The Korean Community in Bangladesh will hold ‘Korean Night 2022’ at the backyard of the Embassy of the Republic of Korea on December 9. This annual event has been suspended due to the COVID-19 pandemic and will be resumed for the first time in three years. This time, it is not only to show the harmony and unity of the Korean community in Bangladesh, in particular on the occasion of the year-ending season, but also to celebrate the 50 years of diplomatic relations between Korea and Bangladesh which is due in 2023, said the organisers on Thursday. The Korean Community in Dhaka, in close copperation with Korean Embassy, has prepared a variety of programs at this Korean Night such as K-pop performances, concert by invited professional Korean singers, appreciation-award giving, lucky draw and games. Read more: Republic of Korea to celebrate its National Day virtually in Dhaka About 500 Korean residents across Bangladesh are expected to come and join. South Korean Ambassador to Bangladesh Lee Jang-keun and leaders of the Korean community in Bangladesh will deliver congratulatory messages hoping that this event brings harmony and unity not only among the Korean communities but also among the Koreans and Bangladeshis. It will also provide an opportunity for sharing creative ideas on various diplomatic, economic, political, and cultural programs for the next year when the two countries celebrate the 50th anniversary of diplomatic ties, said the organisers. Besides, the Korean Community will also hold a Charity Bazzaar for the underprevileged people at Dhaka Korean Church on December 9. Read more: 50th anniversary of diplomatic ties in 2023 will take Bangladesh-South Korea relations to new height: Envoy Currently 1,500-2,000 Koreans reside in Bangladesh, mostly engaging in investment and business activities in particular in ready-made garment(RMG) sector. Koreans in Bangladesh, many of them are long-time residents in the country, have been playing a vital role in contributing to developing Bangladeshi human resource, accelerating economic prosperity and sterengthening the bilateral relationship between two countries.
The overall number of global Covid-19 cases has now crossed 650 million. According to the latest global data, the total case count mounted to 650,329,085 while the death toll from the virus reached 6,647,711 on Tuesday morning. The US has recorded 100,906,111 cases so far, while 1,106,990 people have died from the virus in the country, both highest counts around the world. Read: China eases controls, gives no sign when ‘zero COVID’ ends India reported 226 new COVID-19 cases on Monday, the same tally recorded as the previous day, showed data released by the health ministry. The country also logged two more COVID-19-related deaths during the past 24 hours, taking the overall death toll to 530,630 since the beginning of the pandemic, the ministry said. The Chinese mainland on Monday reported 4,988 locally transmitted confirmed COVID-19 cases, the National Health Commission said Tuesday. Monday saw no new deaths from COVID-19, with the total death toll at 5,235. Covid in Bangladesh Bangladesh reported another Covid-linked death with 26 more cases in 24 hours till Monday morning. With the new numbers, the fatalities rose to 29,435 and the caseload to 2,036,663, according to the Directorate General of Health Services (DGHS). Read: Citizens aged above 60 to get 4th dose of Covid vaccine: Health Minister The daily case test positivity increased to 0.96 per cent from Sunday’s 0.68 per cent as 2,706 samples were tested during the period. The mortality and recovery rates remained unchanged at 1.45 percent and 97.52 per cent, respectively.
