IMF approves $ 140.4m payout under ECF arrangement

The Executive Board of the International Monetary Fund (IMF) completed the third review of Bangladesh’s economic program under a three-year arrangement supported by the Extended Credit Facility (ECF). The Board’s decision enables the immediate disbursement of an amount equivalent to SDR 91.423 million (about $140.4 million) to Bangladesh. This would bring total disbursements under the arrangement to SDR 365.692 million (about $561.4 million), says an IMF press release. The three-year ECF arrangement for Bangladesh was approved by the Executive Board on April 11, 2012 (see Press Release No. 12/129) for a total amount equivalent to SDR 639.96 million (about US$982.5 million), or 120 percent of quota.

Businesses seek security; call for participatory polls

Seeking security, top business leaders on Sunday sent out a strong message for two top leaders — Prime Minister Sheikh Hasina and BNP Chairperson Khaleda Zia — and urged them to stop violence immediately giving space for smooth functioning of the country’s economy. “We can’t be helpless witnesses to the gradual destruction of the sector (RMG). You (Hasina-Khaleda) can do politically whatever you like, but nobody has the right to destroy the RMG sector. The RMG sector is our pride,” President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akram Uddin Ahmed told reporters at a joint press conference. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President M Atiqul Islam, ICC...

Indian economy hit by Bangladesh violence, rupee slump

Due to political turmoil in Bangladesh and depreciation of rupee against the dollar, trade decline between the India’s northeastern states and  its eastern neighbour has enormously affected the Indian economy, officials and traders said. With the depreciation of the Indian rupee against the dollar and political turmoil in Bangladesh, trade between the northeastern states and India’s eastern neighbour has been enormously affected, officials and traders said. indo-banglaAccording ...

Current levels of violence deeply shocking: UN rights chief

UN High Commissioner for Human Rights Navi Pillay urged the Bangladesh political leaders on both sides to stop political violence and their ‘destructive brinkmanship’. “Whatever their differences, political leaders on both sides must halt their destructive brinkmanship, which is pushing Bangladesh dangerously close to a major crisis,” Pillay said in a statement issued from Geneva on Sunday. Instead, she said, they (political leaders) must fulfill their responsibility and use their influence to bring this violence to an immediate halt and seek a solution to this crisis through dialogue. The statement came at a time when the...

Robi joins hands with UNDP to alleviate poverty

Robi Axiata Ltd has recently signed a MOU with UNDP UPPRP project at UPPRP Head Office in the city. UNDP UPPRP is the biggest project in the world focused on reducing poverty by mobilizing urban poor communities to form representative and inclusive groups that identify, prioritize and address the settlement, economic and social problems they face every day. 1Robi is providing 2700 SIMs free-of-cost to UPPRP grant beneficiaries on a pilot basis at Tangail and Savar City Corporations. Under this arra...

BPC to sell 170,000 bbls of naphtha via tender

State-owned Bangladesh Petroleum Corporation (BPC) will issue a tender to sell 170,000 barrels of naphtha for Jan. 13-15 loading from Chittagong, a company official said on Sunday. The tender, which is likely to be issued later this week, will close on Dec. 19, with validity up to Dec. 26. BPCThe offer comes as naphtha sentiment shows signs of flagging, with traders saying Europe and the U.S. are likely continue to provide Asia with cargoes in January. BPC regularised its naphtha exports since last mo...