Priority on fighting inflation, funding projects
While challenges like tackling “imported” inflation and boosting revenue earnings persist, funding priority projects to spur investment and growth emerges as a new concern for the next fiscal year beginning on 1 July, according to a Finance Division document. Meeting escalating subsidy demand is also among the key eight challenges identified by the Finance Division in the budget summary for fiscal 2023-24 prepared for the Cabinet, sources at the division told The Business Standard. The summary titled “2023-24 Fiscal Year Budget and Appropriation Bill, 2023 Approval” also highlights achieving the desired revenue collection target as one of the foremost challenges for next year. Furthermore, the Finance Division acknowledges the difficulties in sustaining infrastructure reforms to attract domestic and foreign investments, as well as accelerating the post-Covid economic recovery process by fostering a more business-friendly investment environment. Since the outbreak of Covid, the finance ministry has imposed conditions on the allocation of development projects immediately after the budget announcement to cover urgent essential expenses such as subsidies, salaries, and loan interest.
Govt to pilot universal pension from July
The government is set to launch a pilot programme for a universal pension system this July with separate products for expatriates, private sector employees, those engaged in the informal sector, and individuals covered by the social safety net. The initiative is aimed at bringing people from all walks of life under pension coverage in a gradual process. But no specific authority has yet been established to oversee the universal pension system and the pension products have not yet been specified either. Finance ministry officials have told The Business Standard that the formation of an authority, comprising government officials, will be initiated early next month. The body will be responsible for finalising the pension products tailored to different segments of the population.
EBL launched a dedicated China Business Desk in Dhaka
Eastern Bank Ltd (EBL) launched a dedicated China Business Desk in Dhaka to facilitate cross-border business and banking services for China-Bangladesh trade. The centre at EBL’s head office in Gulshan aims to meet the comprehensive banking needs of Chinese companies and investors in Bangladesh. The inaugural event featured addresses by Planning Minister MA Mannan, FBCCI President Md Jashim Uddin, Economic and Commercial Counselor at the Embassy of China to Bangladesh Song Yang and EBL CEO Ali Reza Iftekhar.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
|↑ 328.69||↑ 1.00 %|
|FTSE100||$ 7,627.20||↑ 56.33||↑ 0.74 %|
|Nikkei 225||$ 31,137.04||↓ 96.50||↓ 0.31 %|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 72.44||↓ 0.23||↓ 0.32 %|
|Crude Oil (Brent)||$ 76.68 ||↓ 0.39||↓ 0.51 %|
|Gold Spot||$ 1,939.36||↓ 3.83||↓ 0.20 %|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 108.5000||BDT 108.5000|
*World Commodities & Local and Global Stock Indices data are taken from bloomberg.com<
* Exchange Rates are taken from BB website, as on latest update.<