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World Bank

Bangladesh signs China-led Asian bank MoU

Bangladesh signs China-led Asian bank MoU

Twenty one Asian countries, including Bangladesh, signed a Memorandum of Understanding (MoU) on establishing the China-led Asian Infrastructure Investment Bank (AIIB) today with three major countries skipping the event. Australia, Indonesia and South Korea skipped the launching ceremony as the United States said it had concerns about the new rival to Western-dominated multilateral lenders,...

Political motivation behind WB scrapping of Padma fund: PM

Political motivation behind WB scrapping of Padma fund: PM

  Prime Minister Sheikh Hasina today said that the World Bank scrapped its promised fund for the Padma bridge project after it was politically motivated by certain quarters. "World Bank could not even give us any proof in support of its claims of corruption in the project," the PM said at a meeting with railway...

Eid festivals clock up Tk 92,820cr in retail sales

Bangladesh recorded retail sales of $10-12 billion (Tk 77,350-92,820 crore) during the last two Eid festivals, which took place within a span of three months, according to the World Bank. Consumer confidence was buoyed by a stable political climate, said Zahid Hussain, a lead economist for the WB. “This will contribute to the GDP,” he said while making a presentation on the country's economy yesterday. Combined retail sales during the last two religious festivals were equivalent to at least 10 percent of...

WB stresses continuous efforts to reform garment sector

WB stresses continuous efforts to reform garment sector

Bangladesh must continue its efforts to reform the garment industry to boost higher exports, World Bank said yesterday. “Progress in improving workplace compliance is on track but more needs to be done in order to fulfil the commitment of raising it to international standards,” WB said in a report, Bangladesh Development Update. The government has...

Domestic Eid trade reaches $12bn: WB

Domestic Eid trade reaches $12bn: WB

Retail trade in Bangladesh's domestic market during the last two Eid festivals reached a staggering total of US$12 billion, the World Bank said today, pointing out a rise in internal demand. The global lender disclosed this while releasing a report on Bangladesh development update this morning. "The GDP (gross domestic product) growth in the running...

Bangladesh to join China-led Asian bank Oct 24

Bangladesh to join China-led Asian bank Oct 24

Bangladesh will ink an agreement of the proposed China-led Asian Infrastructure Investment Bank on October 24, a finance ministry official told The Daily Star. A delegation of the ministry will leave Dhaka for Beijing on October 22 to join as a member of the bank that will focus on infrastructure development and connectivity within...

Inflation slips to 20-month low

Inflation slips to 20-month low

Inflation came down to a 20-month low of 6.84 percent in September, giving hope to the government of meeting this fiscal year's target. Good rice production and low interest and exchange rates account for the slide. Inflation was 6.91 percent in August. “It is a change in the right direction,” said Zahid Hussain, a lead...

Global finance leaders pledge bold efforts

Global finance leaders pledge bold efforts

World financial leaders on Saturday promised "bold and ambitious" action to boost a global recovery that has shown recent disturbing signs of weakness. That pledge from the International Monetary Fund's policy-setting committee comes after a week of stomach-churning swings in the financial markets triggered by growing fears that parts of Europe could be in...

Number Plates and RFID Tags

Taxpayers get no service

Taxpayers get no service

Zillur Rahman lost his car minutes after he parked it at the TSC on Dhaka University campus on June 8 evening. He rushed to Shahbagh Police Station nearby, and a wireless message was dispatched about the theft. He also talked to a few top police officials until midnight asking for help to find the car. Zillur, a consultant at the World Bank, tried to contact the BRTA (Bangladesh Road Transport Authority) Elenbari office in Tejgaon, which is equipped to track vehicles, but failed as the office was closed by then. The next morning, he went to the office again. But BRTA officials were of no help; they suggested that he ask...

Most WB projects are on track

Most WB projects are on track

The World Bank found that 70 percent of its projects in Bangladesh are on track and officials attributed the success to regular review by implementing agencies and the global lender. The WB will review progress of its 34 ongoing projects at a two-day meeting beginning today to identify the problems the sluggish projects are...

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