bangladesh
External debt servicing crosses $2 billion in 8 months of current fiscal, up 43% year on year
Bangladesh spent $2.03 billion on external debt servicing, including paying off the principal and interest on foreign debt, in the first eight months of the 2023-24 fiscal.
Of the total, the interest payments amount to $805.9 million, while the payments towards principal were $1.22 billion.
In the first 8 months of the last fiscal, 2022-23, debt servicing stood at $1.42 billion.
It means the amount has gone up by $610 million in the space of a year, or 43% year-on-year.
According to officials at the Economic Relations Division, or ERD, the sharp increase witnessed in debt servicing is driven mainly by increased interest payments on the debt. The $805.9 million that has gone towards paying the interest on foreign loans is double what the government paid towards interest in the corresponding period of the last fiscal, when it was $403 million.
ERD records indicate loan commitments with development partners increased in the first eight months of the current fiscal. These development partners pledged a total of $7.2 billion in various loan commitments from July 2023 to February 2024, the first 8 months of the current fiscal, which is up significantly from the $1.78 billion in loan commitments secured from July 2022 to February 2023, the first 8 months of the last fiscal.
What may surprise some observers, given the alarm that has been raised recently in some quarters over the country's growing portfolio of foreign debt, is that rather than ease off for a period, ERD officials are determined to realize a target of $9.92 billion in loan commitments for the 12-month period.
That means they are looking to secure a further $2.7 billion in loan commitments in the four months (Mar-Jun) that remain of the current fiscal, mainly from the various development aid organizations and multilateral lending agencies.
The government has always maintained that the rising foreign debt burden will have to be met by the increased capacity of the Bangladesh economy, that is now close to half-a-trillion in size (Bangladesh GDP $460 billion, 1 trillion = 1000 billion).
While Bangladesh's foreign debt has indeed surged in the last decade or so, it is equally true that the economy itself has surged equally, if not more, and that has built up the country's capacity to not renege on repaying its loans.
It is to be noted that the country's debt-to-GDP ratio, the globally accepted indicator of a country's capacity to repay its debts, has remained remarkably stable at a very safe level through all these years.
The debt-to-GDP ratio is the metric comparing a country's public debt to its gross domestic product (GDP). By comparing what a country owes with what it produces, the debt-to-GDP ratio reliably indicates that particular country's ability to pay back its debts, according to Investopedia. Yet this globally accepted metric was ignored in almost all the alarmist reporting witnessed recently, on the news of the country's total foreign debt crossing the $100 billion mark for the first time.
Bangladesh's debt-to-GDP ratio was just 35.6% in 2023, up from 33.2% in 2022, according to Fitch, the American credit ratings agency.
Fitch estimated it would reach 36.4% over the course of 2024, which would still be the lowest in the entire Asia Pacific region among emerging markets.
END/UNB/AI/ssk
Bangladesh envoy calls for motion in Britain's parliament recognising 1971 genocide
High Commissioner of Bangladesh to the UK Saida Muna Tasneem has called for a fresh motion at the British Parliament recognising the 1971 genocide, recalling the early day motion adopted at the British Parliament in June 1971 that ‘stopping the genocide in East Bengal and recognising Bangladesh’.
At a high-profile commemorative event at the British Parliament on Bangladesh Genocide Day 2024 hosted by the Bangladesh High Commission, London, the High Commissioner said, “There is strong documentary and eyewitness evidence that genocide was committed on Bangladesh soil in 1971, yet the world has failed to recognise it”.
Senior British parliamentarians, eminent academics, legal experts, freedom fighters, and community leaders participated in the commemorative events titled ‘Remembering the Bangladesh Genocide 1971: The Road to International Recognition”.
The High Commissioner cited several international media reports on the Bengali Genocide, including Anthony Mascarenhas's lead article in the Sunday Times headlined "Genocide" and similar reports on mass atrocities by The Telegraph and BBC that shocked the world and prompted global leaders to act.
The envoy said, “Sir Peter Shore, MP, who was chair of the UK’s Foreign Affairs Committee in 1971, moved a motion in the UK parliament condemning atrocities committed in erstwhile East Pakistan, followed by another motion, moved by Action Bangladesh and supported by over 233 cross-party members, calling for the end of genocide in East Bengal and the recognition of Bangladesh”.
