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Black Bengal Goat transforming impoverished families into prosperity in Chuadanga district
Just three years ago Lima Khatun was the face of extreme poverty in her Bishnupur village Damurhuda upazila in Chuadanga. She and her day labour husband Monwar Hossain were struggling to earn two meals a day for their five-member family.
Not now.
In the past few months Lima pulled her family out of poverty and started earning a decent income thanks to rearing Black Bengal goat.
The internationally-famed Black Bengal goat, known as the poor man’s cow, has been playing an important role in alleviation of poverty in Chuadanga district.
Read: Gazipur farmers worried over shortage of goat vaccines
Every other house of this rural locality now has small and large farms of Black Bengal species of goat.
Bangladesh's local breed Black Bengal goat is recognized as the best in the world in terms of quality, according to a 2015 assessment by the Food and Agriculture Organization of the United Nations (FAO) and the International Atomic Energy Agency (IAEA). Black Bengal goats have a world-wide reputation as a source of quality leather, delicious meat and nutritious milk.
Bangladesh plans to import huge petroleum fuel amid global market volatility
Bangladesh has planned to import 6.4 million metric tons (MT) of fuel oils for the calendar year 2022 amid the overheated international market.
The global oil market remained volatile as petroleum prices have gone up to a highest $83 per barrel for crude oil and $93 for refined fuel from below $30 for crude and $40 for refine.
In terms of quantity, this is one (1) million MT up from the current year’s total import as the country imported 4.544 million MT in 2021 to meet its requirements up to December this year.
Read: BPDB’s extra purchase order of petroleum puts BPC in troubleThe figure came from the annual import plan of Bangladesh Petroleum Corporation (BPC) which was already approved by the Cabinet Committee on Economic Affairs, the highest policy approval body.
In the proposal, the BPC made the petroleum forecast mentioning that the Covid-19 situation has improved with vaccination of 10 percent of the population and the regaining of the country’s economic activities resulting in an increased price of petroleum fuels.
However, the country’s principal petroleum marketing body did not give any indication of financial involvement to execute its fuel import plan.“We’ve just received a nod from the government’s highest policy level. But no cost has so far been calculated,” said Syed Mehedi Hasan, director (operations and planning).“Hope, we can make an estimate about the possible cost by next month,” he told UNB.
BPC documents also show that it has taken approval for the import of another 670,000 MT of refined fuel to “deal with any emergency situation” caused by the rise in fuel demand.Though the BPC did not calculate the possible cost, the economists and energy experts are worried about the escalation in the cost in petroleum import.They said it is obvious the country’s petroleum import bill will go up enormously in 2022 for two reasons -- one for higher quantity of imports and another for higher price in petroleum on the global market, said Dr Khondaker Golam Moazzem, Centre for Policy Dialogue (CPD) director (research).
Considering the upward trend in price and demand, he calculated that the country may have to spend $3.94 billion (equivalent to Tk 33,056.6 crore) in 2022 to import the proposed 6.4 million MT of petroleum. The calculation was made including the existing 34 percent taxes in the cost.
He said this means the country will need to pay an extra $516 million in 2022 over its spending of $3.424 billion in 2021.
Read: CPD for reinstating previous fuel prices
If 34 percent overall taxes are waived, the cost will come down to $2.94 billion, said Dr Golam Moazzem, who believes the government should cut the taxes on import of petroleum to give a relief from the burden of high cost of fuel for the sake of economic recovery from the shock of the Covid-19.
BPDB’s extra purchase order of petroleum puts BPC in trouble
A purchase order by the Bangladesh Power Development Board (BPDB) to import extra quantities of diesel and furnace oil has put the Bangladesh Petroleum Corporation (BPC) in big trouble.
According to official sources, the BPDB placed an extra order to BPC to import 105,800 metric tons of diesels and 101,000 MT of furnace oil for the month of October this year to meet its requirement in the liquid fuel-fired power plants run by private operators as well as by the government.
Read:Govt starts feeling pinch of price surge of petroleum on the global market
The BPC promptly moved to import the petroleum to avert any crisis in the power generation.