The government of Bangladesh has projected to improve the ratio of revenue to GDP to 10.6 percent in the mid-term (by 2024-25 fiscal), even though the revenue sectors are suffering a lot due to the COVID-19 pandemic and Russia-Ukraine War. The ratio of revenue to GDP expresses total government revenue as a percentage of gross domestic product. The vast majority of government revenue comes in the form of tax collection. Consequently it is also sometimes known as the tax-GDP ratio. Other smaller revenue streams include things like bonded warehouses, a customs-controlled warehouse for the retention of imported goods until the duty owed on them is paid. According to an official document, the revenue-GDP ratio for the running 2022-23 fiscal has been estimated at 9.7 percent, rising to 10.4 percent in the 2023-24 fiscal. Read more: IMF suggests updating GDP report every 3 months It said that in preparing fiscal policy, the government has been maintaining an expansionary fiscal stance by keeping the budget deficit at a moderate level. Moreover, the government has taken up many reform initiatives to improve the revenue-GDP ratio which is low compared to the neighbouring countries. Due to the rebasing of GDP to the 2015-16 fiscal, the ratio has dropped even further. Although revenue-GDP ratio has been growing slowly due to high GDP growth, revenue growth has been on a positive trend. The official document of the Finance Ministry said that several reform initiatives have been taken by the government to reinforce domestic resource mobilisation as well as to improve the revenue-GDP ratio. It is envisaged that positive impacts of ongoing and future reforms will ensure significantly higher revenue and hence, total revenue is projected to grow to 10.6 percent of GDP in the fiscal 2024-25. Read more: Bangladesh has one of the lowest debt-to-GDP ratios: Finance Minister tells ADB In south Asia Bangladesh has the lowest tax-GDP ratio. A 2016 World Bank report said that the South Asian tax -GDP ratio is 19.1 percent in Nepal, 16 percent in Bhutan, 12 percent in India, 9.9 percent in Afghanistan, 9.1 percent in the Maldive while in Bangladesh it is 8.8 percent. In 2017 Bangladesh's position in tax-GDP ratio slid to 7.6. According to available data from World Economic Outlook of October 2019 issue, the revenue GDP ratio of the country is 9.9 percent on average since 2015-2019 while it is 19.8 percent for India, 23.9 for Nepal, 14.7 for Pakistan, 13.5 for Sri Lanka, 25.6 for developing countries and 35.9 for developed countries. Due to COVID-19, the revenue collection declined while pressure mounted on the budget as the government made high expenditure to face the adverse impact of the economic situation. The Russia-Ukraine war just added to the woes for the revenue collection authorities as the economic conditions across the globe are suffering heavily. Read More: Without reforms, Bangladesh’s GDP could fall below 4% by 2035: World Bank study The document stated that of the 10.6 percent of the revenue GDP ratio in 2024-25 fiscal 9.0 percent will come from National Board of Revenue (NBR), 0.5 percent will be from non-NBR sources while 1.1 percent will be from non-tax sources. The target for the revenue GDP ratio for 2023-24 fiscal has been estimated at 10.4 percent where 8.8 percent will be from National Board of Revenue (NBR), 0.5 percent will be from non-NBR sources while 1.1 percent will be from non-tax sources. In the running 2022-23 fiscal the government is projected to get 8.3 percent from National Board of Revenue (NBR), 0.4 percent from non-NBR sources while 1 percent from non-tax sources. In the previous 2021-22 fiscal, the government had projected to boost the revenue GDP ratio to 11.3 percent with 9.5 percent from National Board of Revenue (NBR), 0.5 percent from non-NBR source while 1.2 percent from non-tax sources. Read More: Bangladesh’s GDP likely to grow by 6.6% in FY 2023: ADB But in the revised estimation, it lowered down the ratio to 9.8 percent where 8.3 percent was from the NBR, 0.4 percent was from non-NBR sources and 1.1 percent from non-tax sources. The COVID-19 pandemic and the Russia-Ukraine war was the main cause of lowering down the ratio. The document said that the government has taken various reform activities to improve the overall revenue collection. It mentioned that an automated system has been introduced for VAT and income tax collection along with bonded warehouses. Read more: Focus on extending tax net to enhance Tax-GDP ratio: ICAB The document hoped that apart from reforms programmes for modernisation of the tax administration, expansion of the tax net, developments in tax compliance and law amendment, and simplification of the tax system in Bangladesh would create significant positive impact on revenue collection in the future.
