The International Monetary Fund said it would work with
Bangladesh to design a loan program request in coming months that meets the
country’s economic and social dynamics and has “safeguards” in the event of a
further deterioration in economic conditions.
In a revised statement of support for Bangladesh’s request
for a loan from the new IMF Resilience and Sustainability Trust, the Fund said
that work on an RST loan will proceed as the new trust is being made
operational.
It also said it will work with Dhaka to design an
IMF-supported reform program that would be required for the loan.
The Fund said in a statement that the amount of support that
can be provided to Bangladesh has “not yet been discussed - it will be part of
the program design discussions.”
Dhaka’s Daily Star newspaper reported last week that the
finance ministry was seeking $4.5 billion from the IMF, a figure that the Fund
has declined to confirm.
Reuters first reported last week that Bangladesh was seeking
the first loan from the RST, which is being created to allow wealthier
countries to channel part of their excess IMF Special Drawing Rights reserves
to poorer and vulnerable middle-income countries.
The Fund later said it was ready to support the request from
the third South Asian country to seek the Fund’s support after Pakistan and Sri
Lanka.
The IMF said external conditions for Bangladesh have
deteriorated sharply due to economic spillovers from the war in Ukraine.
“As part of the policy response, Bangladesh’s request for an
RST and accompanying IMF-supported program will provide safeguards in the event
of further deterioration of external conditions, while supporting the country’s
efforts to address the longer term macroeconomic implications of climate
change,” the Fund added.
- Reuters
Comment
The Bay of Bengal has
become rough under the influence of low pressure and full moon tide. Tidal
water is flowing two to three feet higher than normal on the coast. Severe
erosion has occurred in the beach area due to rough waves. Meanwhile, tourists
have been warned not to enter the water in this situation.
At least five points of
Cox's Bazar beach have been eroded in the last two days. Erosion has occurred
at Laboni Point, Sugandha Point, Diabetic Point, Kavita Chatwar and Kalatali
Point of the beach. It has been raining non-stop for two days. Local cautionary
signal number 3 is in force at sea.
The tidak water has come
close to various markets by submerging the chairs placed for tourists on the
beach. The police box at Laboni Point on the beach has been overturned by the
tidal waves.
HM Nazrul Islam,
organizing secretary of Cox's Bazar district branch of Bangladesh Environment
Movement (Bapa), said that one of the causes of beach erosion is unplanned
lifting of sea sand and installation of geo bags in the erosion area,
destruction of vegetation at important points. Another alarming reason is the encroachment
of high-rise buildings on the beach without complying with the ECA law.
construction In a word, if the encroachment on the beach is not stopped, it is
natural that nature will be aggressive to claim its rights.
All public and private
structures within 300 meters of the Environmentally Critical Area (ECA) within
120 km of the beach should be removed to reduce the pressure on the sand dunes
and create a normal course for the sea as soon as possible, he said.
Cox's Bazar District
Administration and Water Development Board officials visited the various
erosion-affected areas of the beach On Thursday (August 11) afternoon, Officials
said that the beach will be embanked with geo bags on an emergency basis to
prevent erosion.
Additional Police
Superintendent of Cox's Bazar Tourist Police Zone Rezaul Karim said that
tourists are being discouraged from entering the water due to the rough sea. Miking
is being done by the tourist police to raise the awareness of the tourists.
Cox's Bazar Erosion Weather Disaster
Comment
Amid various discussions
and concerns about the country's economy, Bangladesh expatriates have sent
around 813 million US dollars in remittance in the first 10 days of August. Converted
to local currency, the amount sums up to Tk 7,804 crore (96 taka per dollar).
If the current trend
continues, the amount of expatriate income may reach up to 243 million dollars
at the end of the month, according to data revealed by Bangladesh Bank on
Thursday (August 11).
According to the sector
concerned, the gap of dollar rate between banks and open market remains wide. Foer
this, expats tend to send money through hundi than legitimate channels.
The
central bank is providing around Tk96-98 against each dollar, along with 2.5%
government incentives. In total, the amount stands at Tk100. However, the
dollar sells in the open market at Tk118-Tk120. This means that remittances coming through other
channels than banking channels are getting more money, due to which the
remittance flow through legitimate channels is less. Therefore, it will be
difficult to increase expatriate income if the gap between banks and open
market is not reduced.
Bangladeshi expatriates
sent foreign currency equivalent to 209 million 69 million US dollars to the
country in July. According to the current exchange rate of the local currency,
this amount is about TK 20,000cr, about $260 million more compared to June.