“But this emergency import of the two fuel items has ultimately put the BPC in big trouble as the BPDB is not now receiving the extra fuel”, said a top official of the BPC preferring not be named.
He noted this extra import of furnace oil and diesel has created an extra burden for the BPC as it has very limited storage capacity.
“We had to import the fuel at a higher price and keep the petroleum in the vessel for several days in the sea”, he added.
Sources said the BPC already informed the BPDB through a letter dated October 27 about the trouble with the imported extra fuels.
In the letter, the BPC mentioned that the BPDB has received only 25,836 MT of diesel against a purchase order for 105,800 MT and 41,704 MT of furnace oil against a purchase order of 101,000 MT of furnace oil.
“If the BPDB does not receive the remaining oils, it would not be possible to further import the petroleum as per requirement”, the letter warned the principal petroleum marketing agency.
The BPC also demanded compensation from the BPPB for its demurrage to be paid to the fuel carrying ships.
Read: Proposals for LNG, petroleum, wheat import get clearance
BPDB (member) generation Ashraful Islam, however, denied the allegation saying that BPDB will receive the extra fuel in second week of December for conducting a test-run into its newly built 330 MW power plants in Khulna.
“We will conduct a test run for the new power plant for six days and we will require 67,000 MT of fuel for the operation”, he said.
He admitted that in the coming days the requirement of diesel and furnace oil will decline during the coming winter.
Bangladesh’s fire problem: 285,000 incidents occurred in 2 decades
The number of fire incidents in Bangladesh has increased four times over the last two decades as the country’s urban areas are expanding without basic infrastructure like fire stations.
According to data provided by the Fire Service and Civil Defence, around 285,000 fires occurred in the country between January 1, 1999 and December 31, 2020.
These fire incidents also caused an estimated financial loss of around Tk6,900 crore to the nation.
Besides, at least 2,308 people were killed in fires across the country between 2004 and 2020, the fire service data shows.
The year 2019 saw the highest number of 24,074 fire incidents while 2020 the second highest of 21,073.
Urban experts attributed the rise in fire incidents to unplanned urbanization, the violation of rules for constructing buildings, a pervasive culture of non-enforcement of the law, carelessness of people, increased use of gas cylinders and different electronic devices and lack of supervision by the authorities concerned.
They also said people in the capital and other major cities of the country are at the high risk of fires for lack of proper urban fire safety systems.
Read: Fire incidents in Bangladesh triple in 22 years
The experts suggested taking immediate initiatives to ensure safety compliance of city buildings like the garment factories and raising public awareness to significantly reduce the number of fires.
Three major causes
As per the statistics of the Fire Service and Civil Defence, around 99,752 fires occurred in the country between January 1, 2016 and December 31, 2020.
Of them, 71,684 or over 71 percent of fires originated from electric disturbances, different types of burners and burning cigarettes in the last five years.
Of the total incidents, 37,044 (37 percent) originated from electric disturbances while 19,124 (19.17 percent) from different types of burners and 15,536 (15.57 percent) from burning cigarettes.
Contacted, Prof Mehedi Ahmed Ansari of the Civil Engineering department at Bangladesh University of Engineering and Technology (Buet) said electric short-circuit is the main reason behind the rise in fire incidents in urban areas as most buildings are not constructed maintaining the building code.
He said other reasons for the fire are associated with people’s lack of awareness. “An effective campaign to raise public awareness in this regard should be launched across the country.”
Read: Padma boat tragedy: Death toll rises to 4
The expert said electric equipment should be inspected periodically to reduce the chances of fire.
Culture of apathy: Villagers’ 50-year wait for a concrete bridge doesn’t end
A bridge that can ensure an all-season access to both sides of a river can transform the lives of local residents as it improves access to basic services and facilities.
But thousands of villagers in Phulbari upazila of Kurigram district have been using a rickety makeshift bridge for over 50 years to cross the Baromasia River as there is no concrete bridge.
Authorities have failed to take any initiative to build a concrete bridge over the river since the independence of the country, said aggrieved villagers.
They said they do not understand why they cannot have a concrete bridge even after five decades of the country’s independence!
