Your evening brief- IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms
Daily Brief
The embattled foreign reserves of Bangladesh is finally set for some respite after the International Monetary Fund (IMF) late on Monday approved a loan of $4.7 billion for the country. Calling for ambitious reforms to achieve more resilient, inclusive, and sustainable growth, the money-lender hoped that those would focus on creating fiscal space to enable greater social and developmental spending; strengthen the financial sector; modernise policy frameworks; and build climate resilience. Read more
Among a number of incidents taking place on Tuesday (31 January), take a quick look at some of the most important news items The Business Standard has compiled for you…
Bangladesh's GDP growth to stay below pre-pandemic level even in FY27: IMF
Despite an air of optimism, gloomy days will linger for a few more years before the pall lifts, according to projections by the International Monetary Fund (IMF). The money-lender has projected a 6.5% Gross Domestic Product (GDP) growth for Bangladesh in FY24, which is below the government's target of 7.5%. Read more
Bangladesh becomes first Asian country to receive loan from IMF's 'Resilience and Sustainability Fund'
Bangladesh has become the first country in Asia to receive a loan ($1.4 billion) from International Monetary Fund's (IMF) "Resilience and Sustainability Fund" (RSF). The multilateral lender, on Monday (30 January), approved Bangladesh loans of $3.3 billion under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) and about $1.4 billion under the RSF. Read More
Bangladesh remains one of the most corrupt countries in South Asia: Global Corruption Perception Index 2022
Bangladesh remains one of the most corrupt countries in South Asia, as it was ranked as the 12th most corrupted country among the 180 countries scored in the Global Corruption Perception Index 2022 of Transparency International, just 3 points above Afghanistan. Declining one point from the previous year 2021 Bangladesh's score is 25 out of 100 this year, which means corruption increased during the last year, disclosed Dr Iftekharruzzaman, executive director of Transparency International Bangladesh. Read more
Another bolt from the blue for consumers as retail power price hiked by 5%
Another bolt from the blue hit consumers after the government again hiked electricity prices by 5% at the retail level. At a time when citizens are already feeling the heat from spiralling prices of commodities, the rise in electricity price – set to be effective from February – will hit where it hurts the most: quickly depleting wallets. Read more
Dhaka underground metro rail: Airport-Kamalapur travel time to reduce by 85%
The country's first-ever underground metro rail project - MRT Line-1 - in the capital will take only 25 minutes to travel from Airport to Kamlapur. The travel time through the new route, with an elevated link from Natunbazar to Purbachal, will save 85% of time, which at present takes about 139 minutes. The underground metro rail will also save around 70% of travel time on Purbachal to Natunbazar line and around 82% on the Purbachal to Kamlapur line. Read more
Let's stand firm with the Palestinians: PM Hasina urges Muslim Ummah
Prime Minister Sheikh Hasina has urged the Muslim Ummah to collectively stand beside the Palestinians. The premier made this call when the ambassadors and high commissioners of seven OIC member states, who are stationed in Dhaka, paid a joint courtesy call on her on Tuesday (31 January). Read more
Olympic Industries see impressive growth in Q2
Olympic Industries Ltd – the country's leading biscuit manufacturer – posted impressive growth in sales in the second quarter (October-December) of the current fiscal year. During the period, the revenue of the company increased by 26% to Tk680.28 crore from Tk538.63 crore in the same period of the previous year. Read more
Power Grid Company of Bangladesh posts record loss
Power Grid Company of Bangladesh (PGCB) Ltd – the only state-owned power transmission firm in the country – posted a big loss in the second quarter of October to December 2022 due to the appreciation of the US dollar against the Bangladeshi taka. Read more
MJL posts 37% profit growth in Q2
Mobil Jamuna Lubricant (MJL) Bangladesh Limited, the country's largest lubricant company, has witnessed impressive growth in its net profit for the second quarter (October-December) of the current fiscal year. From October to December 2022, the consolidated revenue of the company stood at Tk748.39 crore, which was Tk611.25 crore in the same period of the previous year. Read more
Bangladesh Submarine Cable's profit goes up 20% in Q2
Bangladesh Submarine Cable Company Limited, a submarine cable-based internet bandwidth provider, has posted a 20% profit growth in the second quarter (October-December) of the current fiscal year. From October to December 2022, the revenue of the company stood at Tk131.21 crore, which was Tk107.41 crore in the same period of the previous year, reads a disclosure published by the company. Read more
Appellate Division launches digital pass for litigants
The Appellate Division of the Supreme Court (SC) has launched digital passes for litigants, citing security issues. The SC administration issued a notification in this regard on Tuesday (31 January) morning. Read more
IMF lifts 2023 growth forecast on China reopening, strength in US, Europe
The International Monetary Fund on Tuesday raised its 2023 global growth outlook slightly due to "surprisingly resilient" demand in the United States and Europe, an easing of energy costs and the reopening of China's economy after Beijing abandoned its strict COVID-19 restrictions. Read more
Emerging markets growth slowdown bottomed out in 2022, but risks remain: IMF
The International Monetary Fund (IMF) on Monday raised its output growth estimate on emerging markets for this year, with projections now showing the economic slowdown in the region may have bottomed out in 2022, on the back of China reopening, a resilient India and unexpected growth in Russia. Read more
Pakistan buries mosque blast victims as death toll passes 90
Distraught relatives thronged hospitals in Pakistan's Peshawar on Tuesday to look for their kin a day after a suicide bombing ripped through a crowded mosque in a heavily fortified area of the city, killing more than 90 people, mostly policemen. Read more
Adani drops off list of world's top 10 richest people
Gautam Adani has slipped out of the list of the world's top 10 richest people and could soon be supplanted as Asia's wealthiest person if shares in his conglomerate continue to slide. The Indian tycoon has fallen from fourth place to 11th on the Bloomberg Billionaires Index, with a personal wealth wipeout of $34 billion in just three trading days. Read more
Dollar set for fourth monthly drop as Fed meeting looms
The dollar was eyeing a fourth monthly loss on Tuesday as investors reckon a peak in US interest rates could swing into view as soon as this week's Federal Reserve meeting. Read more
Oil steadies after falling on rate hike worries, Russian crude flows
Oil prices steadied in early Asian trade on Tuesday after falling by more than 2% in the previous session on the threat of further interest rate hikes and continued Russian crude flows. Brent crude futures LCOc1 gained 28 cents to $85.18 per barrel by 0155 GMT, while US West Texas Intermediate (WTI) crude CLc1 futures were up 9 cents to $77.99. Read more
US to end Covid-19 emergency declarations on 11 May
President Joe Biden's administration on Monday said it will end Covid-19 emergency declarations on 11 May, nearly three years after the United States imposed sweeping pandemic measures to curb the spread of the illness. Read more
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