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$ 12.43b development program approved for next fiscal

The highest economic policy-making body of Bangladesh Thursday approved a 970 billion taka (about 12. 43 billion U.S. dollars) annual development program for the country in the next fiscal year 2015-16, beginning in July, with transport, power, physical infrastructure and education sectors getting the biggest chunk of govtmoney. Bangladesh's new annual development program (ADP) was approved at a meeting of the country's National Economic Council with Prime Minister Sheikh Hasina in the chair on Thursday here in the capital of Dhaka. Out of the tot...

Bangladesh outlook stable: S&P

Standard & Poor’s (S&P) says Bangladesh faces the vulnerabilities of a low-income economy, fiscal constraints and heavy development needs. In its annual rating released on Wednesday, it, however, reaffirmed the ‘BB-/B’ rating for the country, keeping a ‘stable outlook’ for the sixth consecutive year. economy“The stable outlook reflects our expectation that Bangladesh’s steady growth path and strong donor support will endure to raise average income and sustain the country’s external profile over the next 12 months,” said the rating agency. It...

ECNEC approves Tk 6.6b submarine cable project

The Executive Committee of the National Economic Council (ECNEC) approved the ‘Regional Submarine Telecommunication Project’ worth Tk 6.6 billion, aiming to connect Bangladesh with the 2nd submarine cable to meet the growing demand of bandwidth. acnec_1-450x225The approval came from the 27th ECNEC meeting of the current fiscal year held at the NEC conference room on Tuesday. Prime Minister Sheikh Hasina chaired the meeting in the city’s Sher-e-Bangla Nagar alongside the ECNEC chairperson, Finance Minister A...

New strategy of economic power competition

In the Asia Pacific Region, the US and China are having direct contacts through their territorial proximity (Guam) and the deployment of their various national military, naval and air assets. The emerging strategic and economic asymmetry in the US-China relationship will first manifest them in the Asia-Pacific Region. China’s strategy of competing with the U.S. in global finance and investment seems both prudent and shrewd, according to the editorial of the current ICCB News Bulletin of International Chamber of Commerce-Bangladesh released today (10 May 2015). China-USA

Inflation rises: Minister blames hilsa

The overall point-to-point inflation witnessed a rise for the third consecutive months and stood at 6.32 per cent in April from 6.27 per cent in March, according to Bangladesh Bureau of Statistics. In April last year, the point-to-point inflation was 7.46 per cent. hilsal-fish-300Apart from the general inflation rate, the rate of food inflation also rose marginally while the non-food inflation witnessed a downward trend in April, the data showed. ‘The rate of inflation rose slightly in April mainly due to price hike of som...

Canada expected key RMG destination by 2021

Bangladesh is aiming to achieve an ambitious rise to $3.5 billion of readymade garments (RMG) exports to Canada by 2021. According to Masud Rahman, chief of the Canada Bangladesh Chamber of Commerce and Industry (CanCham Bangladesh), exports to Canada stood at $1.1 billion in the fiscal year to June 2014, $770 million of Bangladesh-rmg-workerwhich were ready made garments. Bangladesh has hopes of hitting an overall target of $50 billion of overseas sales by the end of 2021 as they become a middle income country. Canad...
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