The government has again been urged to consider an emergency tax reduction for companies as tax payment appears burdensome for them amid economic fallout caused by the ongoing Covid-19 pandemic. Bangladesh is now facing a second wave of the pandemic. The pandemic containment measures taken by the government have had an adverse impact on earnings of the companies. Even many firms continue to struggle and face risk of insolvency due to disruption in production cycle and poor sales turnover, with...
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Last year, Bangladesh government signed a trilateral deal with Serum Institute of India (SII) and Bangladesh’s Beximco Pharmaceuticals Ltd to...
Healthcare workers are on the frontline to treat patients during this battle against the Covid-19 pandemic. Sadly, many healthcare workers across the world had lost their lives to Covid-19 and thousands contracted the virus while in the line of duty. Bangladesh first saw the Covid-19 death on March 18 and the first death of a doctor from the disease was reported on April 15. The country reported first three cases of Coronavirus on March 8, 2020, and it has so...
The government may allow private sector to acquire the coronavirus vaccine to ensure adequate supply of doses for Bangladesh population, official sources said. They said two local companies have already started negotiations with vaccine manufacturers in UK, Russia and China after getting green signal from local authorities. Bangladesh expects to receive its first batch of Covid-19 vaccines by February which people will receive free of charge, officials said. Earlier, the government signed a deal with the Serum Institute of India to...
Biman Bangladesh Airlines has sought waiver of Tk 2,133 crore debt that it owed to Bangladesh Petroleum Corporation (BPC) as outstanding fuel bills. The state-owned airline recently wrote to the Ministry of Finance appealing that its arrear bills to the BPC be written-off.BPC’s Padma Oil Company has been supplying jet fuel to Biman under special directives of the government. But Biman has not paid a single penny to BPC for the last eight years showing losses.In the last eight years,...
Excess liquidity continues to pile up in the banks amid economic downturn caused by Covid-19 pandemic. The amount of surplus liquidity stood at Tk 1.60 lakh crore as on August, according to Bangladesh Bank (BB).The excess liquidity in banks stood at Tk 1.40 lakh crore in June.Admitting the matter, Ali Reza Iftekhar, Managing Director and CEO of Eastern Bank Limited said, “Majority of the banks has surplus liquidity created by various supportive measures from the central bank. A sluggish economic...
The government will once again keep the provision of whitening of black money in the forthcoming national budget in a bid to attract more investment and revenue generation.“The scope to whiten black money will be there in the upcoming budget also. The scope will be there as long as undisclosed incomes will remain there,” said Finance Minister AHM Mustafa Kamal.The minister disclosed the information at a press briefing after a meeting of the cabinet committee on public purchase on Wednesday.The...
The construction work of Rapid Bus Transit (BRT) Line-3 project moves at snail’s pace, owing to multifarious problems including management of a massive quantity of industrial waste, huge traffic and waterlogging.At least six workers, including three Chinese nationals, involved in construction of the project were injured as a launching girder fell on them while they were working near Dhaka airport on Sunday.The accident took place around 10:30am, hours after a pier cap of an elevated section of the same BRT...
Trade officials hope for a major breakthrough in reinstating GSP facility for Bangladeshi goods to the American market taking advantage of renewed Dhaka-Washington ties under new administration of President Joe Biden.“The new US administration led by Joe Biden is expected to restore Bangladesh’s GSP facility considering its overall progress in the areas of labour rights and workplace safety in local garments industry,” a senior Commerce Ministry official told The New Nation yesterday asking not to be named.He said Bangladesh looks...
Bangladesh obtained US$ 4.25 billion as loans from multilateral lenders and bilateral partners in the last six months (April-September) amid the coronavirus. Of this, $2.87 billion foreign loans were obtained during April-June, and $1.38 billion during July-September, according to an official figure.Officials said that the government had to raise the funds to address the health and socioeconomic crises inflicted by Covid-19 pandemic. Earlier, the government sought a record $4.5 billion foreign loans from donors to help Bangladesh’s economy recover from...
Bangladesh has sought U$500 million loan from the World Bank for procurement of Covid-19 vaccine.The funds will be used for...
Bangladesh’s apparel industry, which contributes to over 80 per cent of the nation’s total export, is facing an uncertain future following the Covid-19 pandemic.The industry has already lost $6 billion export revenues due to cancellation or suspension of orders from some of the world’s largest brands and retailers.The cancellation of orders was the result of the lack of demand from the US and European markets, following the closure of hundreds of shops, owing to the pandemic-centric lockdown.The pandemic also forced...
