• Tuesday, September 16, 2014

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World Bank

State banks must come under central bank governance: WB

The World Bank yesterday recommended the government delegate the control of state-backed banks to the central bank for better supervision. Supervision of the banking sector is shared between the central bank and the banking and financial institution division under the finance ministry. Bangladesh Bank regulates private banks while the banking division looks after the eight state-run banks, some of which have been plagued by several financial scams in recent times. "That is probably not a good way to regulate the banking sector,"...

A poor man's fruit: Now a miracle food!

JACKFRUIT is a very popular fruit in Bangladesh, though not appreciated by all alike. It is sweet, delicious, juicy and very tasty. Jackfruit with rice and milk is a great traditional delicacy in the summer. Because of its popularity, it has been named the national fruit of Bangladesh. Known as the poor man's fruit, jackfruit is now considered as a miracle food of south and south-east Asia as it is likely to save millions of people from starvation when major...

Political stability key to garment export growth: economist

Political stability key to garment export growth: economist

Long-term political stability is necessary for the continued growth of garment exports, a World Bank economist based in Dhaka said yesterday. “We need a stable political situation for sustained growth of garment exports,” Zahid Hussain, lead economist of the WB's local office, said at a discussion on textile and garments, TexApp Bangladesh. CEMS Global, an...

Padma corruption probe laid to rest

Padma corruption probe laid to rest

In a controversial move, the Anti-Corruption Commission yesterday cleared all accused in the Padma bridge corruption conspiracy case though the World Bank gave the ACC primary evidence and a trial is on at a Canadian court in this connection. "None has been found guilty. The commission will submit its final report to the court,"...

World Bank and rights of indigenous people

THE World Bank's neglect of human rights of the poor and disadvantaged in general and that of the indigenous people in particular has been as well-known as disturbing. However, it is appalling that instead of making any serious effort to improve, it is reportedly moving further down the road to worsen its own records. As a part of an exercise to review the Bank's Safeguard Policies and Environment and Social Framework, meant to prevent adverse implications on people and environment...

IFC launches $2.5b bonds for India projects

The World Bank's private-sector financing arm on Wednesday launched $2.5 billion, rupee-denominated, bonds in the Indian market to fund infrastructure projects, after raising $1 billion in offshore bonds for the sector last year. The International Finance Corporation's (IFC's) bond programme comes at a time when both the Indian government and the Reserve Bank of India are stepping up measures to attract global investors to deepen the local bond market. "Bonds offered under IFC's rupee financing programme offer a safe investment alternative...

Current account surplus erodes

Current account surplus erodes

The current account surplus eroded 35 percent year-on-year in fiscal 2013-14 despite the narrowing of trade deficit. Last fiscal year, the current account, which reflects the country's net income, stood at $1.55 billion in the surplus in contrast to $2.39 billion the previous year. The trade deficit shrank 2.89 percent to $6.8 billion on the...

Chinese firm hid info in Padma bid

Chinese company Sinohydro, which might bag the contract for $780 million Padma river training, has admitted to the government that it is under temporary suspension by the World Bank over an accusation of fraud. The company held back this information while placing its financial bid for the river training work of the Padma Bridge Project on June 19. Backed by an influential political lobby, Sinohydro offered a price of around Tk 8,778 crore, about Tk 4,000 crore less than the sums...

Will the BRICS Bank and Fund boost Global South?

THE 6th Summit of the BRICS took place last week in Fortaleza, Brazil with two landmark decisions, viz., to form a BRICS Bank and a Contingency Reserve Arrangement (CRA or the BRICS Fund) and bring them into operation by 2016.Initiated in mid-2009, BRIC became BRICS in 2010 when South Africa joined Brazil, Russia, India and China to form a grouping of 5 large emerging economies.  The key objective of the grouping was to have a bigger say in the...

Procurement reforms off to a good start

Procurement reforms supported by the World Bank have made an encouraging start as online bid invitations by government agencies went up by a staggering 571 times since its inception two years ago. The number of electronic bid invitations for public procurement grew to over 8,000 in May 2014 from only 14 in June 2012, the WB said in a statement yesterday.   Similarly, the number of registered bidders for the electronic government procurement (e-GP) grew by 30 times to 8,900 in...

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