Bangladesh received inward remittances of $1.97 billion in July, the first month of Fiscal year 2023-24, which saw a decline on year-on-year basis by 5.86 percent. According to Bangladesh Bank (BB) data, the expatriates sent $2.19 billion remittance in June last month of FY23, saw a fall by 10.27 percent in July. Despite the fall in remittance inflow in July, the central bank officials described it as better than other months. $21.61 billion remittances in FY23, second highest ever Md Sarwar Hossain, a spokesman of the BB, told UNB that the expatriates sent a higher volume of remittances in June thanks to  Eid-ul-Azha. Bangladeshi expatriates sent $21.61 billion in remittance in the last fiscal year FY23 (June-July). In the previous FY it was $21.03 billion. Remittances pick up pace ahead of Eid-ul-Azha

To address the present crisis on the economic front and ensure resilient, inclusive, and sustainable growth, the government of Bangladesh has adopted several reform initiatives to be implemented in the medium term (2025-26). The significant reform actions include: Revenue Mobilisation, Improved Expenditure Management, Monetary and External Sector Management, Financial Market Regulation and National Income Accounts, according to a budget document. The government has focused on reforms in tax policy and revenue administration. The plan is to mobilise additional tax revenue of about 1.7 percent of GDP by the end of FY 2025-26. Currently, the tax-to- GDP in the country is below ten percent. Read: Bangladesh’s economy has a dignified position now: PM Moreover, the government is focusing on untapped areas in the tax-revenue sector to enhance overall revenue while also emphasising non-tax revenue sources. The document states that fiscal management has become increasingly complex due to elevated and unpredictable inflation that has the potential to undermine the soundness of financial institutions and fiscal operations. The uncertainty surrounding prices, wages, and interest rates influence inflation through aggregate demand and expectations, which in turn posed challenges to fiscal planning and budgetary preparations. Read: 1st Circular Economy Summit in Dhaka on June 15 Besides rationalising the subsidies, there is a plan to bring down the cost of borrowing and bring efficiency in debt management, the document said. It said that the net National Savings Certificate (NSC) issuance is planned to be brought down to below 1⁄4 of total net domestic financing by FY26. The government plans to optimise cash management by expanding the coverage of the treasury single account (TSA) and the use of electronic funds transfer (EFT). Read: Govt to introduce circular economy to prevent plastic pollution: Minister    Several reform measures have been implemented including the reduction of interest rates of saving certificates, the introduction of tiered interest rates, capping issuances, and increasing taxes on earned interest, all aimed at reducing the government's interest expenditure. In FY 2021-22, the contribution from national savings certificates accounted for 0.5 percent of GDP, a decrease from 1.2 percent in FY 2020-21. Efficient cash management is also a priority to save public funds by minimising interest expenditure. To achieve this, the government is strengthening and expanding the Treasury Single Account (TSA), which is expected to facilitate better cash management, reduce interest expenses, and improve commitment controls. Read more: Increased import costs putting pressure on economy in many ways: Minister In the Monetary and External Sector Management segment, to improve monetary operations, Bangladesh Bank will adopt an interest rate corridor system. Furthermore, to increase exchange rate flexibility, Bangladesh Bank will use market-determined exchange rates for official foreign exchange transactions on behalf of the government. To strengthen the external sector balance and improve monetary sector performance, Bangladesh Bank is going to implement several reform initiatives in the medium term. Read more: Budget not based on IMF conditions: Finance Minister There will be reform activities to unify the multiple exchange rates and bring more discipline to the foreign exchange market. Bangladesh Bank will reverse the temporary margin increases for opening letters of credit on nonessential imports. The official budget document says that “With a view to establishing a risk-based banking supervision system, Bangladesh Bank will complete the