Inside Bangladesh

IMF says it is working with Bangladesh on RST loan with ‘safeguards’

Publish: 09:44 AM, 06 Aug, 2022


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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


IMF Loan   Bangladesh  


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Inside Bangladesh

Cox's Bazar being hit by rough waves

Publish: 05:11 PM, 12 Aug, 2022


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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  


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Inside Bangladesh

Expats send $813m in remittances in 10 days of August

Publish: 01:08 PM, 12 Aug, 2022


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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.


Remittance   Bangladesh   Expats  


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Inside Bangladesh

Reuters identifies false anti-national propaganda

Publish: 12:58 PM, 12 Aug, 2022


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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  


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Inside Bangladesh

Trawler capsizes with 21 people in Fatulla

Publish: 12:44 PM, 12 Aug, 2022


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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.


Capsize   Narayanganj   Fatullah  


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Inside Bangladesh

Prime Minister visits Tungipara

Publish: 11:16 AM, 12 Aug, 2022


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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.


PM   Sheikh Hasina   Tungipara  


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