United News of Bangladesh

Bangladesh will emphasise on reducing trade gap in negotiations with the Trump administration, said Finance Adviser Dr Salehuddin Ahmed speaking about his coming trip to the USA. “We’ll put more emphasis on reducing the trade gap between the USA and Bangladesh. Currently, we export more than the amount they export to Bangladesh”, he told reporters after the two consecutive meetings of the Advisers Council Committee on Economic Affairs (ACCEA) and Advisers Council Committee on Government Purchase (ACCGP) on Thursday. A Bangladesh delegation, led by the finance advisor, is scheduled to leave for the USA on April 19 to attend the Spring Meeting-2025 of World Bank and International Monetary Fund (IMF). It will return home on April 29. Salehuddin, however, said it might not be possible to bring the gap to a zero level right at this moment. “But we’ll try to increase the import from USA… We can import more energy products, capital machinery from the USA”, he said. He mentioned that Bangladeshi officials will mainly discuss with US officials, specially, the US Treasury Department in this regard. He also mentioned that the Bangladesh team will hold meetings with about 70 US companies including Chevron. There will be multilateral level meetings with the US private sector beyond the US government officials. Govt approves ordinance to prevent bank fund looting: Adviser Rizwana “We’ll sit with the US companies to discuss how we can raise our import from the USA”… Opening of GSP by the USA will get extra focus of our effort, how said.  He also said that the Bangladesh delegation will meet the World Bank and other international multilateral donor agencies like the IMF and ADB. “We will discuss getting some budget support from them. Two agreements might be signed with the World Bank”, he added.

Finance Adviser Dr. Salehuddin Ahmed on Saturday stressed collective efforts to move Bangladesh forward, aiming to provide a better and more dignified life for all citizens. “We want to ensure a quality life for all,” he said at an event unveiling the second edition cover of his book, “Govornorer Smritikotha”, followed by a discussion meeting at the Institute of Chartered Accountants of Bangladesh (ICAB) Auditorium in Dhaka. The book’s first edition was published in 2019. Dr. Salehuddin recalled that the country had nearly plunged into a severe crisis during the previous regime. “Bangladesh was almost on the brink of falling into a ditch,” he noted, “but now it’s turning around, thanks to the sincere efforts of the government and support from all stakeholders.” Zakat crucial to establish social justice: Commerce Adviser Emphasizing responsibility over mere power acquisition, Dr. Salehuddin remarked, “We did not just assume power; we took responsibility. You cannot imagine the state Bangladesh was in previously; only those involved closely knew the depth of our troubles.” Reflecting on his experiences, the Finance Adviser described the background behind writing his memoir, which sheds light on critical periods in Bangladesh’s banking sector and economy. He emphasized that he never compromised his principles during his tenure as Governor of Bangladesh Bank and earlier as a public servant. Dr. Salehuddin called for enhanced honesty, integrity, and skill development among human resources to drive the nation forward. “Now more than ever, we need honesty, integrity, and competent human resources,” he urged. Adviser Rizwana urges students to join in reducing noise, plastic pollution He added that Bangladesh enjoys a positive impression internationally. “We should all strive to uphold our country’s dignity and self-respect.” Encouraging constructive criticism, Dr. Salehuddin cautioned citizens to remain vigilant against forces that may exploit criticism to harm national interests. Highlighting the importance of balanced growth, the Finance Adviser emphasized, “We hope to rapidly move the country forward by ensuring quality life. High growth and income alone won’t suffice; quality education and health care are equally crucial. We are relentlessly trying in this direction.” Dr. Salehuddin further called upon everyone, irrespective of class or creed, to support the interim government in swiftly addressing the nation’s pressing challenges. Speaking at the event, distinguished guests, including Editor and Publisher of the daily Bonik Barta Dewan Hanif Mahmud, CPD Distinguished Fellow Dr. Mustafizur Rahman, Dhaka University Professors Dr. Kazi Marufur Rahman and Dr. Rashed Al Mahmud Titumir, former NBR Chairman Abdul Majid, Professor Dr. Mahbubullah, and writer Faruk Saifuddin, emphasized the need for the interim government to guide the economy towards recovery from near collapse. Fish production at risk due to water pollution, filling up of water bodies: Adviser Farida They expressed cautious optimism, saying it would be unrealistic to expect full recovery within six months but emphasized the current leaders’ potential to pave the way forward. They also underscored the pressing need to establish a society rooted in non-discrimination, equality, and justice. Dr. Salehuddin hinted that his forthcoming third edition would expand beyond his memoirs as the former Governor. “I want to write about diverse contemporary experiences. Since I have taken an oath, I cannot divulge much now,” he said.

