Latest news with #Tk
&w=3840&q=100)
First Post
6 days ago
- Business
- First Post
IMF tightens terms, disburses $1.3 bn as Bangladesh faces steeper repayment obligations
Earlier this week, the international lender approved $1.3 billion disbursement of the third and fourth tranches of Bangladesh's loan programme. A press release by the IMF said that the amount had been deposited into the country's account yesterday read more A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., U.S. File image/ Reuters Days after approving a loan for Bangladesh worth $1.3 billion, the International Monetary Fund on Friday set out new conditions for the country for its $5.5 billion lending programme. Earlier this week, the international lender approved $1.3 billion disbursement of the third and fourth tranches of Bangladesh's loan programme. A press release by the IMF said that the amount had been deposited into the country's account yesterday. Bangladesh's economic woes began after former prime minister Sheikh Hasina's ouster from the country last year, which led an interim government to take over under Chief Advisor Muhammad Yunus. However, not much changed in terms of economic outlook owing to persistent political instability, continuation of a tighter policy mix, rising trade barriers, and increasing stress in the banking sector. STORY CONTINUES BELOW THIS AD What are the new conditions set by IMF? According to the updated terms outlined in the IMF's latest programme report released yesterday, the government is required to reduce external payment arrears in the power and fertiliser sectors from $870 million in June 2025 to $562 million by December, and further down to $254 million by June 2026. At the same time, domestic arrears in these sectors must be cut in half, from Tk 28,000 crore in June to Tk 14,070 crore by December, and fully cleared by June 2026. 'External payment arrears have surfaced, notably within the power sector's state-owned enterprises, driven by limited foreign exchange availability and outstanding domestic subsidy arrears owed by the central government to the SOEs,' the global lender said. Despite some improvement in the current account during the first half of FY25, the IMF cautioned that the overall external position has deteriorated. The appearance of arrears by state-owned enterprises, a 'substantial decline in FDI inflows', and significant unrecorded capital outflows are now projected to widen the external financing gap to $3.8 billion in FY25, well above previous estimates. National Board of Revenue targets have also been raised to Tk 443,530 crore by June 2025 and Tk 550,700 crore by June 2026. Net international reserves must climb from $17.4 billion to $22.41 billion by mid-2026.
India Today
16-06-2025
- Politics
- India Today
Dhaka court imposes travel ban on Shakib Al Hasan amid corruption case
A court in Dhaka has imposed a travel ban on former Awami League lawmaker and cricketer-turned-politician Shakib Al Hasan, along with 15 others, in connection with a corruption case. The order was issued by Dhaka Metropolitan Senior Special Judge Md Zakir Hossain following a hearing on two separate petitions filed by the Anti-Corruption Commission (ACC).According to the petitions, Shakib and the others allegedly amassed illicit wealth by investing several crores of taka in the stock market through irregular means, in violation of stock market regulations. The ACC claimed that Shakib and his co-accused carried out transactions worth Tk 8.97 crore and Tk 4.48 crore with the intent to embezzle funds, thereby breaching Section 19(1) of Rule 24(3) of the microcredit petitions were filed by ACC Assistant Director Sajjad Hossain and Deputy Director Md Rokonuzzaman, who requested the travel restrictions to prevent the accused individuals from fleeing the country. The court's directive prohibits Shakib and the 15 others from leaving Bangladesh until further remains to be seen how the ruling would affect Shakib's cricket commitments. The Bangladesh all-rounder has not played professional cricket since his involvement in the Pakistan Super League in May. He last played for Bangladesh in a Test series against India in October 38-year-old's return to competitive action in the PSL after a six-month layoff came after the England and Wales Cricket Board (ECB) cleared his bowling action, which had been reported in December 2024 during his stint with Surrey. Despite his comeback, Shakib struggled for form, registering two ducks and taking just one wicket in the had announced plans to retire from Test cricket at home against South Africa, but political turmoil in Bangladesh—culminating in the ousting of the Awami League, of which Shakib was a sitting MP—derailed those plans. Shakib was also not considered for Bangladesh's Champions Trophy will feature in a two-Test series in Sri Lanka from June 17 to June 29 before playing 3 ODIs and as many T20Is in the island Watch
News18
07-06-2025
- Business
- News18
Sheikh Hasina's Party Slams 'Fascist' Yunus After Poll Announcement: 'Serves Foreign Interests'
Last Updated: Sheikh Hasina's banned Awami League accused Muhammad Yunus of spreading lies to cover up his failures and accused his government of serving foreign interests. Ousted Bangladeshi Prime Minister Sheikh Hasina's Awami League criticised Chief Adviser Muhammad Yunus, accusing him of spreading lies and misinformation during his address to the nation, where he announced that Bangladesh's general elections will be held in April 2026. After immense pressure from the Army and political parties, Yunus said the next national election will be held in the first half of April 2026. He assured that his government is taking necessary steps to ensure a proper election environment, emphasising that flawed elections have been the main cause of major national crises in Bangladesh. 'We want an election that honours the sacrifices of the martyrs. One with the highest number of voters, candidates, and parties participating. Let this be remembered as the freest and fairest election the nation has seen," he said. The Awami League strongly condemned his address, saying Yunus was trying to cover up his failures by blaming the previous Awami League government and creating a false narrative of crisis. 'No Public Mandate, Economy In Ruins' Hasina's party, which was banned from contesting the elections after the former PM was ousted in student-led protests last year, said Bangladesh's economy has deteriorated under Yunus's interim regime, with industries being shut down, investment stalled and unemployment rising. It accused the interim government of rampant corruption and tax favouritism, including a tax waiver of Tk 666 crore for Yunus himself and tax exemption for Grameen Bank. 