‘Bangladesh likely to get $12.0b to $15.0b loan support from ADB over next five years’
Bangladesh expects to get $12.0 billion to $ 15.0 billion loan support from the Asian Development Bank under its Country Partnership Strategy (CPS) (2021-2025), according to Finance Minister AHM Mustafa Kamal.The minister came up with the statement on Tuesday after a bilateral meeting with ADB President MasatsuguAsakawa at the ADB headquarters in Manila as part of the annual meeting of the lending agency, reports BSS.Kamal said the ADB has helped developing countries including Bangladesh with quick vaccines and expenditure support to make recovery from the economic and health crisis in the Asia and Pacific region.”The important matter is that the Bangladesh-ADB Country Partnership Strategy (2021-2025) has been prepared in line with Bangladesh’s national development and goals, which is expected to provide us with $12.0 billion to $15.0 billion in credit over the next five years,” he said.
Private credit growth surges, nears Bangladesh Bank target
Bangladesh’s private sector credit growth surged to 14.07 per cent in August, almost touching the central bank’s target for the entire fiscal year, an ominous sign for the economy since it may stoke inflationary pressures. When the Bangladesh Bank unveiled its monetary policy for 2022-23 in June, it called the stance contractionary. But the ongoing credit expansion in the private sector does not bode well for the central bank’s stance aimed at reining in inflation. The BB has set a private credit growth goal of 14.1 per cent for the fiscal year after it expanded by 14.5 per cent the year before. The credit growth has kept rising since March, data from the BB showed.Analysts say that the contractionary monetary policy is not working owing to the interest rate cap of 9 per cent on loans. A higher credit growth means the money supply is on the rise, which will ultimately put an adverse impact on price pressures.
Nagad gets extension for sixth time
The Bangladesh Bank has once again renewed the interim licence of Nagad as the Bangladesh Post Office (BPO) could not form a subsidiary to run the mobile financial service within the deadline.This is the sixth extension since the state-run agency secured provisional approval from the central bank in March 2020. This time, the interim licence has been extended for a year.It came on September 25 after the Directorate of Posts had sought the extension, said a BB official.
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