Bundles of hundred dollar notes

Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

Govt to set ambitious aid spending target
The government is set to lay down an ambitious foreign aid utilisation target for next fiscal year with the aim of quick implementation of many transforma-tional infrastructure projects. Foreign aid will account for Tk 57,000 crore (equivalent to about $7 billion) in fiscal 2017-18’s development budget, said officials of finance and planning ministries — almost double the country’s overseas fund utilisation record. Bangladesh could never utilise more than $4 billion of foreign aid in a year.

BB now contemplates joining BRICS bank
The emerging BRICS bloc has offered Bangladesh to join its recently-installed New Development Bank (NDB) as a member with equal voting rights, officials said Saturday. Ministry of Finance (MoF) officials said NDB President K. V. Kamath in Washington recently held out the offer for Bangladesh to join in a pool of 15 new members to be inducted soon.

PMO asks fin min to take action against 3 cos as BB offers respite
The Prime Minister Office has recently asked the finance ministry to take punitive measures against three companies — M/s BTL, M/s Mahin Textiles and M/s Pinakal Textiles Ptv Ltd — which were involved in the Hallmark Group-Sonali Bank scam. The directive came as the three companies were recently freed from their liability for the scam as Bangladesh Bank debited the Sonali Bank’s current account kept with the central bank by paying Tk 129.38 crore to Agrani Bank to settle inland bills of the companies ignoring its (BB) own inspection team’s findings.

Budget preparation for FY2018 goes on amid VAT row
The work of preparing national budget for the fiscal year 2016-17 is expected to be completed by the third week of May although controversies over value-added tax rate still remain unresolved. Finance Division and National Board Revenue have been working on the budget. The Division and the NBR will present the last budget of the present government to Prime Minister Sheikh Hasina on May 11 and 14 respectively as national election is due in 2018.

Bangladesh forex reserve falls to $31.53bn after ACU payment
Bangladesh has made a routine payment of more than US$1.0 billion to the Asian Clearing Union (ACU) against imports during the March –April period of the current calendar year, officials said. After the payment, the country’s foreign exchange (forex) reserve came down to $31.53 billion Thursday from $ 32.56 billion of the previous working day, according to the central bank latest statistics.

Govt to invest $500m in tech parks
The government has set a target to develop infrastructure for the ICT sector by investing about $500 million in the next two years to build 28 hi-tech, software and IT parks across the country. The funds will come from the World Bank, Asian Development Bank, Indian credit and the government’s own sources, Zunaid Ahmed Palak, state minister for ICT division, told The Daily Star recently.

Infrastructure development to be ADB’s priority in 2030 Strategy
Asia needs US$1.7 trillion per annum year for investing in power, transport, telecommunications, and water through 2030 to realise its promised prosperity, and building up quality infrastructure is imperative to yield this investment. Also, Asian countries need to extend cooperation to one another especially in the areas of finance, health, and combat against natural disaster.

Bangladesh’s stocks edge up for two weeks
Bangladesh’s stocks edged up last week that ended on Thursday as some optimistic investors continued their buying spree on some large-cap issues. Brokers said buoyancy in several large-cap issues from fuel and power, food and allied, financial institutions, telecom, bank and engineering sectors contributed the market to stay positive territory.

BBN/SSR/AD