'In the name of development, they will hand over important national assets and infrastructure to serve foreign interests," it said. Furthermore, the Awami League claimed Yunus' government lacked democratic legitimacy and served foreign interests rather than those of the people of Bangladesh. It warned that several interim government members had foreign passports and would leave the country after causing irreversible damage. 'To protect our future, we must act now. There is no alternative to a united struggle by all patriots to save our country from the clutches of these vultures. If we can all stay united and continue this fight, we will, Inshallah, be able to defeat this evil, anti-national force," it said. What Did Yunus Say In His Speech? Yunus highlighted the immense public and political interest in Bangladesh's next national election, emphasising the government's role in institutional reform to prevent future crises. 'Hold your candidates and political parties accountable, demand firm pledges that the agreed-upon reforms will be passed in the very first session of the new parliament, without compromise. Demand that they never bargain away the country's independence, sovereignty, territorial integrity, or national dignity to any foreign power," he was quoted as saying by Dhaka Tribune. 'Ask them to lead with honesty and transparency, and to reject all forms of corruption, favoritism, extortion, syndicates, and violence," he added, promising to build a 'New Bangladesh'. First Published: June 07, 2025, 07:07 IST
News18
07-06-2025
- Business
- News18
Sheikh Hasina's Party Slams 'Fascist' Yunus After Poll Announcement: 'Serve Foreign Interests'
Last Updated: Sheikh Hasina's banned Awami League accused Muhammad Yunus of spreading lies to cover up his failures and accused his government of serving foreign interests. Ousted Bangladeshi Prime Minister Sheikh Hasina's Awami League criticised Chief Adviser Muhammad Yunus, accusing him of spreading lies and misinformation during his address to the nation, where he announced that Bangladesh's general elections will be held in April 2026. After immense pressure from the Army and political parties, Yunus said the next national election will be held in the first half of April 2026. He assured that his government is taking necessary steps to ensure a proper election environment, emphasising that flawed elections have been the main cause of major national crises in Bangladesh. 'We want an election that honours the sacrifices of the martyrs. One with the highest number of voters, candidates, and parties participating. Let this be remembered as the freest and fairest election the nation has seen," he said. The Awami League strongly condemned his address, saying Yunus was trying to cover up his failures by blaming the previous Awami League government and creating a false narrative of crisis. 'No Public Mandate, Economy In Ruins' Hasina's party, which was banned from contesting the elections after the former PM was ousted in student-led protests last year, said Bangladesh's economy has deteriorated under Yunus's interim regime, with industries being shut down, investment stalled and unemployment rising. It accused the interim government of rampant corruption and tax favouritism, including a tax waiver of Tk 666 crore for Yunus himself and tax exemption for Grameen Bank. 'In the name of development, they will hand over important national assets and infrastructure to serve foreign interests," it said. Furthermore, the Awami League claimed Yunus' government lacked democratic legitimacy and served foreign interests rather than those of the people of Bangladesh. It warned that several interim government members had foreign passports and would leave the country after causing irreversible damage. 'To protect our future, we must act now. There is no alternative to a united struggle by all patriots to save our country from the clutches of these vultures. If we can all stay united and continue this fight, we will, Inshallah, be able to defeat this evil, anti-national force," it said. What Did Yunus Say In His Speech? Yunus highlighted the immense public and political interest in Bangladesh's next national election, emphasising the government's role in institutional reform to prevent future crises. 'Hold your candidates and political parties accountable, demand firm pledges that the agreed-upon reforms will be passed in the very first session of the new parliament, without compromise. Demand that they never bargain away the country's independence, sovereignty, territorial integrity, or national dignity to any foreign power," he was quoted as saying by Dhaka Tribune. 'Ask them to lead with honesty and transparency, and to reject all forms of corruption, favoritism, extortion, syndicates, and violence," he added, promising to build a 'New Bangladesh'. About the Author Aveek Banerjee Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! tags : bangladesh Muhammad Yunus Sheikh Hasina First Published:
Fibre2Fashion
05-06-2025
- Business
- Fibre2Fashion
Many tax measures may disproportionately burden Bangladesh bizs: FICCI
While praising the Bangladesh government for its intentions regarding reforms and fiscal consolidation in the proposed budget for fiscal 2025-26 (FY26), the Foreign Investors' Chamber of Commerce and Industry (FICCI) recently expressed concern over the implementation of several tax measures, fearing these may disproportionately burden individuals and businesses. The revised tax slabs could increase tax burden by 50-60 per cent on salaried individuals having monthly incomes between Tk 70,000 and Tk 100,000 and 20-30 per cent for incomes between Tk 120,000 and Tk 175,000, FICCI president Zaved Akhtar told a post-budget press briefing. It said the rise in minimum tax from 0.6 per cent to 1 per cent for companies and from 0.25 per cent to 1 per cent for individuals would be a threat to small and medium enterprises (SMEs) and loss-making firms, as well as to inflation-hit citizens. The Foreign Investors' Chamber of Commerce and Industry in Bangladesh fears several tax measures proposed in the budget may disproportionately burden individuals and businesses. It said the rise in minimum tax from 0.6 per cent to 1 per cent for companies would be a threat to SMEs and loss-making firms. The VAT hike on online sales from 5 per cent to 15 per cent would hamper the e-commerce sector. The imposition of a 27.5-per cent corporate tax on listed companies with less than 10-per cent public shareholding and the withdrawal of reduced tax rates for cashless companies are 'counterproductive' to capital market development, the trade chamber was cited as saying by domestic media reports. The sharp hike in value-added tax (VAT) on online sales from 5 per cent to 15 per cent would hamper the e-commerce sector, FICCI pointed out. Fibre2Fashion News Desk (DS)