The government of Bangladesh has projected to upgrade total investment in the country to 33.6 percent of the total GDP on a mid-term basis (in the 2024-25 fiscal year) aiming to overturn the economic shock from the COVID-19 pandemic and the Russia-Ukraine war. In this investment, the private sector will contribute 26.65 percent of the GDP while the public sector will contribute 7.0 percent. According to an official document, to attain the gradual acceleration of the GDP, private investment expansion is necessary along with public investment. The estimated investment target for 2023-24 fiscal year is 32.8 percent with 25.91 percent from the private sector and 6.9 percent from the public sector. Read more: Lack of financing, policy support causes of weak startup growth in Bangladesh: Speakers For the running 2022-23 fiscal year, the investment target is 31.5 percent with the private sector contributing 24.81 percent and the public sector adding 6.7 percent. The estimated GDP target for the current 2022-23 fiscal year is 7.5 percent while the target for 2023-24 and 2024-25 is 7.8 percent and 8.0 percent respectively. The document stated that the GDP of the last 2021-22 fiscal year was 7.25 percent while in 2020-21 it was 6.94 percent. The growth in agriculture, industry and service sectors have been estimated at 5.0 percent, 8.8 percent and 7.9 percent respectively for the 2024-25 fiscal year. Read more: Bangladesh's strong growth could be at risk without urgent climate action: World Bank The official document said that About 7-8 percent real GDP growth is targeted over the medium term based on the assumptions of the gradual recovery of the world economy from the impacts of the COVID-19 pandemic and the early resolution of the Russia-Ukraine conflict. The document put emphasis on private investment, saying that it needs to be boosted along with public investment to increase capital accumulation. Total investment in fiscal 2020-21 stands at 31.0 percent of the GDP where the contributions of private and public sectors are 23.7 percent and 7.3 percent respectively. “But this level of investment is not adequate to achieve around 8.0 percent growth over the medium term,” the document said. Read more: Tier-2 cities like Gazipur, Narayanganj must promote urban growth outside Dhaka: World Bank It also mentioned that public investment could not be increased to an expected level due to the lack of capacity in implementing the annual development programme. Recognising this, the document stated the government has taken steps to bring about some structural changes at both project design and implementation levels. It mentioned that a potentially huge global supply shock that may reduce growth and push up inflation is affecting the post-COVID-19 recovery. “Russia’s invasion of Ukraine and the economic sanctions on Russia that followed put global energy supplies at risk,” it said. Read More: More development projects planned to support trade, investment The document said that Russia supplies around 10 percent of the world’s energy, including 17 percent of its natural gas and 12 percent of its oil. The jump in oil and gas prices will add to industry costs and reduce consumers’ real income, it added, saying that record-high inflation is currently evident, which also affects Bangladesh. The total investment in 2018-19 fiscal year was 31.6 percent of the GDP where the share of private and public sector were 23.5 percent and 8 percent respectively. The investment in 2019-20 fiscal year was 20.8 percent of the GDP (private sector 12.7 percent and public sector 8.1 percent). Read More: “Bangladesh can be the right place for investment from Brunei” "But to attain 8 percent GDP in the mid-term basis” such investment is not adequate, it said. The document mentioned that the government has taken various reforms measures like simplification of the fund release process for accelerating the rate of ADP implementation. It mentioned that the overall agriculture sector, especially foodgrain, vegetables, livestock and forest resources was less affected due to coronavirus. It said that disbursement of agriculture loans played an important role in the satisfactory growth of the agriculture sector in Bangladesh. Read More: Shares vs Bonds: What is the Ideal Investment Opportunity
Bangladesh reported one more Covid-linked death and 222 cases in 24 hours till Saturday morning. With the new numbers, the country's total fatalities rose to 29,332 and caseload to 2,014,577, according to the Directorate General of Health Services (DGHS). The daily case test positivity rate rose to 8.62 percent from Friday's 8.34 percent as 2,574 samples were tested. Also read: Global Covid cases top 613 million The deceased was a woman from Khulna division. The mortality rate remained unchanged at 1.46 percent while the recovery rate stood at 97.22 percent. In August, the country reported 32 Covid-linked deaths and 6,689 cases. Also read: Bangladesh sees another Covid death, 278 cases Bangladesh registered its highest daily caseload of 16,230 on July 28 last year and daily fatalities of 264 on August 10 the same year.
