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Economy

Economic growth likely to experience decelerating rate    

The Unnayan Onneshan called for prudent management of the economy as the economic growth in the current fiscal year is likely to experience a decelerating rate for the third time in a row from those of the preceding years. The Unnayan Onneshan cautions in its pre-national budget publication,  “Dealing with Deceleration: State of Bangladesh Economy and Development 2013-14” that the management of an economy is contingent upon the efficacy of macroeconomic policies in preventing fluctuations in output and employment and if the current expedient regimes continue the deceleration could not be averted. The current annual number, which has scrutinised the major macroeconomic indicators of growth and development, finds that short-sightedness in fiscal management and inappropriate contract...

Bank borrowing gets speed in third quarter  

The government’s domestic borrowing increased substantially in the third quarter of the current fiscal year due to higher spending in the development programmes, officials said. It was also contributed by the maturity of a good number of treasury bills, compelling the government to pay back, reports the Dhaka Tribune. The net domestic borrowing stood at Tk18,419 crore as on March 13, almost double from Tk9,881 crore the government borrowed till December last, according to a document the Dhaka Tribune obtained yesterday. The March figure is 54% of the total budgetary estimate for the current fiscal year.

BB scheme for low income groups    

Bangladesh Bank has introduced an innovative scheme of Tk 200 crore, where loans will be extended to the poor and banks will enjoy incentives against recovered loans, in addition to interest. For the first time, the central bank has introduced the 'revolving refinance fund' to give low interest loans to low-income professionals, small and marginal businessmen and farmers. On Wednesday, the central bank sent a guideline in this regard to the chief executives of all the commercial banks. bbBangladesh Bank said low-income groups will get loans from the refinance s...

Garment exports grow 15.38pc in July-April

The exports of readymade garments from Bangladesh increased by 15.38 percent to US$ 19.97 billion during the first ten months of the ongoing fiscal year 2013-14, as against exports of $17.307 billion made during the corresponding period of the previous fiscal, as per the latest data released by the Export Promotion Bureau (EPB). Segment-wise, woven apparel exports grew by 13.91 percent year-on-year to $10.166 billion during July-April 2013-14 period, whereas knitwear exports soared by 16.96 percent to $9.803 billion. Knitwear and woven garments together accounted for 81 percent of total $24.654 billion exports made by the South Asian nation during the ten-month period beginning July 1, 2014.

Existing planning process impractical: Muhith      

Terming the existing planning process too impractical, Finance Minister AMA Muhith on Monday stressed the need for a new planning process to have better development outcomes. “The way projects are prepared now following PEC and Ecnec is much impractical…project proforma are archaic and useless for the present time. We’ll have to change it,” he said. The minister was talking to reporters after holding a pre-budget meeting with the secretaries of different ministries and divisions at the NEC conference room in the city’s Sher-e-Bangla Nagar area in the afternoon. Muhith

Budget for FY 2014-15 on June 5

Finance Minister Abul Maal Abdul Muhith will announce the annul budget for the fiscal year 2014-15 (FY15) at the Jatiya Sangsad on June 5. The official said the date for announcing the budget for the next financial year is almost final though no official directive has been given yet. This will be the country’s 43rd budget and the 15th budget of the Awami League government, BSS reports. MuhithThe budget for the current 2013-14 financial year (FY14), announced on June 6, 2013, was the last budget of the previous five-ye...
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