Finance Adviser Dr Salehuddin Ahmed has assured that the government will take all necessary measures to ensure an uninterrupted supply of essential commodities in the market, preventing any shortages. "We will not allow any decline in the supply of essentials at least until April to avoid any crisis during Ramadan," he told reporters after a meeting of the Advisers’ Council Committee on Government Purchase at the Cabinet Division on Tuesday. The meeting, chaired by the Finance Adviser, approved the import of several essential products. Terming inflation a major concern, he expressed the hope that it would gradually come down to a single-digit figure within the next 3-4 months. Make NBR more efficient for robust growth in business: Finance Adviser The global standard and ideal inflation rate is 5 percent, the adviser said, adding that the government hopes to bring it down to 6, 7, or 8 percent within the specified timeframe due to the measures taken. Dr Salehuddin explained that inflation had risen for various reasons, and it could not be reduced abruptly as many factors contribute to inflation beyond just supply chain issues. He emphasised that the economic situations in Sri Lanka and Bangladesh are not comparable. "Bangladesh’s situation is the worst when compared to Sri Lanka. Sri Lanka's economic disaster was not that big. If the interim government had not taken necessary measures, the economic situation would have been worse than Sri Lanka's," he said. He also mentioned that the government has been importing rice, lentils, soybean, fertiliser and LNG, which is placing a big pressure on foreign exchange supply. Railway employees' reasonable demands to be addressed: Finance Adviser "I have had meetings with the Bangladesh Bank Governor to ensure continued foreign exchange supply to maintain the import of these essential commodities, including energy," he said, adding that keeping the energy supply stable is crucial for the economy. Dr Salehuddin pointed out that the current economic challenges are a result of the actions of the previous government, which withdrew funds from the banks. "Currently, only 12 banks are operational out of 60, while the remaining banks are facing difficulties." He also informed that the government plans to revise the national budget in April. Dr Salehuddin mentioned that the government has implemented measures to raise taxes, aiming to reduce tax exemptions in various sectors. END/UNB/SH/SAM

The government has not yet made any decision regarding the allocation of dearness allowance (DA) for its officials and employees, said Finance Adviser Dr Salehuddin Ahmed on Tuesday. "We have not made any decision regarding the dearness allowance yet," he told journalists in response to questions about the ongoing deliberations, after a meeting of the Advisors' Council Committee on Government Purchase (ACCGP) at the Secretariat. When asked whether the government was reconsidering its stance on the DA, the finance adviser asked, "Who made the announcement about the dearness allowance? I don’t know who made the announcement. Once it comes to the Ministry of Finance, then we will decide whether to give it or not, and only then will we make the announcement." Make NBR more efficient for robust growth in business: Finance Adviser Sought comments on whether a proposal has been forwarded to the Ministry of Finance, Dr Salehuddin said, "We haven’t made any announcement yet. I have not made any decision yet." The Finance Ministry had recently prepared a draft proposal to provide a Dearness Allowance ranging from a minimum of 10% to a maximum of 20% of basic salaries for 1.45 million government employees. The proposal also included the recommendation to exclude the additional 5% annual increment for employees. According to the Finance Ministry’s calculations, implementing the DA would cost at least Tk 5,000 crore in a single fiscal year. Finance Adviser urges media to take positive stance on national issues To lower the expenditure, the proposal suggested giving a maximum of 20% DA to employees in grades 11 to 20, while those in grades 1 to 10 would receive either 10% or 15%. Should the DA for grades 1 to 10 be set at 10%, it would require over Tk 5,000 crore. If it were set at 15%, the cost would rise slightly to about TK 5,750 crore. The Finance Ministry has proposed to include this amount in the revised budget.

Finance Adviser Dr Salehuddin Ahmed has assured that the reasonable overtime demands of railway employees have been met, with other claims now under the purview of the relevant ministry. “We have addressed the logical demands of railway employees a while ago. Despite this, if they are still aggrieved, it is their matter to address,” he said on Tuesday in response to a question from reporters regarding budgetary allocations for railways. Railway Adviser urges running staff to end strike as discussions continue The adviser said if any logical requests reach the Ministry of Finance, they will not be denied. After a meeting of the Advisors' Council Committee on Government Purchase (ACCGP) , Dr Ahmed emphasised the importance of resolving issues affecting employment on humanitarian grounds. “Employees often present multiple demands. Among them were requests for overtime allowances. We have fulfilled what was feasible, granting reasonable benefits. Other claims will now be reviewed by the concerned ministry. Should any justifiable issues come to us, the Ministry of Finance will act accordingly, particularly if they involve humanitarian or employment-related concerns,” he said. When asked about past allocations and any new demands made, Dr Ahmed said, “Several organisations have similar demands. For railways, we resolved the overtime issue. However, if there are calls for additional benefits like pension gratuity, similar demands exist for other sectors as well.”