pilot risk-based supervision action plan.” Read more: CPD dismisses budget's projections on growth, inflation, revenue collection Also, it mentions that to improve governance and discipline in the financial market, the government will amend the Bank Companies Act and Finance Companies Act in line with best practices. The amended Bank Companies Act was accordingly passed last week. For better transparency, Bangladesh Bank will publish banks' distressed assets in the annual financial stability report. Bangladesh Bureau of Statistics has taken the initiative to publish quarterly GDP for having a clear view of national income accounts. Read more: Doing our best to keep economy going amid global recession: PM Hasina

There is a reason why jackfruit is Bangladesh's national fruit. It grows in abundance across the country, particularly in the highland areas. Madhupur and Bhawal are among the top areas where jackfruit production is high. Once considered a backyard fruit, jackfruit now has the potential to become an export item - offering new economic opportunities and providing a sustainable food source for the population. In this article, we will explore how jackfruit can become a game-changer. Why Jackfruit? According to the Bangladesh Bureau of Statistics, about 1.5 million metric tons of jackfruit are produced in Bangladesh every year. Researchers observed that in the last few years, about 45% of this total production, i.e., about 5 lakh tons of jackfruit were wasted.  During jackfruit season, fruits like mango and litchi are available in the market, and it is difficult to process jackfruit for eating as compared to these fruits. Most people in Bangladesh think that jackfruit can only be eaten when it is ripe. There is a lack of interest in consuming unripe jackfruit. So a large part of the jackfruit produced in Bangladesh is wasted every year.  Read More: Delicious Jackfruit Recipes to Try Out Today Keeping these issues in mind, researchers are trying to make food products with jackfruit that are easy to preserve for several months. Thus, they are aiming to reduce wastage and open up new economic prospects for the country. Products Made Using Jackfruit In recent times, various types of delicious foods are being prepared from jackfruit in Bangladesh, which includes jackfruit jam, pickles, chutney, chips, cutlets, ice cream, curd, ready-to-cook jackfruit, fresh cut (vegetable meat), jackfruit powder, and various other packaged products. Bangladesh Agricultural Research Institute has developed these products for the first time in Bangladesh. Customers can find these products in several supermarkets and retail markets across the country. Between 2019 and 2022, the Bangladesh Agricultural Research Institute partnered with NewVision Solutions Limited to carry out a three-year research program, titled "Jackfruit Postharvest Loss Reduction and Marketing Strategy". The objective of this program was to prevent the wastage of jackfruit and explore its various uses. Read More: 7 Nutritious, Delicious Jackfruit Recipes for Curries, Snacks, Salads As part of the project, the Bangladesh Agricultural Research Institute provided training to around 700-800 individuals on the production and marketing of jackfruit. These individuals are now engaged in producing a variety of jackfruit products. Additionally, the institute is also offering free training to anyone who is interested in learning more about producing jackfruit products. Initially, the researchers focused their efforts on studying four products, namely jackfruit chips, pickles, fresh cuts, and dried products, as part of the project. However, they have now come to realize that jackfruit can be utilized as a resource for over 30 different products. According to researchers, the market demand for fresh-cut or unripe jackfruit is higher than that for other jackfruit products. This benefits farmers, as a single jackfruit that would usually sell for Tk 60-70 can be sold for Tk 200-250 as fresh-cut jackfruit. Read More: Corona, Amphan: Popular jackfruit haat in Jashore takes a hit Currently, a range of food items, such as unripe jackfruit vegetable rolls, cutlets, and shingara, are being prepared in the market. Meanwhile, ripe jackfruit juice is being used to make ice cream, cakes, and fruit roll-ups. In addition to that, these products made using jackfruit are already creating employment in the country. On the other hand, there is a demand for these products in the international market as well.

