April 15, 2019 | Issue 215


Bangladesh second fastest growing economy: IMF

Bangladesh is among the three fastest growing economies in the world, according to the International Monetary Fund (IMF) -- in yet another thumping endorsement of the country's extraordinary growth momentum. The economy will grow at 7.3% this year, which will be second highest in the world, as per the IMF report 'World Economic Outlook, April 2019: Growth Slowdown, Precarious Recovery' revealed on Tuesday. The Asian Development Bank tipped Bangladesh to log in the fastest economic growth in the Asia-Pacific region in fiscal 2019-20. This fiscal year, the economy will grow at 8%.

INWARD REMITTANCE: Bangladesh 3rd in South Asia, 11th globally: WB

Bangladesh received $15.5 billion in remittance last year, up more than 15% year-on-year, according to the World Bank. “In Bangladesh, remittances showed a brisk uptick in 2018,” says the World Bank's latest Migration and Development Brief. The annual receipt for Bangladesh is up from the $13.5 billion which migrant workers sent in 2017. Bangladesh was the third highest recipient of remittance in South Asia in 2018, after India and Pakistan and 11th highest recipient globally.

Exports continue good run in March

Exports continued its good run in March, fetching 9.51% more than a year earlier and getting into a comfortable position to hit this fiscal year's target of $39 billion. In March overseas shipments brought $3.34 billion, which is 2.45% more than the target set for the month, according to data from the Export Promotion Bureau. Last month's inflows take the receipts so far in fiscal 2018-19 to $30.90 billion, meaning shipments over the next three months need to bring in $3 billion each to achieve the target -- a feat that was managed in each of the past nine months. Apparel shipments, which typically bring home more than 80% of the export receipts, raked in $2.82 billion, up 9.73% year-on-year.

Rice production to hit all-time high

The country is going to see a bumper rice production for the second consecutive fiscal year breaking all its previous records. The production of rice will increase to 38.2 million tonnes in the fiscal year 2018-19, according to production report and Boro estimation. Favourable weather condition, higher acreage and quality seeds shot the rice production up in the country. Aush rice production in FY’19 increased by 7.7% from that in FY’18, which saw the production rise by 26.9% over that in the FY’17, according to the data available at Bangladesh Bureau of Statistic (BBS).

WTO praises BD's trade policy

A group of World Trade Organisation (WTO) members praised the country's trade policy that contributed to the nation's progress in different sectors over the last few years. The appreciation came during the fifth trade policy review (TPR) meeting on Bangladesh in Geneva, Switzerland on April 3 and 5 last. The WTO lauded Bangladesh's achievements in reducing the rate of poverty, increasing the per capita income and volume of export and import, maintaining the favourable investment environment and registering the high growth rate over the last one decade.

BPC goes into automation by June

The state-run Bangladesh Petroleum Corporation (BPC) is finally going into automation by June to bring about transparency and accountability in its fiscal transactions. A local company has already been awarded to the task of developing software for full automation of the BPC's payment system. The Computer Network Systems (CNS) is committed to develop the software and initiate its application by early June. The BPC is the biggest company of the country with an annual turnover of over US$ 6.0 billion.

Soil info of entire country in one place

The country's first soil archive is making it possible for anyone looking to get information about quality of soil of different regions, to do so from a single platform. The information includes fertility of land, its nutrient content, and aptness for producing particular type of crops. Besides, farmers, agriculturists, forest officials, researchers and other stakeholders will get information on which land is suitable for producing agricultural crops, and which is suitable for forestation. All these facilities are available at the soil archive that was launched in October last year at Acharya Jagadishchandra Basu Academic Building of Khulna University.

Tenth span of Padma Bridge installed

The 10th span of Bangladesh’s biggest infrastructure project Padma Bridge was installed today at Maowa, making 1,500 metres of the bridge visible. The 3,140-ton span was installed on the 13th and 14th pillars around 12:30pm. The first span of the bridge was supposed to be installed at Maowa point initially, but the soil was unsuitable. So, the first span was installed at Jajira in Shariatpur. On the other hand, the 11th span is scheduled to be installed on April 20 on 34th and 33rd pillars. A total of 41 spans will be installed on 42 concrete pillars for the bridge.

Govt approves Tk 100m to produce Sonali bags

The government has approved about Tk 100 million to run a project for producing biodegradable Sonali bags from jute and conducting advance research on the environment-friendly bags. The trustee board of Bangladesh Climate Change Trust Fund (BCCTF), formed under the Ministry of Environment, Forest and Climate Change in 2010, allocated Tk 99.6 million for the project at its meeting held at the Secretariat on Sunday, reports BSS. Environment, Forest and Climate Change Minister and chairman of the trustee board Md Shahab Uddin presided over the meeting. Under the project of Bangladesh Jute Mills Corporation (BJMC), environment-friendly bags and packages will be produced by making biodegradable polymer from jute. Besides, employment opportunities will be created by ensuring multiple usage of jute.

23, Bangabandhu Avenue, Dhaka-1000. Bangladesh.

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