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Dev Partners

Bangladesh signs deal to establish food storage facility

The government of Bangladesh has entered into a financing agreement with the International Development Association (IDA), a unit of World Bank, to establish a food storage facility. As part of the Modern Food Storage Facilities project, the government will construct steel silos and support the distribution of smaller household silos to 500,000 households. pariza rice panicleThe steel silos, capable of storing around 535,500 tons of rice and wheat for up to three years, incorporat...

Japan supports affordable crop insurance for farmers

The Asian Development Bank (ADB) and the Government of Bangladesh signed a grant agreement of $2 million to develop innovative new crop insurance products that will give small-holder farmers in Bangladesh income protection from increasingly severe storms and natural disasters.

The Government of Japan is providing the grant through the Japan Fund for Poverty Reduction. ADB will administer the fund, and provide technical support for implementing the Weather Index-Based Crop Insurance Project. The Government of Bangladesh is providing in-kind support of $420,000.

Fourth review under IMF ECF arrangement

  An International Monetary Fund mission (IMF), led by Mr. Rodrigo Cubero, visited Dhaka during March 19-April 2 to conduct the fourth review under the three-year, SDR 639.96 million (US$ 985.66 Million), Extended Credit Facility (ECF) arrangement. The mission met with the Minister of Finance, Minister of Planning, Finance Secretary, Banking Secretary, Bangladesh Bank Governor, other senior officials, and development partners. IMFAt the conclusion of the visit, Mr. Cubero made the following statement: ...

BRAC USA initiates Bangladesh humanitarian fund

The North American branch of Bangladesh-based nongovernmental antipoverty organization BRAC, formerly the Bangladesh Rural Advancement Committee — has launched a multi-year fundraising initiative to ensure continued progress on humanitarian aid and support for workers in Bangladesh’s ready-made garment industry. The initiative comes nearly one year after the RanaPlaza building collapse on April 24, 2013, which claimed the lives of more than 1,100 Bangladeshi garment workers. brac The Bangladesh Humanitarian Fun...

US retailers’ donation to Bangladesh fund ‘paltry’

Walmart has been criticised for offering a paltry amount to victims of the RanaPlaza factory collapse in Bangladesh after joining other US-owned retailers including Asda, Gap and The Children’s Place to donate $2.2m (£1.32m) to a compensation fund. Of 28 retailers linked to the building in Dhaka, where more than 1,100 people died and at least a further 1,000 were injured nearly a year ago, just 16 have been confirmed as donors to a formal compensation fund co-ordinated by the UN agency the International Labour Organisation (ILO). So far there is just $7m in the pot, well short of its $40m target.

IMF too optimistic on growth before big bailouts: Auditor

The International Monetary Fund (IMF) tended to offer overly rosy growth scenarios for countries that were lining up for big loans from the organization, independent auditors said on Tuesday. Optimistic forecasts could allow the IMF to lend billions of dollars to countries such as Greece and Ukraine while still letting the organization comply with its strict standards for debt sustainability, or targets for the ratio of debt to gross domestic product, reports The Daily Star. IMFThe IMF’s biase...
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