A recommendation from Egypt’s government – to eat chicken feet – has come under vehement criticism from the country’s citizens. Egypt, the most populous country in the Arab world, is currently experiencing a record currency crisis and the highest inflation in five years, which has made food so costly that many Egyptians are no longer able to purchase chicken, a staple item. The most recent dietary advice from the state recommended preparing chicken feet, a protein-rich part of the bird that is often kept for dogs and cats, according to a BBC report published yesterday. Egypt is one of the countries suffering the most from skyrocketing inflation, which surpassed 30 percent in March. Read More: Argentines struggle to make ends meet amid 100% inflation Cooking oil and cheese, which were once reasonable necessities for many, have become unaffordable luxuries. Some product prices have doubled or tripled within a matter of months. The BBC report quoted Wedad, a mother of three in her 60s, as saying: “I eat meat once a month, or I don’t buy it at all. I buy chicken once a week.” Egypt is under a lot of strain in part because it relies significantly on imported food rather than homegrown agriculture to support its over 100 million-strong population. Even the grain used to feed the chicken is imported. Read More: Why another high inflation report may not cause Fed to hike In comparison to the US dollar, the Egyptian pound lost half of its value over the course of a year. As the government depreciated the currency once more in January, the price of imports such as grain rose dramatically. President Abdel Fattah el-Sisi frequently attributes his country's present economic troubles on the chaos that preceded the 2011 Egyptian revolt and fast population growth. In addition, he mentions the epidemic that followed the conflict in Ukraine. The Russian invasion of Ukraine had a devastating effect on Egyptian economy. Egypt is the second largest wheat importer in the world, and the two countries were its principal suppliers. As a result of the disruption of exports due to the war, price of wheat and bread skyrocketed. Russian and Ukrainian tourists used to visit Egypt in droves; the tourism industry has also suffered financial losses. Tourism, which used to account for around 5% of Egypt’s GDP, has been severely impacted by the Covid-19 pandemic. Read More: In the EU’s inflation crisis, the humble egg takes the cake Egypt has requested a bailout from the International Monetary Fund four times in the previous six years due to its economic difficulties. These debts, which account for 90% of GDP, consume nearly half of the state’s revenues. Gulf nations such as the United Arab Emirates and Saudi Arabia have purchased state assets and are aiding Egypt, but they have also toughened their requirements for future investments.

Matarbari could become a regional commercial hub after the deep sea port opens. It will be used as a transshipment port. After Chittagong port, Matarbari will also be a lifeline of the economy. The Matarbari deep sea port will serve about 3 billion people of the region, including Bangladesh. Once fully operational, the port will contribute two to three percent of the country’s GDP, State Minister for Shipping Khalid Mahmud Chowdhury told UNB. The deep sea port is now visible. If work continues at this pace, Matarbari deep sea port could be operational from 2026. Construction of the jetty and container yard will start by July. A large number of feeder vessels will come to this port. Money and time will be saved. It will have a great impact on the economy, said the state minister for shipping. He said the port is being constructed on 1,031 acres of land at Matarbari Dhalghat area of Maheshkhali in Cox’s Bazar. With the construction of the deep sea port, container ships with a capacity of 8,200 TEU will be able to anchor there. Read more: Operation of Matarbari deep sea port to start in 2026: state minister At present, it takes 45 days to send a consignment of goods from Bangladesh to the United States. Once Matarbari deep sea port is opened, it will reach the designated destination directly in just 23 days, the state minister said. Bangladeshi consignments will no longer have to wait at the ports of Singapore, Colombo and Malaysia. According to the Chittagong Port Authority, commercial activities at Matarbari deep sea port are expected to start in full swing in 2026. But already over the last two years, 112 cargo ships have arrived at the port. Tk 6.84 crore has been collected from these ships. All equipment for power plant has come through Matarbari port. Due to the depth, any large commercial ship will be able to anchor at this port and there are all kinds of facilities for loading and unloading. Matarbari is 34 nautical miles from Chittagong port. It takes two-three hours to reach by ship. Its distance by road is about 112 km. A 27 km road is being constructed from Chakaria in Cox’s Bazar to Matarbari Dhalghat. Meanwhile, land acquisition for the construction of roads and port has been completed. The channel built for the port is 250 meters wide, 18.5 meters deep and 14.3 meters long. Read More: Ambassador Lee visits Matarbari Coal-powered Plant to observe South Korean company’s construction work The detailed design of the project has been completed. Besides, contractors are being appointed for the construction of the jetty, collection of ship handling equipment and the purchase of tug boats. Prime Minister Sheikh Hasina will formally inaugurate the construction work of the project in the middle of this year. Chittagong Port Authority Chairman Rear Admiral