Shahadat, 45, a resident of the village, said, “It’s too difficult for us to cross the bridge with heavy goods. Those who ride bicycles have to cross it with a greater caution.”
Fed up with the apathy of the authorities, Shahadat said, “It’s clear the administration is least bothered about the problems we face.”
He said they have to repair the bamboo-bridge over the river at Nabiul ghat in Shimulbari village every year as it is the only way to reach the upazila headquarters.
Children, students and elderly people have to cross the broken bamboo-bridge risking their lives. Many villagers slip into the river or get hurt while crossing the river using the bridge.
According to the villagers, two bamboo-bridges were built on the 5-km long Baromasia River and one of them built along Nabiul Ghat has turned risky as it largely got damaged by the recent floods.
During a recent visit to the area, the UNB correspondent came to know that the 120-feet bamboo-bridge is in a very bad shape as it has got its different portions broken.
Women and children are usually seen crossing the river very crawling while school and college students cross it by bicycles with fear.
Read: Mymensingh to get a modern bridge over Brahmaputra
SUST support to help students shun stress
The pandemic and the consequent curbs on social interactions have had a marked effect on the mental health of teens and youths worldwide.
With educational institutions -- schools, colleges and universities -- reopening in a staggered way across Bangladesh, some students are returning to physical classes, having experienced some level of stress and anxiety -- symptoms of depression.
Shahjalal University of Science and Technology (SUST) in Sylhet is one of the few academic institutions in Bangladesh to have taken an innovative and positive stride in supporting the students' transition back to classrooms from remote learning.
Read Protecting Your Child’s Mental Health: 10 Tips for Parents
The varsity is offering a mental health service for its students through the 'SUST Moner Kotha' Facebook page, an online platform under the supervision of Director of Student Welfare Prof Zahir Uddin Ahmed and psychologist Fazilatunnesa Shapla.
The mental health service is available on demand for students across departments -- not to mention that confidentiality is the key to wooing the young minds.
What prompted the initiative
The unwanted deaths of Torabi Binte Haque and Asiya Akhtar, both students of SUST's Bangla department, Touhidul Alam Pratyay of Physics department, and Sabbir Ahmed of Chemistry department, during Covid have shaken the entire student community.
Read Mental Health: Types of Mental Illness and supporting someone with a mental health problem
Not to mention the suicides of Alamgir Kabir, a chemistry student of the university, and Md Mahfuzur Rahman, an assistant professor with the mechanical engineering department, during the pandemic.
Farzana Akhter, a second-year student of Bangla department, said, "We have sadly lost some people from SUST in the past one-and-a-half years. Five of them ended their own lives, including a teacher."
"But in order to stay mentally and physically healthy in times of crisis, student advisors and teachers, including a psychologist, have been holding various sessions and discussion programmes online. We hope to benefit from the initiative," she added.
Prabal Barua, a fourth-year economics student, said, “After a long hiatus, we have started physically attending classes. If we think about the mental state during this pandemic, it can be touted as miserable."
Also read: SUST offers free data to students
The initiative
Md Samiul Islam, dean of Bangabandhu Sheikh Mujibur Rahman University, said that besides academic studies, students should focus on outdoor sports. "Outdoor activities play an important role in shaping the mental health of students."
Echoing similar sentiments, Zaida Sharmin, the provost of a female dorm, said that the devastation of the pandemic has emerged as a huge challenge for all.
“We all have to work together patiently to deal with such stress. It is necessary to avail various initiatives of the counselling cell to cope with any mental health issue," she told UNB.
Also read: SUST entry test: Application process ends tonight
Fazilatunnesa, the university psychologist, said, that students should not shy away from availing the mental health service.
"Our doors are open for all students. We continue to provide mental healthcare counselling online and in person. We are also following up with the students taking counselling sessions," she said.
SUST Proctor Associate Prof Dr Alamgir Kabir said, "Our disciplinary committee is working on the overall safety of students. Many students who are currently returning to campus after this long closure have come to us with mental health issues. We are trying to help them."
Read World Mental Health Day: What effect does depression have on the performance of athletes?
Prof Zahir Uddin added, “We have launched this mental health service for students. We want every student to do well in their life -- be it in their academic career or mental wellness."
