Visiting the delegation of the International Monetary Fund (IMF) in a meeting on Monday (November 07, 2022) suggested the capacity building of the Bangladesh Securities and Exchange Commission (BSEC) to act in a way so that people from various backgrounds are included in the market. BSEC’s executive director and spokesperson Razaul Karim told UNB that in the scheduled meeting the IMF team suggested product diversification in the stock market to ensure the involvement of the people from all parts of the society. Read more: IMF team attends BERC presentation on setting power, gas tariffs They (IMF) want to know details about the commodity exchange market, real estate, and other sectors' enrollment in the share markets. The IMF will support both technological upgradation and human resource development of the capital market so that the market can act maintaining the global standard, he said. Rahul Anand, IMF Mission Chief to Bangladesh, led a seven-member delegation of the IMF while Professor Shibli Rubayat-Ul-Islam, Chairman of BSEC, along with the members of BSEC took part in the discussion. Read more: IMF’s conditions for loan: TIB watchful about “discriminatory implications” Earlier, the IMF team met for discussion with the finance ministry, Bangladesh Bank, Bangladesh Bureau of Statistics, Power Division, Bangladesh Energy Regulatory Commission, and Bangladesh Garment Manufacturers and Exporters Association (BGMEA). As part of the ongoing discussion on Monday, the IMF team met with the top management of BSEC and gave some suggestions to develop the capacity of the regulator. The delegation of the Washington-based global lender started visiting Bangladesh on October 26, to discuss and realise the economic situation as the country sought a $4.5 billion loan as budgetary support. Read more: Bangladesh doesn’t need to borrow from IMF if dignity is sacrificed: FBCCI President Bangladesh so far never seeks such a big loan from a global lender. The wave of the Covid-19 pandemic and the Russia-Ukraine war have affected the country’s foreign exchange reserves. As a result, Bangladesh ministry of finance officially applied to the IMF for $4.5 billion loan in July this year.

Bangladesh Chamber of Industries (BCI) has tied up with SME Foundation to jointly work towards development and capacity building of the small and medium enterprises across the country. A memorandum of understanding (MoU) was signed between the two organizations at a function at the SME Foundation office at Agargaon on Thursday. BCI president Anwar-ul Alam Chowdhury (Parvez) and SME Foundation managing director Dr Md Mofizur Rahman signed the deal on behalf of their respective sides. SME Foundation Chairperson Dr Md Masudur Rahman was present on the occasion. Also read: BCI demands simplification of taxation system Addressing at the function, Anwar-ul Alam Chowdhury said that BCI has been the sole chamber in the country body representing the entire industrial sector. “It has been working towards removing all sorts of bottlenecks against industrialization. BCI has already launched an initiative to create new entrepreneurship, develop micro, small and medium industries and improve the light engineering and agro-based industries. He said the lack of skilled manpower and efficient managers have become the major obstacles in the development of the industrial sectors.  Also read: BCI seeks German GIZ cooperation to create skilled manpower in industrial sector “Most of the new entrepreneurs have to leave their venture within the first 2-3 years because of the lack of efficiency in marketing and due to inadequate financial credit support,” he said adding that the BCI will now provide training to the entrepreneurs to improve their efficiency and capability.  He said the BCI believes that through the partnership with the SME Foundation, it will be possible to raise the contribution of the industrial sector to 60-70 percent to the economy. The Chairperson of SME Foundation said, "We appreciate the initiative of the BCI. Read SME Foundation to hold fair in 6 divisions to promote local products “The partnership between the BCI and SME Foundation can work together to eliminate existing problems in the SME sector with development and capacity building,” he added. This MoU will further accelerate the work of the BCI and SME Foundation in development and capacity building of the small and medium industrial sector, he hoped. BCI director Nazmul Anwar, secretary general Dr Ordhendu Shekhar Roy and Deputy Management of SME Foundation Salahuddin Mahmud, Md Nazim Hasan Sattar, general Manager Farzana Khan and other officials of both sides were present on the occasion. Read SME Foundation disburses Tk300 crore stimulus loans to 3,106 entrepreneurs

BRAC, one of the largest NGOs in the world, will work to increase the capacities of NGOs in the future.

United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) has held its 76th Commission Session on virtual platform, for the first time in the history, amid the COVID-19 pandemic stressing regional cooperation.