M Shahjahan told UNB that Matarbari’s distance from Chattogram by sea is 34 nautical miles, from Payra port it’s 190 nautical miles, and from Mongla port it’s 240 nautical miles. Therefore, goods from the mother vessel (large container ship) in Matarbari can be transported to other ports by road and sea in a short time. He also said at present, ships with a draft of only 9.5 metres can berth in the jetties of Chittagong port. However, recently a ship with 10-metre draft has been berthed there. But these ships can carry 800 to a maximum of 2400 TEU containers. A mother vessel has a capacity of 8,000 to 10,000 TEU. Once Matarbari deep sea port opens, container ships with a capacity of over 8,000 TEU will be able to anchor. Read More: Operation of Matarbari deep sea port to start in 2026: state minister The state minister for shipping said the Matarbari Port Development Project has been taken up at an estimated cost of Tk 17,777.20 crore to set up the country’s first and only deep sea port. The duration of this project is till December 31, 2026. After the approval of the project, the implementation process was started. He also said the construction of the 14.30 km long approach channel with a length of 350 metres and a depth of 16 metres has been completed for the construction of the deep sea port. Besides, the construction of 2,150 metre long breakwater on the north side of the approach channel and 670-metre-long breakwater on the southern side has been completed. At present, tenders have been invited in three packages for the construction of a 460 metre long container jetty and a 300 metre long multipurpose jetty and construction of all port facilities, including container yards. According to project sources, Matarbari port road is being constructed in three phases. A 27 km road from Matarbari to Fasiakhali in Chakaria will be constructed and it will be connected to the Chattogram-Cox’s Bazar four-lane highway. The construction period of the road has been fixed from January 2020 to December 2026. If this road is completed, goods can be transported to any place in the country by road. Read More: Govt positive about Singapore company's 400MW Matarbari solar power plant proposal: Nasrul

Prime Minister Sheikh Hasina on Sunday said her government has been trying its best to keep the country's economy vibrant even though the world is going through an economic recession. “When the whole world is passing through a recession caused by the Covid-19, the Ukraine war and others, our effort is to keep our economy vibrant. We’re trying our best to do so,” she said. The premier was addressing a commemorative discussion on the death of her former political adviser Dr SA Malek through a virtual platform from her official residence Ganabhaban. Bangabandhu Parishad arranged the discussion in the city’s Kalabagan area to commemorate its president Dr  Malek, who died on December 06, 2022. Hasina said her government has been building Bangladesh with the ideals of Father of the Nation Bangabandhu Sheikh Mujibur Rahman. Read: Sale of antibiotics without doctor’s prescription must be stopped: PM “We have been able to transform Bangladesh into a developing country. One day this Bangladesh will be built as a developed and prosperous country," she said. The PM recalled the contribution of Dr Malek in implementing the ideology of Bangabandhu and spreading the spirit of the Liberation War.  “He was always very sincere to implement the ideology of Bangabandhu and bear the spirit of the Liberation War,” she said. She said Dr Malek is one of thr few persons who played the key role to put forth the ideology of Bangabandhu before the people. “He put forth the ideology of the Father of the Nation before the people even amid many adversities,” she added. The premier said Bangabandhu Parishad was formed to protest the assassination of Bangabandhu and raise his ideology before the people after the 1975 15th August carnage.  "Dr SA Malek is one of them who played a key role to put forth the ideology of Bangabandhu before the people," she said. Read: PM unveils Duranta Biplob’s book on Bangabandhu   Hasina said the late leader played a great role in making the people familiar with the term of "Second Revolution" launched by the Father of the Nation. She said Dr Malek and former Dhaka City mayor late Mohammad Hanif played the most significant role in electing her the President of Awami League (in 1981) as they created public opinion and took it to the party forum. The PM said she even scolded Dr  Malek for insisting time and again she became president of the Awami League. Noting that Dr Malek is a politically conscious person,  Hasina said he had a role in each of the country's democratic and progressive movements. Recalling the contribution of Dr Malek in the Liberation War, she said, "He fought with great bravery in the battlefield during the War of Liberation in 1971 by taking arms." In this connection, she recalled the contribution of Dr Matin Chowdhury and others to form the Bangabandhu Parishad. Former Dhaka University Vice Chancellor and also acting President of Bangabandhu Parishad Dr AAMS Arefin Siddique presided over the function. Senior journalist and presidium member of Bangabandhu Parishad Ajit Kumar Sarker presented a keynote paper titled "Dr S A Malek: Courage Personified and Shaped by Bangabandhu's Ideals" at the function. Dhaka University Vice Chancellor Prof Dr Md Akhtaruzzaman, former Rajshahi University Vice Chancellor Prof Dr Md Abdul Khalek and Dr SA Malek’s son and also physician at Bangabandhu Sheikh Mujib Medical University Sheikh Abdullah Al Mamun, spoke at the discussion.