Expressing her gratitude to Prime Minister Sheikh Hasina for declaring 25 March as Bangladesh Genocide Day, the High Commissioner said: "Bangladesh High Commission, London has organised many events including one with the University College, London for creating global awareness about the 1971 Bengali genocide and getting international recognition of it.”
The High Commissioner commended the US Congress resolution led by Congressman Ro Khanna and Congressman Steve Chabot, which needs to be emulated in the British parliament.
She called upon British-Bangladeshi politicians, academia, professionals, and community leaders to create greater awareness of the Bangladesh genocide amongst British political, humanitarian, and think-tank circles.
Speaking on the occasion, UK Prime Minister’s Trade Envoy for Bangladesh and Vice Chair of the APPG on Bangladesh Tom Hunt MP said, “The atrocities that occurred in Bangladesh in 1971 during the War of Liberation was an unforgettable event”. He assured that he would be working with the Bangladesh High Commission, London, and the diaspora towards creating awareness about the 1971 genocide and introducing a new motion in the UK Parliament to recognise it.
Lord Rami Ranger, Patron of Conservative Friends of India, and the cohost of the event expressed his support for getting its international recognition.
Chairman of the British Asian Conservative Link Lord Suri urged the UK policymakers to bring a fresh motion in the parliament in favour of international recognition of the genocide in Bangladesh during the 9-month War of Liberation in 1971.
Professor of International Law and Human Rights of the University of Birmingham Professor Mohammad Shahabuddin said that the 1971 genocide in Bangladesh by the Pakistan army fulfilled all criteria to be recognised by the UN.
Val Harding, a Swadhinata Trust, UK trustee who served as a nurse in a refugee camp in Calcutta during the 1971 War of Liberation, recalled seeing thousands of traumatised and distressed people who sought refuge in India after fleeing atrocities committed by the Pakistani invading army and their local collaborators.
Professor Nazia M Habib of Cambridge University, daughter of a freedom fighter, remembered how her father witnessed the intellectual killing at Dhaka University in 1971 and demanded justice for the victims.
Her suggestion was to make systematic efforts, collect more evidence, and collaborate with diplomats and lawyers to obtain UN recognition for the Bengali genocide.
Organiser of Bangladesh Liberation War Overseas Freedom Movement in the UK Sultan Mahmud Sharif, Freedom Fighter and Study Circle Chair Syed Mozammel Ali, Patron of Oxfam UK Azizur Rahman, President of Sammmilito Sangskrtik Jote UK Golam Mostafa and Director of the Swadhinata Trust Ansar Ahmad Ullah also spoke on the occasion. One minute of silence was observed to commemorate the “Black Night” of 25th March, 1971.
Young entrepreneurs must step up to break the hold of syndicates: DG of Consumer Rights
Director General (DG) of the Directorate of National Consumer Rights Protection, AHM Shafiquzzaman, on Monday deplored the presence of 'terrible syndicates' at every stage of the supply chain.
He said the syndicates are active not only at the wholesale or retail levels, but also in the transport sector.
“Due to this, the traders cannot sell products at low prices even if they want to do so. New and young entrepreneurs must come forward to break these syndicates,” he added.
He said this while inaugurating the sale of whole watermelons (as pieces) at fair prices at the TCB's premises in Karwan Bazar of the capital on Monday.
Shafiquzzaman said, “We have seen the regular rent of a truck that is Tk40,000 jump to Tk60,000 if you want to transport watermelons. Truck fares increase by 50 percent during mango season. The same thing happens during the Eid ul Azha for transporting cattle.”
He urged SMEs and young entrepreneurs to step up and break the syndicates' hold over markets, assuring support from his Directorate.
Bhutan's royal couple pay their respects to Bangabandhu at Dhanmandi-32
Bhutanese King Jigme Khesar Namgyel Wangchuck on Monday visited the Bangabandhu Memorial Museum at Dhanmondi-32.
He paid tribute to Father of the Nation Bangabandhu Sheikh Mujibur Rahman by placing a wreath at his portrait.
The King and Queen Jetsun Pema visited different parts of the museum guided by Bangabandhu’s daughter, Sheikh Rehana, and PM Hasina’s daughter, WHO regional director Saima Wazed.
