Good morning. Here's what happened overnight and what you need to know today.
1.
External Debt Crosses $100b Again: Bangladesh's external debt increased to $103 billion at the end of June this year after falling slightly in March. The public sector's share of the external debt amounted to $83.21 billion at the end of June while the private sector accounted for $20.57 billion, central bank data showed. The country's external debt crossed the $100-billion mark for the first time in December last year before coming down to $99.30 billion in March this year. (The Daily Star)
2.
Current Five-Year Plan Suspended: A major policy shift comes in Bangladesh's development paradigm as the interim government suspended the ongoing 8th five-year plan (FYP) to prioritise human-resource development to end reliance on foreign hands. The government is also going to empower the ministries to approve projects ensuring priority needs and checking misuse of funds, Planning Adviser Prof Wahiduddin Mahmud said Wednesday. (The Financial Express)
3.
Public Foreign Debt Rises: The country's public foreign debt increased by $4.2 billion in the last quarter of fiscal year 2023-24 due to receiving instalments of long-term loans from the IMF, World Bank, and various bilateral and multilateral parties. According to a central bank report, by the end of June, public foreign debt outstanding reached $83.22 billion. Of the amount, at least $80 billion is long-term debt. Additionally, private foreign debt stood at $20.57 billion. Altogether, by the end of FY24, the country's gross foreign debt stood at $103.79 billion. (The Business Standard)
4.
Saifuzzaman's Global Property Empire: Al Jazeera's Investigative Unit went undercover to reveal how a former government minister from Bangladesh built a half billion-dollar property empire on a modest official salary. Strict currency laws restrict citizens from taking more than $12,000 a year out of Bangladesh, and tough government rules ban ministers from holding directorships or profiting from private businesses. (The Daily Star)
5.
To import Rice, Wheat: The government will import 200,000 metric tonnes of rice and 400,000 metric tonnes of wheat within 15 days.The Advisory Committee on Economic Affairs (ACEA), in a meeting with Finance Advisor of the interim government Dr Salehuddin Ahmed in the chair, approved in principle. Normally, suppliers are given 42 days to supply the products as per the Public Procurement Law (PPA) 2006 and Public Procurement Rules (PPR) 2008. (The Business Post)
6.
Probe Body Formed: A seven-member committee has been formed to investigate the 11-hour suspension of metro rail services on Agargaon-Motijheel section yesterday. Md Abdul Baquee Miah, director (Planning and Development) of Dhaka Mass Transit Company Ltd, will head the committee. (The Daily Star)
----Saju Sarker
BBN/SSR/AD