One month into the invasion of Ukraine, President Joe Biden stood in the courtyard of a grand Polish castle and laid out the punishing economic costs that the U.S. and its allies were inflicting on Vladimir Putin’s Russia, declaring that the ruble is almost immediately “reduced to rubble.” Russia is now the world’s most heavily sanctioned country, according to U.S. officials. The ruble did in fact take a temporary dive and has been slipping again in recent months. But as the war nears its one-year mark, it’s clear the sanctions didn’t pack the instantaneous punch that many had hoped. The ruble trades around the same 75-per-dollar rate seen in the weeks before the war, though Russia is using capital controls to prop up the currency. And while Russia’s economy did shrink 2.2% in 2022, that was far short of predictions of 15% or more that Biden administration officials had showcased. This year, its economy is projected to outperform the U.K.’s, growing 0.3% while the U.K. faces a 0.6% contraction, according to the International Monetary Fund. The West’s export controls and financial sanctions appear, instead, to be gradually eroding Russia’s industrial capacity, even as its oil and other energy exports last year enabled it to keep funding a catastrophic war. Also Read: EU prepares more Russia sanctions; Kremlin readies offensive Large American multinationals like McDonald’s, Citibank and General Electric fled the country, and some of the country’s richest citizens are forbidden from traveling to the U.S. But if Muscovites can’t get a latte at Starbucks, there’s an imitation waiting for them at the knockoff Stars Coffee as Russia has adapted. U.S. Treasury Deputy Secretary Wally Adeyemo stressed in an interview that the Western sanctions are only one “tool as part of a larger strategy” and that the U.S. continues to adjust its sanctions to outmaneuver Russia’s own shifts in strategy. “You look at the exodus, the brain drain from Russia,” Adeyemo said. “The Russian economy is far smaller, far more closed and will look more like Venezuela, North Korea and Iran than like a major G-7 economy.” Still, a December Congressional Research Service report drew an underwhelming conclusion from all the economic parrying, stating that “the sanctions have created challenges for Russia but to date, have not delivered the economic ‘knockout’ that many predicted.” A closer look at what’s been done so far and what lies ahead: WHAT’S BEEN SANCTIONED, BY WHOM AND WHY? Biden last year called the West’s sanctions “a new kind of economic statecraft with the power to inflict damage that rivals military might.” The sanctions, imposed largely through executive orders, are meant to punish Russia and block its access to the international financial systems and bank accounts that it needs to finance its war effort. Export controls also limit its access to computer chips and other products needed to equip a modern military. Simultaneously, the U.S. and its allies devoted billions to provide Ukraine with weapons, munitions and other military aid and direct financial assistance. More than 30 countries, including the U.S., EU nations, the United Kingdom, Canada, Australia, Japan and others — representing more than half the world’s economy — are part of the unprecedented effort. They’ve imposed price caps on Russian oil and diesel, frozen Russian Central Bank funds and restricted access to SWIFT, the dominant system for global financial transactions. Beyond targeting key institutions and economic sectors, the West has directly sanctioned roughly 2,000 Russian firms, government officials, oligarchs and their families. The sanctions are depriving them of access to their American bank accounts and financial markets, preventing them from doing business with Americans and traveling to the U.S, and more. Unlike the countrywide sanctions on Iran and North Korea, the restrictions placed on Russia target specific industry sectors, firms and individuals. This approach was designed to keep Russian oil and natural gas flowing, in order to limit disruptions to the wider global economy. But energy exports also enabled Russia to replenish its finances and stave off a sharp decline. An industrialized country of its size — the 11th largest economy in the world in 2021 — has never faced such