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The King also signed the museum's visitors’ book.
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"This morning, my aunt and I showed Their Majesties, The Druk Gyalpo and Gyaltsuen, The King and Queen of Bhutan, our family home in Dhanmondi (now the Bangabandhu Memorial Museum)," Saima Wazed said in a social media post.
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Driver killed as fleeing CNG's cylinder explodes in Chattogram
A CNG-run autorickshaw driver was killed as the gas cylinder in his vehicle exploded in Chandanaish upazila of Chattogram on Monday afternoon.
His identity is yet to be confirmed by authorities.
According to witnesses, the CNG autorickshaw collided with a private car while trying to flee at speed from being chased by the highway police.
Following the collision, the 'CNG' overturned on the road, and there was an explosion after which it caught fire.
Ruhul Amin, duty officer of Chandanaish Fire Service Control Room, confirmed the matter.
Locals brought the fire under control before FSCD reached the spot.
The driver sustained burn injuries and died on the spot, Ruhul Amin added.
Mother, daughter jump under running train in apparent double suicide in Jashore
A 34-year-old woman and her teenage daughter apparently committed suicide by jumping under a running train at Churamonkathi in Sadar upazila of Jashore district.
The deceased were identified as Lucky Begum, daughter of Moksed Ali, and her daughter Sumaiya Khatun Meem, a class VI student, of Haibatpur village in the upazila.
Lucky used to reside at Satmail Bazar area with her daughter, according to sub-inspector Monitosh of Jashore Railway Police Station.
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Local people spotted the bodies of the mother and daughter near Poltadanga Cremation ghat around 2:30pm just after the passing of a Chapainawabganj-bound ‘Mahananda Express’ train, and informed police.
The law enforcers then recovered the bodies, said SI Monitosh.
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A bag and a mobile phone were also recovered from the spot.
Boao Forum for Asia's annual conference set to commence in China's Hainan province
The annual conference of the Boao Forum for Asia, is set to begin tomorrow in the resort town of Boao, located in the southern Chinese province of Hainan, with this year's theme set as “Asia and the World: Common Challenges, Shared Responsibilities.”
Chairman of the Standing Committee of the National People’s Congress of China, Zhao Leji, will attend the opening plenary of the four-day conference and deliver a keynote speech, the Chinese Foreign Ministry announced on Monday.
President of the Republic of Kazakhstan Kassym-Jomart Tokayev, President of Nauru David W.R. Adeang, Prime Minister of Sri Lanka Dinesh Gunawardena, Prime Minister of Dominica Roosevelt Skerrit, Prime Minister of Cambodia Samdech Techo Hun Sen, Director General of the World Intellectual Property Organization (WIPO) Daren Tang, and Secretary-General of the Organisation for Economic Co-operation and Development (OECD) Mathias Cormann, are some of the dignitaries attending the annual conference.
BFA Secretary General Li Baodong said this year’s event will focus on how the international community can work together to deal with challenges and shoulder responsibilities.
As a whole, Asian countries need a forum that is created truly from the perspective and for the benefit of Asia, that can be dedicated to the discussion of Asian issues and aimed at enhancing cooperation and exchanges among Asian countries, and also between Asian countries and other parts of the world, he added.
Organisers also informed that this year's annual meeting sets up four major sections: "World Economy," "Technological Innovation," "Social Development," and "International Cooperation," totaling dozens of topics. Each section's topics will reflect the theme of unity and development, seeking evidence through in-depth discussions on various issues.
Confronting challenges and sharing responsibilities are common interests of the international community and are the inevitable choices for building a community with a shared future for mankind, they also informed.
China International Press Communication Centre (CIPCC) arranged a pre- departure briefing for the journalists coming from Asia and Eurasia on Monday in Beijing.
It said the conference will include multiple activities such as the opening plenary, entrepreneur dialogue, panel discussions, roundtables, and press conferences, providing a high-level platform for in-depth exchanges and extensive cooperation among all parties.
On the other hand, the panel discussions, in particular, will cover a broad range of topics including those focusing on Asia, such as investing in Asia, deepening financial cooperation in Asia, and efforts to build Asia into a growth center, it also said.
The mission of the BFA is to pool positive energy for the development of Asia and the world to promote economic integration in Asia.
