June 05, 2014
Growth and Development
IMF continues to support macroeconomic stability in Bangladesh
The International Monetary Fund (IMF) approved $140.9 million to Bangladesh under its Extended Credit Facility (ECF) programme as they projected a 6.25 percent growth of Gross Domestic Product (GDP) of the country for the next fiscal year 2014-15. Bangladesh has made further progress in strengthening macroeconomic stability under the ECF-supported program, the IMF said.
The annual national budget for 2014-15 fiscal year will be placed in Parliament with a total expenditure of above $32 billion. This largest ever national budget will allocate more than $10 billion for the Annual Development Programme (ADP) which in turn will emphasize macro-economic stability through continued creation of investment opportunities, expanding and upgrading physical infrastructure, improving quality of social services, and strengthening institutional and regulatory environments. In particular, agriculture and power sectors are likely to receive special attention.
Considering Ms. Saima Wazed Putul’s extraordinary leadership role in global autism campaign, her astounding technical ability, earned experiences, and unparallel knowledge in the field, Director General of WHO appointed her as one of the experts in the advisory panel on mental health. Putul, daughter of current Prime Minister of Bangladesh Sheikh Hasina, is a psychologist by profession and is credited with pioneering the global campaign on autism.
Bangladesh has been voted to the governing body of ILO for the 2014-2017 terms. This is a true appreciation of Bangladesh’s sincere and committed effort to improve working conditions for workers especially in the ready-made garment (RMG) sector. Bangladesh demonstrated good practices regarding labor law implementation, social protection mechanisms, promotion of migrant workers’ rights and ‘greener jobs’ creation in last six years.
Bangladesh garment manufacturers grabs export order for at least $500 million to stitch World Cup jerseys for fans all over the globe. The country's shipment of garments grew around 14% this year with World Cup orders playing a key role.
Bangladesh Prime Minister Sheikh Hasina’s official visit to China from 6th June would see major advancements in relations between the two countries. Bangladesh would offer either an industrial park or a special economic zone (SEZ) for Chinese investors in Bangladesh. The Premier would visit South Asia Expo and meet with Chinese businessmen to invite them to invest in her country. The primary focus would be to attract investment and cooperation in deep-sea port, power and infrastructure. Bangladesh has already signed a contract with a Chinese company to construct the Padma Bridge.
Bangladesh is looking to establish the country’s second nuclear power plant with Japan’s help as part of its Master Plan to generate 4000 MW power from nuclear sources by 2021. Already, Bangladesh and Japan have agreed to set up a 1200 MW ultra super critical coal-fired power plant with a Japanese loan package under the 35th Official Development Assistance (ODA) programme.
Visiting World Trade Organization (WTO) Director General Roberto Azevedo appreciated Bangladesh's performance in trade and commerce saying that the country's economy is developing quickly. Lauding Bangladesh’s economic progress, Azevedo said that Bangladesh has shown remarkable progress in achieving MDG goals which should serve as encouragement for other emerging economies to adopt similar strategies and approaches.
Bangladesh will develop five new special economic zones (SEZs) in the next two years to attract both foreign and domestic investments under Bangladesh Economic Zones Development Project at a cost of Tk 81.95 crore in Mongla, Moulvibazar, Sirajganj and Chittagong. The five projects are expected to create jobs for 15 million people by 2021.
Santana-Ramirez, the departing Venezuelan Ambassador to Bangladesh lauded the remarkable successes of Bangladesh in social progress and human resource development. During a meeting with Foreign Minister of Bangladesh, Abul Hassan Mahmood Ali, she shared her intention to replicate the best practices of Bangladesh in primary education, women’s empowerment, and child and maternal health, in her own country.
Bangladesh Bank has launched a special banking service for street children which would help them to open bank accounts for negligible amounts without hassles and formalities. The central bank has taken this initiative in order to bring these excluded classes into the framework of the financial system. The move comes after the central bank introduced similar special banking services for farmers, sharecroppers and other underprivileged sections of society.
Bangladesh Awami League