According to the data of
the Central Bank, in the financial year 2021-22, expatriate Bangladeshis sent
remittances of 21.03 billion US dollars to the country through banking
channels, which is 15.11 percent less than the previous financial year. In the
fiscal year 2020-21, expatriates sent remittances of two thousand 477 crore 77
lakh (24.77 billion) dollars.
The central bank has been
continuously lowering the value of the rupee against the dollar to increase the
flow of remittances to solve the foreign exchange crisis. Now in the interbank
currency market, every dollar has to be bought at Tk 95. That is, Bangladesh
Bank is selling dollars to the banks at this rate to meet the government import
bill. As per rules, this is the official rate of the dollar.
However, it has been
found out in various banks and curb markets, the banks are taking Tk 100 to 110
for import bills, selling cash dollars at the rate of Tk 108 to 110 Thursday. Meanwhile,
dollars are being sold at the rate of 118 to 120 taka in open market or curb
market outside the bank.
Comment
A false anti-national propaganda on social media has been
caught in the fact check process of the world-famous news agency Reuters.
According to the Reuters report, on August 7, a Twitter
account named 'Wall Street Silver' posted that there are violent riots in
various cities in Bangladesh to protest against the increase in the price of
fuel oil. Along with this, an audio-video clip of burning tires on the road and
sound of hand grenades was uploaded. While verifying the authenticity of the
post with more than a thousand views, the world-renowned news agency Reuters
saw the video clip of the Hefazat Islam movement in Dhaka 9 years ago on May 6,
2013.
Reuters on Thursday (August 11) published the news entitled
'Fact Check: The video of fuel protests in Bangladesh is not from 2022, but
from 2013' (Fact Check-Video does not show 2022 fuel protests in Bangladesh, it
dates to 2013), states that due to global energy crisis after the war in
Ukraine, the price of petrol per liter has been increased by 51.2% to Tk 130,
the price of -octane has been increased by 51.7% to Tk 135, and the price of
diesel and kerosene has been increased by 42.5% to Tk 114 in Bangladesh.
In this report of Reuters, it is also said that the protests
in Bangladesh over the increase in the price of fuel oil have come up in the
local media. But the video added to the mentioned Twitter and another
identified Facebook account is not about this, not this year, but 2013.
False info Propaganda Price hike Fuel price
Comment
A trawler capsized with 21 passengers aboard after a head-on collision with a bulkhead in the Dhaleswari river at Fatulla in Narayanganj. No casualties were reported as al the passengers in the trawler managed to get ashore.
The incident took place at 3:30 am on Friday (August 12)
near Baktabali Ferighat in Fatulla.
Trawler bargemen Amjad Hossain said that every morning,
different types of businessmen go to their shop in Narayanganj town from
Baktabali. At least 20/21 traders boarded a trawler from Baktavali Upper Ghat
to go to the city like an y other day. A short distance from the ghat, I let a
passenger named Ali Mia drive the trawler and went to collect the fare. At that
time the trawler has almost reached the other ghat. Just then a bulkhead from
Dhaka to Munshiganj came and lifted us in the middle of the trawler. I heard
that the passengers had all sat down and gone up to the river bank. He said, I
know everyone who was in the trawler. I saw all of them climbing to the shore.
Deputy Assistant Director of Narayanganj Fire Service and
Civil Defense Abdullah Al Arefin said, two of our teams are searching the
river. So far no one has claimed the missing subject. Still our people are in
the river.
Comment
Prime
Minister Sheikh Hasina is visiting Tungipara of Gopalganj. She left for her ancestral
home from Ganabhaban on Friday (August 12) morning.
The Prime
Minister's motorcade crossed the Padma Bridge at 8:30 p.m.
Security
has been beefed up at the tomb of Father of the Nation Bangabandhu Sheikh
Mujibur Rahman in Tungipara and the surrounding area in view of the Prime
Minister's visit to Gopalganj.
Earlier,
on June 25, Prime Minister Sheikh Hasina inaugurated the much-awaited Padma
bridge of 21 districts of the southwestern region. Prime Minister Sheikh Hasina
crossed the Padma Bridge by tolling herself the other day. After the
inauguration, she visited Tungipara by crossing the Padma Bridge on July 4. She
was accompanied by her two children Sajib Wazed Joy and daughter Saima Wazed
Patul.
The Prime
Minister left for Tungipara by road from Ganobhaban at 8 am that day. Later,
around 9:30, she paid toll at Mawa Toll Plaza and crossed the Padma Bridge. She
reached Tungipara after only 3 and a half hours of travel and returned to Dhaka
that night.
Comment