The U.S. Secret Service said Friday that it has recovered $286 million in fraudulently obtained pandemic loans and is returning the money to the Small Business Administration. The Secret Service said an investigation initiated by its Orlando office found that alleged conspirators submitted Economic Injury Disaster Loan applications by using fake or stolen employment and personal information and used an online bank, Green Dot, to conceal and move their criminal proceeds. The agency worked with Green Dot to identify roughly 15,000 accounts and seize $286 million connected to the accounts. “This forfeiture effort and those to come are a direct and necessary response to the unprecedented size and scope of pandemic relief fraud,” said Kevin Chambers, director for COVID-19 fraud enforcement at the Justice Department. Billions have been fraudulently claimed through various pandemic relief programs — including Paycheck Protection Program loans, unemployment insurance and others that were rolled out in the midst of the worldwide pandemic that shutdown global economies for months. Read: FBI seized top secret documents in Trump estate search In March, the Government Accountability Office reported that while agencies were able to distribute COVID-19 relief funds quickly, “the tradeoff was that they did not have systems in place to prevent and identify payment errors and fraud” due in part to “financial management weaknesses.” As a result, the GAO has recommended several measures for agencies to prevent pandemic program fraud in the future, including better reporting on their fraud risk management efforts. Since 2020, the Secret Service initiated more than 3,850 pandemic related fraud investigations, seized over $1.4 billion in fraudulently obtained funds and helped to return $2.3 billion to state unemployment insurance programs. The latest seizure included a collaboration of efforts between Secret Service, the SBA’s Inspector General, DOJ and other offices. Hannibal “Mike” Ware, the Small Business Administration’s inspector general, said the joint investigations will continue “to ensure that taxpayer dollars obtained through fraudulent means will be returned to taxpayers and fraudsters involved face justice.”
The overall number of Covid cases has now surged past 597 million amid a rise in new infections in parts of the world. According to the latest global data, the total case count mounted to 597,886,573 and the death toll reached 6,462,388 on Thursday morning. The US has recorded 95,065,403 cases so far and 1,064,207 people have died from the virus in the country, the data shows. India recorded 9,062 new cases of Covid in 24 hours, taking the total tally to 44,286,256, as per the federal health ministry data released on Wednesday. With the reporting of fresh cases, India's active caseload currently stands at 105,058. The country also logged 36 related deaths in 24 hours, taking the overall death toll to 527,134 since the beginning of the pandemic, the ministry said. With the increase in cases, the daily positivity rate stands at 2.49 percent. The weekly positivity rate is recorded at 4.38 percent. Also read: Bangladesh reports one more Covid death, 259 new cases Covid in Bangladesh Bangladesh reported zero Covid deaths and 212 new cases in 24 hours till Wednesday morning. With the latest numbers, Bangladesh's total fatalities remained static at 29,314 while the caseload rose to 2,009,434, according to the Directorate General of Health Services (DGHS). The daily case test positivity rate rose to 4.54 percent from Tuesday's 4.41 percent as 4,666 samples were tested The mortality rate remained unchanged at 1.46 percent. The recovery rate rose to 97.17 percent from Tuesday's 97.15 percent. In July, the country reported 142 Covid-linked deaths and 31,422 cases, the highest monthly death toll and caseload since March this year. Bangladesh registered its highest daily caseload of 16,230 on July 28 last year and daily fatalities of 264 on August 10 in the same year.