SUST Vice-Chancellor Prof Farid Uddin Ahmed said, "Our teachers are on the job. We have also instructed each and every department to ensure a sound mental health for all their students."
Retirees, elderly may turn away from saving as real interest rates turn negative
Small, retired and elderly depositors with banks, who depend on the interest earned on their savings for an income, are increasingly frustrated as the real interest rate on bank deposits has turned negative.The real interest rate is the nominal interest rate adjusted for inflation.In August, the average interest rate on deposits offered by banks was at an all-time low of 4.05 percent which rose slightly to 4.08 percent in September, according to Bangladesh Bank (BB).
Read Savings certificates: Finance Minister defends profit lowering
According to the Bangladesh Bureau of Statistics (BBS) the average annual inflation in July was 5.36 per cent. In August, the average annual inflation was 5.54 percent and in September, the annual average inflation was 5.59 percent.When the average interest rate on deposits is lower than the rate of inflation in an economy, the real interest rate is said to be negative, since a person's income from savings is eroded by the rise in prices.
It is the same principle that applies when an employee's earnings are annually incremented in line with the rate of inflation, so that his or her real income is not declining.
READ: Interest rates on Agri credits, pre-shipment loans further reduced Dr. ABM Mirza Azizul Islam, former caretaker government adviser on Finance, told UNB that retired and senior citizens are facing the brunt of negative interest rates as their real income from savings has declined due to the interest rate they earn on their savings has fallen below the inflation rate.He suggests taking initiatives to curb inflation rate to give a little relief for the people who depend on the interest earned from their deposits.The government can emphasize creating effective bond markets. In developed countries, people prefer investing in the bond market instead of depositing money in banks, Mirza Azizul said.
Read Saving vs. Investing Money: Know the Pros and Cons
The BB fixed the interest rate on deposits and loans in single digits in April 2020. The interest rate on deposits was fixed later in July of that year at 6 percent, but in reality the banks are offering an interest rate (on deposits) below 6 percent to as low as 4 percent after deducting various charges.Former BB governor Dr. Salehuddin Ahmed said that small depositors have been suffering after the fixing of the interest rate.“The poor and middle class save a small portion of earnings as deposits at the banks, considering the interest as a safe form of earning. But when the interest rate is so low that it drops below the inflation rate, the value of their money is effectively declining. As a result, public savings habits will decline,” he added.
READ: Lebanese central bank slashes interest rates amid crisisThe economists said that depositors may instead divert their savings to more risky non-banking channels - such as the stock market or bond market.
As per the central bank instruction, in determining the rate of interest or profit in a particular month, one has to take into account the rate of inflation three months before of that month.The BB issued a circular in August 2021 on interest rates. It stated that the interest on term deposits cannot be lower than the three-month average inflation rate. Even then, the average interest rate on deposits offered by banks is much lower than inflation.
Read Budget deficit: Savings certificates, non-bank sources to be tapped for one-third of domestic financing
Although the banks have been asked to implement the directive since the circular was issued, the average interest rate on bank deposits came down to the lowest level by the end of August.The interest rate on deposits in September is to be determined on the basis of June inflation. Last June, the average annual inflation was 5.84 percent.On the other hand, the average interest rate on deposits collected by banks in September was 4.08 percent. But even five years ago, the interest rate was 7.80 percent, while inflation was still in the same range that it is now.
Read Bank clients can renew savings tools, get payments against coupons
Sharing his own experience, former Managing Director and CEO of Pubali Bank limited Md. Abdul Halim Chowdhury told UNB that he has been suffering the same problem after retirement.“I have no other business, after retiring last year. I kept my savings in a bank, earning only the interest on it, as a result I am suffering to maintain the same standard of living for my family as the interest rates fell ever-lower than the rate of inflation,” he mentioned.He urged the authorities to consider an alternative interest rate on deposits for retired and elderly people, above the rate of inflation, to help them maintain their living standard from the interest earned on deposits, as many of them have no other choice to earn an income.
Read IDLC introduces Bangladesh's 1st MFS-based digital savings programme
Bad loans bite Bangladesh banks hard
In any country, a safe and sound banking system is the sine qua non of a strong economy.