Hainan Province, also known as “Qiong”, is located at the southernmost tip of China. With its tropical coastal view and first-class ecological quality, Hainan has long been a renowned tourist destination in China.
On June 1, 2020, the CPC Central Committee and the State Council issued the Master Plan for the Development of Hainan Free Trade Port, entrusting Hainan with a new and historic mission to build a free trade port (FTP) with Chinese characteristics. In 2023, the provincial GDP was up by 9.2 percent, the second highest growth rate in China.
31-gun salute to usher in 54th Independence Day on Tuesday
Bangladesh is all set to celebrate its 54th Independence Day, also commemorated as the country's National Day, on Tuesday with a vow to build the developed, prosperous, and harmonious Smart 'Sonar Bangla' dreamt of by Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
On March 26, 1971, Father of the Nation Bangabandhu Sheikh Mujibur Rahman declared Bangladesh's independence following the crackdown on unarmed Bangalees on the midnight of March 25 by the Pakistani occupation forces.
After the nine-month War of Liberation with the supreme sacrifices of three million people and at the cost of chastity of two lakh women, Bangladesh achieved its cherished independence on December 16, 1971.
The day is a public holiday.
Different sociocultural and political organisations have chalked out elaborate programmes on the occasion.
The day's programme will begin with a 31-gun salute before President Mohammed Shahabuddin and Prime Minister Sheikh Hasina pay their tributes at the National Mausoleum in Savar on Tuesday morning.
They will be followed by the freedom fighters and their family members, foreign diplomats, leaders of Awami League and different political and social organisations and people from all walks of life.
Later, foreign diplomats, leaders of different political and social organisations and people from all walks of life will place wreaths to pay homage to the martyrs.
The national flag will be hoisted atop government and private buildings while the government and semi-government buildings and other public places will be illuminated on the auspicious occasion.
National dailies will bring out special supplements while Bangladesh Betar, Bangladesh Television, private radio stations and television channels will air special programmes highlighting the significance of the day.
Special prayers will be offered at all mosques, temples, churches and other places of worship across the country seeking divine blessings for the eternal peace of the departed souls of Father of the Nation, four national leaders, martyrs of the War of Liberation and all other patriotic sons of the soil.
Special meals will be served to the inmates of hospitals, jails, old homes and other public institutions to mark the day.
Different political parties as well as socio-cultural and professional organisations have drawn up elaborate programmes to observe the day in a befitting manner.
Bangladesh Shilpakala Academy, Bangla Academy, National Museum, Liberation War Museum, Bangladesh Shishu Academy and other social and cultural organisations will organize different programmes including cultural programmes, art exhibition, sports, an exhibition of documentary films and posters based on the history and tradition of the Liberation War.
Bangladesh Postal Department will release a commemorative postage stamp marking the Independence and National Day.
All children's parks and museums will be kept open with free entry across the country.
President Mohammed Shahabuddin, the head of state, and Prime Minister Sheikh Hasina, the head of government, have issued separate messages on the occasion.
In his message, the President said, "I recall with deep respect the millions of martyrs who sacrificed their lives in the War of Liberation. I recall with deep reverence our Four National Leaders, heroic freedom-fighters, organizers, supporters, foreign friends and people from all walks of life who made contributions to attain our right to self-determination and freedom movement.”
“I hope, based on the unprecedented achievements of the government in the country's overall development activities and socio-economic indicators in the past years, we will be able to face these challenges in the days to come, InshaAllah,” said the president.
“To expedite the progress of the country, let the nation embrace the spirit of the liberation war and the ideals of the Father of the Nation and move forward in building ‘Sonar Bangla (Golden Bengal)’ dreamt by Bangabandhu--this is my expectation on the great Independence Day,” he said.
In her message, the Prime Minister said, “On this auspicious occasion, I extend my sincere greetings and congratulations to all the Bangladeshi citizens living in the country and abroad.
I remember with the most profound respect the Greatest Bangali of all time, Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, under whose firm and far-sighted leadership we achieved independent and sovereign Bangladesh.”
“The Awami League government believes in the philosophy of upgrading the fate of the people. We are running our government through immediate, short, medium, and long-term plans to uplift the living standard of ordinary people and develop the country. Moreover, we regularly monitor the implementation progress of our election manifesto. Due to these reasons, people's trust and strong support for Awami League continues,” she said.