financial pressure. Daniel Fried, a former assistant secretary of state for European and Eurasian affairs, said that “policy making of this kind is always a shot in dark.” “You’re looking for hits on the Russian economy, it doesn’t happen overnight,” Fried said, noting that military aid was far more important as Ukrainian troops have performed better in repelling Russian attacks than U.S. and European officials expected. DIFFERENCES EMERGE While there has largely been unity among Western governments on the necessity to punish Russia, there have been differences in the lengths to which countries are willing to go. European and Asian countries are more dependent on Russian oil and natural gas than was the U.S. That made a ban on Russian exports hard for the alliance and forced compromises that took months to forge. Ultimately, the countries in December settled on a $60 price cap, which some critics said came too late and was too high to significantly hurt Russia. Experts and administration officials have said putting greater downward pressure on the sale of oil and other energy products from Russia would make sanctions more effective. To Marshall Billingslea, assistant Treasury secretary for terrorist financing in the Trump administration, the sanctions were far from bulletproof and easy for the Kremlin to elude. “Russia has shot holes through the administration’s sanctions,” Billingslea said. Tom Firestone, a sanctions attorney, said more time is needed for the sanctions to take their course. “Anyone who expects massive sanctions on Monday, and on Tuesday the Russian regime would fall is not reasonable,” Firestone said. “It’s a large economy that has large reserves. It has a large variety of trading partners. What we’re seeing and what the government is saying is they’re on track and it’s seriously curtailed Russia’s ability to operate.” Russia is also seeking deeper ties with countries that have refused to join the sanctions effort. Its exports to Brazil, China, India and Turkey have increased by at least 50% since the war started compared with the previous year, according to the Congressional Research Service. HOW RUSSIA HAS BEEN IMPACTED “Russia is a different country today than it was just a year ago,” says Adeyemo, “and they’ve given up almost 30 years of progress in terms of their economic policy in the course of one year.” But on a day-to-day consumer level, it’s a mixed picture. Shopping centers have a lot of shuttered shops, but Russian entrepreneurs are helping fill the gaps. One Russian startup has created a reasonably convincing analogue of McDonald’s. Some sectors have suffered greatly from sanctions and the departure of foreign companies. Russia’s automobile sector, for example, has taken a particular hit. A market analysis from the Association of European Businesses, representing European companies in Russia, said sales of new cars in January were 63% lower than a year earlier. Still, Russia continues to export some lumber, aluminum and other goods to the U.S., based on the need for the products in America. Russian goods imported to the U.S. totaled $14.5 billion in 2022. That’s less than 1% of all U.S. imports and about half the $30 billion imported from Russia in 2021. The Justice Department last year formed a task force to target the ill-gotten proceeds of Russian oligarchs, whom the U.S. sees as enabling Moscow’s war against Ukraine. As part of that effort, the department has seized two luxury yachts — in Fiji and Spain — alleged to belong to oligarchs. Prosecutors have also brought criminal charges against oligarchs accused of sanctions violations, including Oleg Deripaska, an aluminum magnate and close Putin associate. Deripaska remains at large. WHAT COMES NEXT The U.S. government is not finished by any means. Expect the Treasury Department to impose another large round of sanctions on Russia around the invasion’s anniversary on Friday, with a likely focus in 2023 on logistics and manufacturing firms. Daniel Pickard, a sanctions attorney, said it’s a safe bet that sanctions “will continue to be used with greater frequency with this administration and other administrations. It allows the president to take action without having to consult Congress and can be adjusted with regard to changing events on the ground.”

