governance: Experts
Dr. Atiur said that knowledge management and human resource management are pivotal to good governance. And for up-to-the-mark knowledge management- there is no alternative to ensuring exchanges between national, regional, and international peers.
He urged that such discourses and exchanges must be facilitated so that governance practices can be revisited and augmented on a regular basis.
World Bank spring meeting begins in Washington today, announcement on $50bn allocation to face global crisis likely
The spring meeting of the World Bank Group and the International Monetary Fund (IMF) begins today (April 10, 2023) in Washington DC, USA.
This meeting is likely to announce an allocation of USD $50 billion from the organisations to face the global crisis.
The seven-day meeting will continue till April 16 at the headquarters of the IMF and the World Bank Group in Washington.
Read More: Bangladesh's GDP growth expected to pick up to 6.2% in FY2024: World Bank
According to the Ministry of Finance, a delegation of six members is participating in the spring meeting led by the Governor of Bangladesh Bank, Abdur Rouf Talukder.
Along with the governor, Bangladesh Bank Chief Economist Habibur Rahman, Finance Secretary Fatima Yasmin and Additional Secretary of Finance Department Rehana Parveen and two officials from the Economic Relations Department (ERD) are participating in the meeting.
Apart from this, three more officials from the Bangladesh Embassy in the United States are expected to join the meeting along with the Bangladesh team.
Read More: World Bank agrees to finance for development of metro rail-centric communication
Generally, such meetings are led by the finance minister. However, Finance Minister AHM Mustafa Kamal is not joining the meetings this time.
At this meeting of the World Bank Group, the International Bank for Reconstruction and Development (IBRD), a subsidiary of the organization, may announce an additional financing of $50 billion to deal with the global crisis.
Being a member of IBRD, Bangladesh will also get the benefit of this financing, the finance ministry sources said.
Read More: New World Bank leadership must put Climate Action as top priority: V20
The World Bank's spring meeting will be chaired by President of France Emmanuel Macron, and Prime Minister of Barbados Mia Amor Mottley. They will be joined by world leaders, academics, development experts and climate experts.
Besides, finance ministers, central bank governors of 189 World Bank member countries will participate.
$4.5bn loan: IMF delegation due this week to discuss conditions
A delegation of International Monetary Fund (IMF) will arrive this week in Bangladesh to start negotiating a USD 4.5 billion loan as budget assistance.
A Bangladesh delegation led by Bangladesh Bank Governor Abdur Rouf Talukder attended the IMF annual meeting held in Washington, from October 10-16, and got assurance of loan assistance. In line with this, a delegation from the IMF will visit Dhaka soon to justify the loan requirement and necessary reforms of the financial sector.
The Bangladesh Bank governor had a busy week during his Washington visit. The first meeting was held with Rahul Anand, chief of IMF Asia and Pacific Division, and his team. Another meeting with IMF Deputy Managing Director Antoinette M Sayeh was held on the sideline of IMF’s annual meeting, central bank and finance ministry sources said.
Read: IMF downgrades outlook for global economy in 2023
Rahul Anand might lead the discussion on loan conditions in Dhaka at the end of this month. The IMF team will meet Finance Minister AHM Mustafa Kamal during the visit.
During the visit, an agreement is likely to be signed, which usually takes a few months. The loan program will be sent to the IMF executive board. Disbursements are made after the board approves the program.
IMF's standard practice is to work closely with the authorities to come up with a program that is most relevant to the borrowing country's economic and social dynamics.
Read Bangladesh Bank yet to allow Indian rupee in foreign trade
Bangladesh's economy was still recovering from the losses of the pandemic when the Russia-Ukraine war began in February, disrupting global supply chains and eventually causing inflation in many countries including Bangladesh.
The IMF loan will help Bangladesh to ease the forex crisis created here due to external effects from the Covid-19 pandemic and the Russia-Ukraine war.
BGMEA congratulates newly appointed Bangladesh Bank Governor
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has sought the support of Bangladesh Bank (BB) in continuing the growth momentum of the RMG industry by facing current challenges, especially the impacts of the ongoing Russia-Ukraine conflict on the global economy.
BGMEA President Faruque Hassan made the request when he called on newly appointed Governor Abdur Rouf Talukder at the BB office in Dhaka on July 21.
BGMEA Vice President Md. Nasir Uddin, Directors Asif Ashraf, Barrister Vidiya Amrit Khan, Neela Hsone Ara were also present at the meeting.
Read BGMEA, Kuhu to take Bangladeshi culture, heritage to global arena with garments
The BGMEA leaders congratulated him on his appointment as Governor of Bangladesh Bank, expressing hope that his extensive experience and expertise in handling financial sector would help him to steer the central bank prudently and efficiently that would contribute to strengthening economy of Bangladesh.
They had discussion the on present situation of the apparel, especially problems being faced by the RMG industry and possible measures to address them.
They also apprised the BB Governor about the renewed vision of BGMEA that aims to drive the growth of the RMG industry forward in a sustainable manner that will positively impact the economy, the environment and the lives of peoples.
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BGMEA President Faruque Hassan said the support of Bangladesh Bank would be instrumental in realizing the vision which is aligned with the government vision of sustainable development.
He expressed thanks to the Bangladesh Bank for coming forward necessary with policy support for the garment industry at times when the sector needed them.
He hoped the central bank would continue its cooperation for the development of the apparel industry in the coming years.
Read BGMEA congratulates newly appointed Bangladesh Bank Governor
JS passes bill raising age limit of BB governor to 67
Parliament passed the 'Bangladesh Bank (Amendment) Bill, 2020' on Thursday raising the age limit for appointing Bangladesh Bank governor to 67 years from 65.