Parliament passes Universal Pension Management Bill, 2023

The Universal Pension Management Bill, 2023 was passed in the parliament with the aim to bring the country’s growing elderly population under a universal pension scheme. Finance Minister AHM Mustafa Kamal moved the bill and it was passed by voice vote, reports UNB. As per the Bill, all Bangladeshi nationals aged from 18 to 50 years can participate in this pension scheme. Expatriate Bangladeshis are also eligible for the benefits. The Finance Division has prepared the draft of the bill seeking to bring the growing elderly population under a sustainable social safety net. This will particularly benefit the elderly population when they become jobless or become afflicted with diseases, paralysis, old age or other similar conditions, or extreme poverty amid a high life expectancy rate. As per the draft law, a person will have to provide a premium for at least 10 years uninterruptedly to get the pension from the age of 60 until death. If an elderly person dies before the age of 75 years, the nominee will get a pension for the remaining time. However, the amount of the premium will be determined by a rule under the proposed law. According to the proposed law, there will be a five-member national pension authority headed by a chairman and also a 15-member governing body with the finance minister as its chair. The government will appoint the chairman and the other four members of the national pension authority.

Source: https://thefinancialexpress.com.bd/economy/parliament-passes-universal-pension-management-bill-2023-1674566793

‘Current situation of LC opening likely to improve in two months’- Bangladesh Bank governor tells DCCI

Bangladesh Bank Governor Abdur Rauf Talukder has indicated that the current situation of the opening of letters of credit (LCs) will improve within the next one or two months. The central bank governor gave the indication while the newly elected Board of Directors of the DCCI made a courtesy call at his office on Tuesday, reports UNB. Abdur Rauf Talukder said, “The economy is currently facing three major challenges- the Russia-Ukraine war, an interest rate hike by the Federal Reserve Bank in the United States and the Covid-19 situation worsening in China.” He said that despite these challenges Bangladesh’s economy has remained quite stable. “The central bank is working tirelessly to take several policy steps, including minimising the LC margin to ensure an uninterrupted supply of essentials during the upcoming Ramadan,” the governor said. The DCCI delegation, led by its DCCI President Md Sameer Sattar, discussed various issues including the dollar crisis and the smooth supply of essentials in the market. They urged the Bangladesh Bank to supply adequate foreign currency in the settlement of LCs for an uninterrupted supply of essential commodities during the month of Ramadan.

Source: https://thefinancialexpress.com.bd/trade/current-situation-of-lc-opening-likely-to-improve-in-two-months-1674571447

MRT-1 Construction: Groundbreaking event on Feb 02

The groundbreaking ceremony to start construction of the country’s first underground metro rail (MRT-1) in the city has been rescheduled to February 02 next from January 26. Talking to the FE, Project Director Mohammad Abul Kashem Bhuiyan said the Prime Minister’s Office proposed the new date. Prime Minister Sheikh Hasina was scheduled to inaugurate the construction work of the Mass Rapid Transit Line 1 at the depot site on January 26. Sources said the event might have been rescheduled due to security reasons of the PM as the venue is close to the premises of the ongoing Dhaka International Trade fair. Dhaka Mass Transit Company Limited (DTMCL) signed the first contract of the 31.24-kilometre line with a Japan-Bangladesh joint venture company for developing the depot land. The MRT-1 depot will be developed on 88.71 acres of land at Pitolganj and Brahmankhali in Rupganj upazila near the Kanchan Bridge. The DMTCL has taken the Tk 525.61 billion project to develop a 19.87-km underground section from the Airport station to Kamalapur station with 12 stations and 11.36-km elevated section from Kuril to Purbachal with nine stations.

Source: https://thefinancialexpress.com.bd/trade/mrt-1-construction-groundbreaking-event-on-feb-02-1674443253