Sri Lankan President Ranil Wickremesinghe has conveyed Sri Lanka's gratitude to the Bangladesh government and Prime Minister Sheikh Hasina for the timely assistance as the country battles to rebuild its economy. Foreign Minister AK Abdul Momen is now in Sri Lanka as a guest for the country's low-key 75th Independence Day celebrations, for which the guest list was filled up mostly by neighbouring countries at foreign ministry-level. Momen, along with the others, attended the "Independence Parade" featuring march-past, fly-by, and parachute display by the joint forces at the Galle Face Green, Colombo Saturday. The foreign minister later paid a courtesy call on President Wickremesinghe at the Presidential Secretariat. It was then that Wickremesinghe conveyed the Sri Lanka people's gratitude to their neighbours in Bangladesh.

Myanmar’s economy grew 3% last year and will likely achieve the same pace in 2023, but still lags far behind where it stood before the army seized power in early 2021, the World Bank said in a report released Monday. The global development agency estimates Myanmar’s level of economic activity is still more than 10% below where it stood before the pandemic and the military takeover. On a per capita basis it is even further behind, it says. If the global economy slows further as expected, exports and investment may weaken after recovering somewhat from the pandemic and the disruptions caused by civil conflict and foreign sanctions after the army ousted Aung San Suu Kyi's elected government. The reversion to military control after nearly a decade of quasi-civilian rule provoked mass protests that spun into armed revolt, on top of decades-long conflict between the government and armed ethnic groups. “Economic activity has continued to be disrupted by persistent conflict, which has had devastating impacts on lives and livelihoods, and by electricity shortages," the report said. Myanmar’s economy contracted by about 18% in 2021, after growing at a pace of 6% or more in the years before. The slow pace of expansion last year, from a very low base, suggests conditions remain weak. “What’s surprising is that the growth hasn’t been higher,” Kim Alan Edwards, a World Bank senior economist, said in an online briefing. “Growth is nowhere near levels we saw in 2019.” Like other emerging economies, Myanmar has had to contend with a weakening of its currency against the dollar. The kyat's value dropped by about a quarter in June-December last year and has less than half the value it had two years earlier. That makes imports of vital commodities like oil much more expensive in local terms. Combined with higher prices for many commodities including oil and gas, Myanmar has seen inflation hit nearly 20% as of July, the report said. Read more: Myanmar opium cultivation surged 33% amid violence, UN finds “While the kyat has stabilized in recent months, foreign currency shortages persist, which together with onerous trade restrictions have affected businesses’ ability to supply of a range of imported products," it said. The World Bank economists said controls imposed by the central bank to support the kyat and protect foreign exchange reserves have been relaxed, making it easier for exporters to obtain credit or retain their earnings. But many businesses and people are forced to comply with orders to convert foreign currency into kyat at the official rate of 2,100 kyats per dollar, when the market value is about 2,800 kyats. The report says agriculture and garment manufacturing have recovered and some businesses are finding ways to operate by using informal payments and trade channels. The reopening of Myanmar's trade routes with China also has helped. But risks have been heightened by security issues, due to the civil conflict, that add to costs and delays for transporting goods. “There are no easy fixes to Myanmar's situation," Edwards said, noting a lack of transparency that obscures what is going on. “Rules and regulations can change anytime and can favor some and not others."

Nepalese Ambassador to Bangladesh Ghanshyam Bhandari on Friday said the friendly relations between Bangladesh and Nepal expanded into all areas – including economy, communication, trade, education, and culture – after the establishment of diplomatic ties between the countries on April 8, 1972. He was speaking at an art competition organised by the Embassy of Nepal in Dhaka, Bangladesh-Nepal Friendship Society and Bangladesh Book Club at the Central Shaheed Minar the capital to mark the 50 years of Bangladesh-Nepal diplomatic ties. Read more: Dhaka, Kathmandu seek enhanced ties for mutual gains Speaking as chief guest at the event, State Minister for Cultural Affairs KM Khalid said there are a lot of similarities between the cultures of Bangladesh and Nepal. "Also, after India and Bhutan, Nepal became the seventh country to recognise Bangladesh as an independent and sovereign country on January 16, 1972."