Finance Adviser Dr. Salehuddin Ahmed on Sunday urged journalists to adopt a more positive stance on national issues instead of focusing solely on negative aspects like price hike. “I will ask you to adopt a little more positive stance for the country, as if all are bad in the country and because of negative attitude it seems to me that Bangladesh will be stopped and there is no country named Bangladesh,” he said at a seminar on Sunday. Economic reform is the biggest reform for Bangladesh: Finance Adviser The seminar was arranged at the National Board of Revenue (NBR) office to mark the World Customs Day. “The media keeps saying this is not happening or that is not happening. They even report on prices of onions and potatoes falling, but then highlight that the price of rice has skyrocketed as if it has touched Tk 100.” Dr. Salehuddin, a former Bangladesh Bank governor, said “ I have never seen prices of all items drop simultaneously, nor do I expect all prices to rise together. However, it’s true that many people are feeling the pinch as essential items becoming unaffordable for many.” Injured protesters may receive job opportunities in jail: Home Adviser He said the government is not raising prices intentionally. “There are constraints, but we are making efforts to bring down the prices of essentials,” he added.

Finance Adviser Dr Salehuddin Ahmed has said that economic reform is the biggest reform that the country needs most at this moment. “We are talking a lot regarding reforms -- political reforms and election reforms -- I think those are needed and important too, but right now the biggest reform we need in the economy,” he said. The Finance Adviser was addressing a seminar titled “International Customs Day-2025”as the chief guest held at the National Board of Revenue (NBR) in the capital. Mentioning that economic reform is simultaneously tough and also easy, Dr Salehuddin said, “There are some fundamental laws which need to be changed and it will take time.” The Adviser stressed that the existing laws and systems need to be practised properly, correctly and transparently, and urged the business community to supplement the government’s efforts in boosting revenue collection. No change in duties until Ramadan ends: Finance Adviser “I request you (businesspeople) from the government to cooperate in raising the revenue collection. It won't work in collecting revenues only by force …if you have dues, please pay those duly,” he said. A video message of the World Customs Organization (WCO) Secretary General Ian Saunders was played on the occasion alongside a video documentary on the operations of Bangladesh Customs. The theme of this year’s International Customs Day is “Customs Delivering on its Commitment to Efficiency, Security and Prosperity”.  The Finance Adviser also assured the business community that no ‘illegal’ or ‘irrational’ demands would be raised from the revenue authority while receiving their taxes and duties. Besides, no ‘irrational’ demand would be raised before the businesses ‘beneath the table’ from the revenue board staff, he added. “If such compliance is ensured, then I hope the businessmen will support us more.” Presided over by NBR Chairman Md Abdur Rahman Khan, the event was also addressed by Finance Secretary Dr Md Khairuzzaman Mozumder and FBCCI Administrator Md Hafizur Rahman. NBR Member Kazi Mostafizur Rahman delivered the address of welcome while another NBR Member Hossain Ahmed made the keynote presentation. Noting that the issue of enriching the state coffer is a collective responsibility, the Adviser said that the taxpayers’ money would not only be used for the benefits of the taxpayers themselves, but also for ensuring the overall welfare and benevolent works of the countrymen as well as in education, health, agriculture and in industrial development. Economy not as bad as feared, but challenges persist: Finance Adviser Citing that the task of revenue collection under the current context is a challenge, Dr Salehuddin directed the revenue board officials to become more active than before in fulfilling the fiscal collection target and thus moving forward the economy. He asked them to discharge their duties with utmost honesty, integrity and sincerity as well as in a speedy manner in this competitive era for the sake of the country and its people. “The NBR is trying heart and soul and after two to three months we can get an idea about the real revenue collection scenario in this fiscal. This is a big challenge ahead of us and all will have to work unitedly and with ‘team work’,” Turning to the revenue collection state in the country, Dr Salehuddin said that Bangladesh is more or less ahead in revenue collection and expenditure management, but the country is still lagging behind in technological and procedural aspects. “We perceive that and we’ve to step into the modern era…we’re trying to make revenue collection and expenditure more rational and for that artificial intelligence (AI) and other technologies are needed,” he added. Finance Secretary Dr Md Khairuzzaman Mozumder said that the recent launching of the Bangladesh Single Window (BSW) has been a milestone for the country and hoped that Bangladesh Customs would work as a modern department being acclaimed across the globe. Govt trying to keep prices of essentials tolerable till Ramadan: Finance Adviser FBCCI Administrator Md Hafizur Rahman hoped that formal and informal consultations would be held with the business community before framing the national budget for the next fiscal year (FY26). A total of 16 customs department officials were recognized with ‘WCO Certificate of Merit’ at the seminar.