“On this very occasion of Independence Day and National Day, being imbued with the spirit of our great Liberation War, let us take the oath to build developed-prosperous non-communal smart 'Sonar Bangla' as dreamt by Father of the Nation Bangabandhu Sheikh Mujib,” she said.
EdUSA hosts Iftar reception for students accepted into US universities
A staggering number of 13,563 Bangladeshi students studied in the United States during the 2022–23 academic year, a 28 percent increase over the previous year (2021-2022).
The number of Bangladeshi students studying in the US is now at an all-time high, and Bangladesh ranks 13th worldwide in terms of international students heading to the United States.
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This was revealed during an iftar reception at the EMK Center in the capital’s Gulshan on Sunday.
However, a majority of general students and guardians have a common perception that students from Bangla mediums and HSC qualifiers have to hurdle through a rigorous process to get acceptance into US institutions, eventually leading them to pursue postgraduate opportunities rather than pursuing their undergraduate studies in the US.
Applications can be made to 25 US universities through GRC
“I also had that perception until I applied for my undergraduate programmeme in the US,” Sazia Kamal, who completed her HSC in 2022 from Rajuk Uttara Model College and is going to the University of Cincinnati’s College of Arts and Sciences (A&S) BS programme in Biochemistry, told UNB.
Bangladeshi students have the option to pursue their undergraduate degrees in the United States through some easy and specific processes, without any difficulties. However, parents and other general students, mostly those from the Bengali medium, are generally not aware of this option.
EdUSA (Education USA), the US government’s only official source of information on higher education, is actively addressing this issue, working closely with high school counsellors and assisting qualified students to achieve their goal of higher education in the United States. This includes providing guidance on the visa process and reviewing their applications.
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“The entirety of the online undergrad application process is very easy, and anyone can apply to their selected institutions based on their preference of the majors with their Bangladeshi higher secondary results and the IELTS scores,” Sazia told UNB. She is a recipient of the International Outreach Award, the primary scholarship for international undergraduate students from the university.
The information was echoed by another successful applicant, Prottoy Roy, who completed his A Level from the SFX Greenherald International School. “I applied for the undergraduate programme in molecular biology at Brown University, and resources from EduUSA and the EMK Center helped me in the process.”
Rookshana Begum and Mohammad Shahnewaz, who joined the event on Sunday from Chattogram with their daughter Afra Nawar from the Presidency International School, said the high demand for a US degree is due to the exceptional quality of the US education system and the value placed on an American degree around the world, and this has been the motivation for them to send their daughter to the University of California (UCLA),”Afra completed her A Level in 2023 and received a full scholarship to pursue her undergraduate degree in psychobiology at UCLA.
The Iftar and dinner reception on Sunday hosted 30 students who recently obtained the opportunity to pursue their undergraduate dreams in the United States this year. Students and parents from 16 institutions in Dhaka and Chattogram joined the reception, with four being Bangla medium and 12 being English medium institutions.
Sharlina Hussain-Morgan, Public Engagement Director at the US Embassy in Bangladesh, and Stephen F Ibelli, Public Diplomacy Counsellor of the US Embassy, spoke at the event.
Minor boy among 8 shot with bullets in N’ganj clash
Eight individuals, including a 9-year-old boy, sustained bullet injuries in a clash between two groups of villagers over longstanding local rivalry that boiled over on Monday at Naora in Rupganj upazila of Narayanganj.
The injured were identified as Akbar, 24, Tajel, 36, Joynal, 35, Shamim, 25, Muktar Hossain, 60, Nur Hossain, 24, Arif, 9, and Roman, 20.
Quoting witnesses, Dipak Kumar Saha, inspector of Rupganj Police Station, said an altercation broke out between the supporters of former Union Parishad Chairman Rafiqul Islam and former Union Parishad member Mosharraf Hossain, over a trifling matter.
At one stage, both groups opened fire, leaving eight people shot suffering bullet injuries.
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They were first taken to the local hospital and then shifted to Dhaka Medical College and Hospital for better treatment.
The situation is under control, said Inspector Dipak. However, no official complaint has been lodged as yet.
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Additional police have been deployed in the area to avert further trouble, the inspector added.