Good morning. Here's what happened overnight and what you need to know today.
1.
Banking Reforms: The Asian Development Bank (ADB) and the World Bank are expected to provide funds to Bangladesh for banking sector reforms, including strengthening and modernising the central bank. The decision came following two separate meetings at the Bangladesh Bank (BB) headquarters on Monday between central bank officials and delegations of the ADB and World Bank. (The Daily Star)
2.
Revoking Approval: The Bangladesh Economic Zone Authority (Beza) is set to revoke the approval of the economic zone granted to S Alam Group, which is currently under scrutiny for extensive exploitation in the country's banking and financial sectors, in Chattogram's Banshkhali upazila, according to Beza sources. (The Business Standard)
3.
Fuel Cut: Industries on the capital's northern outskirts suffer as the supplier of Bhola gas to industrial consumers 'arbitrarily' snapped the supply, in time of fuel crunch, sources said. Officials said Intraco Refuelling Station shut the supply of compressed natural gas (CNG) to industries from Bhola island a couple of weeks back failing to provide bank guarantee worth around Tk 110 million to the government by the deadline. (The Financial Express)
4.
Seeking $3.0b: Bangladesh could get $3 billion in budgetary support under an Asian Development Bank (ADB) and World Bank (WB) arrangement for energy and power sector reforms and the upcoming status graduation from a least developed country (LDC) to a developing nation in 2026. Last Thursday, the finance ministry sent a letter to the ADB seeking $1 billion in budgetary support for the energy and power sector. (The Daily Star)
5.
Russia Seeks $630m: Russia has asked Bangladesh to pay $630 million in outstanding and current interests on a loan for the Rooppur Nuclear Power Plant by 15 September, according to a letter from the Russian authorities. The letter follows Bangladesh's June request for alternative transaction methods to settle overdue interests, commitment fees and late fines caused by US sanctions on Russian banks. (The Business Standard)
6.
Budget Cut: The interim government plans to launch an initiative for eliminating unnecessary projects, taken under political consideration in the budget for fiscal year 2024-25 during the Awami League regime. Besides, the incumbent government also wants to eliminate initiatives taken by the Awami League government for providing benefits to the then ruling party leaders and activists. (The Business Post)
---Saju Sarker
BBN/SSR/AD