By channelising funds from savers to borrowers, banks help keep the wheels of the economy moving, in the way boosting the confidence of businesses, investors and consumers.
But for years, state-owned banks in Bangladesh have been foundering under the weight of stressed or non-performing assets -- or bad loans, in lay man's term -- all thanks to irrational lending and inadequate evaluation and monitoring of debtors.
Read: SMEs, women-led enterprises need access to stimulus loans
Any loan that remains overdue for over three months is termed as a stressed asset in the banking sector.
And today, this huge pileup of bad loans threatens to derail the economic revival in Bangladesh by choking the credit supply channel of the economy, as against export earnings and the resilience of the private sector in fuelling growth amid Covid.
In fact, the cumulative non-performing loans (NPL) of six state-owned commercial banks (SCBs) currently stand at Tk 43,836 crore against that of the combined figure of Tk 49,191 crore of 42 private commercial banks (PCBs).
Read Bangladesh Bank announces 4 pc export subsidy on bicycle, cement sheet, and MS steel
For years, Bangladesh Bank (BB) -- the central bank -- has been underscoring the need for state-owned banks to strengthen the recovery of loans lying unrealised by defaulters, many wilful.
At the same time, banks have been advised to take necessary steps in meeting the capital deficit and creating a professional asset liability management ecosystem.
Md Serajul Islam, central bank's spokesperson and executive director, told UNB that the stressed assets of the state-owned banks increased "marginally due to the higher volume of total outstanding loans".
Read Bangladesh Bank tops Cyber Drill 2021
Implementation of a slew of stimulus packages has caused an increase in the outstanding loans in the country's banking system during the first half (H1) of the year, he said.
The amount of outstanding loans rose by more than 3% to Tk 12,13,164 billion as of June 30, 2021, from Tk 11776.59 billion quarter on quarter, as per BB data in UNB's possession.
High sense of values, pluralism vital to become future leaders: Julian Drinkall
The high sense of values, ethics, pluralism, public service goals and contributions to communities are some of the key drivers that need to be taken into consideration while educating children to be the leaders of Bangladesh and the world, according to a globally renowned educationist.
“We’re very keen on these areas and these’re all big drivers for us -- wonderful education, wonderful values,” educationist Julian Drinkall told UNB in an interview.
Drinkall studied Politics, Philosophy and Economics at Oxford University followed by his Master of Business Administration at Harvard Business School, and Master of Public Administration from Harvard’s Kennedy School.
Also read: Govt plans to raise number of classes in schools, colleges: Dipu Moni
Drinkall brings years of executive leadership experience across the fields of education, non-profit governance, strategy and media.
Bangladesh’s hilsa net looks to get bigger; 5.45 lakh mts output likely next year
The 22-day ban on catching hilsa is expected to yield a very good result as huge mother-hilsas have laid eggs during the period.
Experts said the hilsa production may hit 5.45 lakh metric tonnes if the government takes effective measures for conserving jatka (Hilsa fry). Dr Mohammad Anisur Rahman, a hilsa researcher and chief scientific officer at the Bangladesh Fisheries Research Institute, said, “Hilsas lay eggs round the year but mother hilsas come to rivers from sea and lay eggs during the ban period and then go back to the sea. So, it’s very important to ensure the uninterrupted movement of mother hilsas from the sea to rivers.”
Read: Coast guards seize 6.38 cr meters nets, 9,832 kgs Hilsa during ban period “During the breeding period, a mother hilsa usually releases 10-12 lakh eggs and this year, the new moon on the lunar phase occurred on October 6 while the full moon appeared on October 20 which is believed to be the right time of laying eggs. So, we’re getting the results from the ban,” he said. Dr Anisur also suggested taking steps to ensure the uninterrupted movement of mother hilsas from the sea to rivers and their safe spawning during the peak breeding season, stopping sand lifting from rivers and restricting hilsa netting during the ban period. According to a survey, this year 51.7 percent of mother hilsas laid eggs, setting a new record as it is .5% more than the previous year, he said.
Read Hilsa Ilisha: The National Fish and Silver Pride of Bangladesh