Annual Development Programme (ADP) spending only at 0.58% in July

Progress in implementation of the annual development programme remained on the lower track in the first month of the current fiscal year as 21 ministries and divisions could not spend a single penny in the month, according to the data of the Implementation Monitoring and Evaluation Division of the planning ministry. The government’s 54 ministries and divisions responsible for implementation of the country’s development budget could spend only 0.58% or BDT 9.5 billion in July of the total allocation worth BDT 1,640.85 billion for the entire fiscal year, the IMED data showed. They had spent 0.56% or BDT 6.9 billion in the same month of the last fiscal year. The agency had spent 1-2% in the previous three fiscal years, according to the IMED data. Officials said that the ministries and divisions usually remained indifferent in execution of development works due to various reasons including lack of preparation and delay in appointment of project directors and acquisition of land.

Source: http://www.newagebd.net/article/22637/adp-spending-only-at-058pc-in-july

Bangladesh to import 250,000 tonnes rice from Cambodia

Bangladesh will import 250,000 tonnes of white rice at $453.00 a tonne from Cambodia in a government-to-government deal, two food ministry officials said Wednesday, reports Reuters. The price is more expensive than a previous deal. Bangladesh produces around 34 million tonnes of rice annually but uses almost all its production to feed its population, and often requires imports to cope with shortages caused by floods or droughts. The government is building buffer stocks to combat high domestic prices after flash floods in April wiped away around 1.0 million tonnes of rice output, with ongoing floods, more severe, set to destroy more. “The proposal to import rice from Cambodia is currently awaiting approval,” one of the officials said.

Source:
http://www.thefinancialexpress-bd.com/2017/08/23/80570/Bangladesh-to-import-250,000-tonnes-rice-from-Cambodia
http://www.thedailystar.net/business/another-1-lakh-tonnes-rice-way-1453258

Spice prices spiral 110pc as Eid nears

With the sacrificial festival Eid-ul-Azha approaching, prices of most spices have spiralled in the last few weeks despite adequate supply. Traders have attributed the hike to increased import price, heavy rain and bad roads, but observers said prices of spices soared due to market domination by big traders and importers. The prices of spices, used in meat recipe, went up by 10 to 110 per cent in a month, of which onion and chilli witnessed the highest spike, according to traders. Onion witnessed 84-100 per cent, garlic 15 per cent, ginger 20 per cent, green chilli 110, grinded chilli 15 per cent, coriander seed 16 per cent, garam masala like cumin seed by 10 per cent, cardamom 10 per cent, cinnamon 10 per cent, and clove by 12 per cent at retail markets in a month, according to Trading Corporation of Bangladesh (TCB) and Department of Agricultural Marketing (DAM).

Source: http://print.thefinancialexpress-bd.com/2017/08/24/181457

Oil import to rise by one-third

The country’s oil import volume as well as payment in this regard is set to surge by one-third from the existing level, said officials. It will happen, as the government has approved awarding of some new diesel and furnace oil-fired power plants with the total capacity of 2,555 megawatts (MW) over the next two years, they added. A senior official of Bangladesh Petroleum Corporation (BPC) said the oil import is expected to increase from March 2018, as some 1,768-MW diesel and furnace oil-fired power plants are expected to come online by then. He assumed that some 650,000 tonnes of diesel and 750,000 tonnes of furnace oil will be required to import for operating the new power plants, of which 800-MW would be of diesel-fired and 968-MW would be of furnace oil-fired.

Source: http://print.thefinancialexpress-bd.com/2017/08/24/181475

Asian Development Bank (ADB) to invest BDT 27.40 billion for revival of ailing Bangladesh Railways

The Asian Development Bank (ADB) will invest a big sum of money to give a new lease of life to Bangladesh Railway through adding more locomotives, wagons and other equipment. Officials said Tuesday the Manila-based lender is expected to provide BDT 27.40 billion for upgrading the struggling rail operator to meet a surging demand for the popular mode of mass transport. Under a BDT 36.46 billion umbrella project titled ‘Upgrading Bangladesh Railway’s rolling stock operation’, the ADB will provide the funds to the state-owned rail-service provider. The BR reels from a shortage of locomotives (engines), vans and wagons, which makes it lag far behind the requirement for smart operation and passenger services across the country. The government over the last six to seven years has invested huge funds in improving its railway services, which is still a far cry, the sources said.

Source: http://print.thefinancialexpress-bd.com/2017/08/24/181474

Midland signs deal with Rolls-Royce to set up 150MW plant

Midland Power, a local joint venture, yesterday signed an agreement with Rolls-Royce Bergen Engines AS to set up a plant at Ashuganj in Brahmanbaria that will generate 150 megawatt of electricity. The UK-based Rolls-Royce will supply machinery and offer technical support to Midland to set up the BDT 8.0 billion plant scheduled to go into operations by March next year. David Hasanat, chairman of Midland Power, and Jeff Elliott, managing director of Rolls-Royce Bergen Engines, signed the deal in Dhaka for the furnace oil-based power plant. Midland is a joint venture of Viyellatex Group and Shahjibazar Power, a sister concern of Youth Group. It is an independent power producer and has been supplying 51MW to the national grid since 2013.

Source: http://www.thedailystar.net/business/midland-signs-deal-rolls-royce-set-150mw-plant-1453225

Move to ascertain reasons for hiring foreigners in RMG sector

A coordinated move is ripe to ascertain reasons for hiring foreigners and their areas of work in Bangladesh’s apparel sector and prepare their local replacements to plug foreign-exchange outflows. Sources said the foreign-aided agenda for manpower transformation in the country’s main export industry follows reports that minimum US$5.0 billion in total flows out of the country annually in addition to job losses for the locals. The Centre of Excellence for Bangladesh Apparel Industry (CEBAI) is conducting a research titled ‘Employment of Expatriates and its Alternatives in the RMG Sector of Bangladesh’ under this move, they added.

Source: http://print.thefinancialexpress-bd.com/2017/08/24/181465

Taiwan shows interest to produce plastic raw materials in BD

Taiwan has shown interest in investing in the country’s plastic sector especially in producing raw materials required for the industry. A visiting high-level Taiwanese delegation expressed the interest in a meeting with the leaders of Bangladesh Plastic Goods Manufacturers and Exporters Association (BPGMEA) at its headquarters in the city Wednesday. Headed by Taiwan External Trade Development Council chairman James CF Huang, the delegation is in Dhaka to explore the investment opportunities and relocation of their industries in the country, according to a statement. Bangladesh’s economy is growing faster in Asia and the country is a lucrative place for investment, BPGMEA president Md Jashim Uddin told the delegation. Some 5,000 plastic factories across the country were producing a wide range of plastic products like PVC pipe, hangers, household items, toys, poly bags, furniture, woven sack bags and packaging items, he added. The industry with an annual average growth rate of more than 20 per cent has created an employment for about 1.2 million, he said, explaining the opportunities to invest in the sector.

Source: http://www.thefinancialexpress-bd.com/2017/08/23/80568/Taiwan-shows-interest-to-produce-plastic-raw-materials-in-BD

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