Good morning. Here's what happened overnight and what you need to know today.
1.
Inflation figure jugglery: Confirming the long-held suspicion, the White Paper Committee has found evidence of data manipulations on inflation and GDP growth in Bangladesh by the ousted Awami League government to bolster the administration's image and project outstanding economic progress. The manipulations led to release of fabricated figures by the Bangladesh Bureau of Statistics, two members of the White Paper Committee told The Business Standard on condition of anonymity. (The Business Standard)
2.
Reform Data First Before Making Policies: The interim government must first reform data, as the previous government not only mismanaged but also manipulated various types of data, making it difficult to form effective policies based on the existing information, economists, and entrepreneurs said on Saturday. They made the comment at an event titled "Dialogue for democratic reconstruction" organised by the Centre for Governance Studies (CGS) in the capital. (The Daily Star)
3.
US Court Stays Arrest Warrant: A Washington court has stayed a warrant of arrest for finance and commerce adviser Dr Salehuddin Ahmed and central bank governor Dr Ahsan H Mansur. The action followed swift intervention by attorneys representing Bangladesh in the US on Friday. District judge Carl J Nichols earlier directed the US Marshals Service to detain the duo within 24 hours. The warrant came at a time when they were in the US capital attending the annual meetings of the International Monetary Fund (IMF) and the World Bank Group from October 21 to October 26. (The Financial Express)
4.
ADB Wants to Fund $255m: The Asian Development Bank (ADB) is interested in investing in the Bangladesh Railway's $255 million electric traction project, designed to operate electric trains between Narayanganj and Joydebpur. During a meeting on 9 October, ADB representatives, railway officials, and the Economic Relations Division (ERD) discussed the project, with ADB expressing a preference for funding it due to its environmental benefits. (The Business Standard)
5.
Bangladesh Eyes Export Growth: Bangladesh, a South Asian country with a population of 180 million people going through a political instability, expects substantial export growth although the global trade dynamics have undergone significant shifts in recent years. A document of the Ministry of Finance expected the growth based on the projection of the World Trade Organization (WTO). Although global trade experienced contraction in 2023, it will increase in 2024 and onwards, according to the World Trade Organization (WTO). (The Business Post)
6.
New Policy for Goods Transport: A recently formulated policy for transporting imported cargoes from Chattogram to different parts of the country has failed to be enforced thanks to strong opposition from importers and vessel owners, as they accused the system of posing threats to monopolise control over vessel serials and fares. Framed on October 15, the policy has mandated the private platform Bangladesh Water Transport Coordination Cell (BWTCC) to control the maintenance of serials and allocation, and the determination of freight rates of the vessels. (The Daily Star)
----Saju Sarker
BBN/SSR/AD