The government won’t change duty  on any product until the Ramadan ends, said Finance Adviser Dr Salehuddin Ahmed on Tuesday. He made the remark while talking to reporters after a meeting of the Cabinet Committee on Government Purchase at the Secretariat. Replying to a question over the supply of essentials and prices during Ramadan, he said, "Gram, pulses, dates have already been imported. Soybeans have also become somewhat tolerable. If necessary, we will decide on soybeans again.” He stressed the need for market monitoring to keep prices of commodities at tolerable level saying that only the Consumers’ Right Protection Act won’t work. Keep prices under control during Ramadan: CA to officials Asked whether duty will be imposed once onion is imported afresh, he replied, “We will no longer change any duty structure till Ramadan ends. Messages have been given.” The Finance Adviser said a special Open Market Sale (OMS) will start to keep the prices of rice at tolerable level as rice prices are soaring. He said, “We have kept an eye so that the prices of rice don’t’ shoot up due to the middleman, it’s a major concern. “ The adviser said the Ministry of Food has been instructed to start importing rice from anywhere to boost stock.

Though the country faces economic challenges, the situation is not as critical as suggested by the International Monetary Fund (IMF), said Finance Adviser Dr Salehuddin Ahmed on Thursday. “The IMF has expressed various apprehensions, but the economy is not as bleak as projected. However, there are undeniable challenges we must address,” he told reporters at the Secretariat. His remarks came as a 10-member IMF delegation is in Dhaka to review Bangladesh’s economic progress under the ongoing loan programme. Govt trying to keep prices of essentials tolerable till Ramadan: Finance Adviser The review is part of the preparation for the fourth tranche of funds. During discussions with government officials, the IMF noted that the economy is under pressure due to a range of factors, including political unrest, floods and contractionary policies. The IMF has predicted that Bangladesh’s growth rate could drop to 3.8% by the end of the year. It further highlighted slow economic activity and persistent inflationary pressures. Capital outflows from banks have added strain to foreign exchange reserves, the delegation said. The IMF delegation head, Chris Papageorgiou, offered a brighter outlook for the next fiscal year. Politics won’t affect trade ties with India: Finance Adviser He projected GDP growth to increase to 6.7%, with inflation falling to 5-6%, and emphasised the need for structural reforms, including tax reforms, strengthening the banking sector with a clear roadmap, and ensuring the central bank's independence. About the Beximco Group ‘bailout’, Dr Ahmed justified the move, citing humanitarian grounds. “The funds were necessary to ensure workers received their wages. Wrongdoers must be punished, but workers should not suffer.” Looking ahead, Dr Ahmed assured that the 2025-26 budget would focus on protecting the poor from tax burdens. He criticised certain business practices, stating, “Entrepreneurs are constantly seeking loopholes. Those with Tk 500 million in business refuse to pay Tk 40 million in taxes. This must change.” Meanwhile, the IMF confirmed that Bangladesh would receive $645 million from the fourth tranche of its loan programme by the end of February, with an equal amount due in the fifth tranche. Before disbursing the fifth tranche, another review is scheduled for March or April.  

Some banks are recovering well, while others may continue to struggle, but no banks will be shut down, said Finance Adviser Salehuddin Ahmed on Tuesday. “Some banks are recovering. Islami Bank, the largest bank, is improving. However, some banks will continue to struggle. But we will not shut down any bank,” he said while speaking at a press conference at the Secretariat, organised by the Ministry of Finance. Finance Adviser prioritises short-term reforms over long-term ones The Finance Adviser mentioned that the government’s commitment to stabilising the banking sector despite challenges. He also focused on fiscal management, mentioning that measures are being taken to reduce government expenditure. “Salaries and allowances for government officials will not be impacted,” he assured. Referring to the Annual Development Programme (ADP), Dr Salehuddin Ahmed mentioned that projects deemed unnecessary or influenced by political considerations are being reviewed for possible adjustments. Finance Secretary Dr Md Khairuzzaman Majumdar, Secretary of the Financial Institutions Division Nazma Mobarak, Secretary of the Economic Relations Division (ERD) Md Shahriar Kader Siddiqui, and National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan were also present at the press conference.