One more person died from Covid, and 259 tested positive for the virus in Bangladesh in the 24 hours to Monday morning. While the country's total fatalities reached 29,314, the new number took its caseload to 2,009,129, according to the Directorate General of Health Services (DGHS). The daily case test positivity rate dropped to 4.09 percent from Sunday's 4.32 percent as 6, 336 samples were tested. Also read: Children aged 5-11 to get Covid jabs at schools: Minister The mortality rate remained unchanged at 1.46 percent and the recovery rate at 97.14 percent. In July, the country reported 142 Covid-linked deaths and 31,422 cases, the highest monthly death toll and caseload since March this year. Bangladesh registered its highest daily caseload of 16,230 on July 28 last year and daily fatalities of 264 on August 10 in the same year. Also read: Global Covid cases top 595 million End/UNB/FA/MA/1800
The overall number of Covid cases has now surged past 595 million amid a rise in new infections in parts of the world. According to the latest global data, the total case count mounted to 595,168,628 and the death toll reached 6,454,572 on Monday morning. The US has recorded 94,688,168 cases so far and 1,062,343 people have died from the virus in the country, the data shows. According to India’s federal health ministry data released on Sunday, 14,092 new cases of COVID-19 were reported during the past 24 hours, taking the total tally to 44,253,464 in the country. The cases reported on Sunday mark a decrease in comparison to the daily caseload of Saturday (15,815). With the reports of the fresh cases, India's active caseload currently stands at 116,861. The country also logged 41 related deaths during the past 24 hours, pushing the overall death toll to 527,037 since the beginning of the pandemic, the ministry said. Read: Children aged 5-11 get Covid jabs on trial basis Covid in Bangladesh Bangladesh recorded one more Covid-linked deaths with 226 fresh cases in 24 hours till Sunday morning. While the country's total fatalities reached 29,313, the new number took its caseload to 2,008,870, according to the Directorate General of Health Services (DGHS). The daily case test positivity rate rose to 4.32 percent from Saturday's 4.29 percent as 5,226 samples were tested. The mortality rate remained unchanged at 1.46 percent. The recovery rate rose to 97.14 from Saturday's 97.12 percent. In July, the country reported 142 Covid-linked deaths and 31,422 cases, the highest monthly death toll and caseload since March this year. Bangladesh registered its highest daily caseload of 16,230 on July 28 last year and daily fatalities of 264 on August 10 in the same year.
Bangladesh and the World Bank on Sunday signed a $300 million financing agreement to help the country strengthen its local urban institutions to respond to and recover from the COVID-19 pandemic and improve preparedness to future shocks. The Local Government COVID-19 Response and Recovery Project will benefit 39.9 million urban residents in all eight divisions. It will help its cities and towns to build back better as they recovers from the pandemic and prepare for future shocks, including climate change, disasters, and disease outbreaks, according to a release from the World Bank. In addition, 329 municipalities and 10 city corporations will receive funds bi-annually from the project to improve critical urban services and infrastructures to mitigate and respond to climate change impacts, disasters, and future disease outbreaks. Also read: World Bank happy, congratulates Bangladesh on Padma Bridge The agreement was signed by Economic Relations Division Secretary Sharifa Khan Sharifa Khan and World Bank Country Director for Bangladesh and Bhutan Mercy Tembon Mercy Tembon on behalf of the Government and the World Bank, respectively. The credit is from the World Bank’s International Development Association (IDA), which provides concessional financing, has a 30-year term, including a five-year grace period. World Bank Country Director for Bangladesh and Bhutan Mercy Tembon said that Bangladesh is rapidly urbanizing. With around 36 per cent of the population living in urban areas the city corporations and the municipalities can play a critical role in helping the urban poor recover from the pandemic as well as prepare to handle future shocks. “This project will help local government institutions take the right measures to move toward climate-smart urbanization and prepare for resilience in future shocks.” The project will carry out labor-intensive public works that in one hand will ensure water supply and sanitation, drainage, and other critical services benefitting the low-income areas, slums, and areas exposed to high disease outbreak and disaster risks and in other hand create jobs for the poor urban people. It will create 1.5 million days of short-term work as well as jobs for 10,000 women under the public works scheme. All infrastructures will incorporate energy efficiency measures, including solar panels and cool roof measures in municipal buildings and services. Also read: World Bank loan to bolster Bangladesh's economic growth The project will install hand-washing stations and toilets, including separate facilities for women and improve sanitization in public spaces such as markets, burial grounds, and offices. It will also help disabled people to access municipality-owned health clinics and conduct awareness programs on vaccines and other COVID-19 protocols, as well as outreach on gender-based violence and climate risks. ERD secretary Sharifa Khan said that with quick and proactive measures, Bangladesh government will be able to address impact of the COVID 19 pandemic. “The project will further support to ensure that the urbans areas remain prepared to any future shocks while benefitting the urban poor through job creation, better services, and infrastructure.”