Economy
ADB Pledges Continued Financial Support for Bangladesh’s Growth Trajectory
Asian Development Bank (ADB) Country Director Edimon Ginting stressed the urgency of Prime Minister Sheikh Hasina’s return for the future of Bangladesh during a meeting at the PM’s official residence, Ganabhaban. Quoting Ginting, PM’s Deputy Press Secretary K M Shakhawat Moon informed reporters that the ADB congratulated Sheikh Hasina on her re-election for the fourth consecutive term, expressing happiness at the continuous collaboration. Ginting expressed ADB’s readiness to work with Bangladesh, particularly in the energy sector and climate change initiatives. The ADB Country Director also expressed interest in expanding the Climate Rehabilitation Project in Cox’s Bazar, a sentiment Sheikh Hasina endorsed, urging similar projects in hill districts.
Sheikh Hasina emphasized ADB’s vital support for Bangladesh’s development, thanking them for their commitment of $3.6 billion in the previous year. ADB is presently funding 61 projects in seven major sectors of the Bangladesh economy. The Prime Minister urged ADB to address the graduation challenges, prioritizing logistics infrastructure and service delivery. Given climate vulnerabilities, she requested a larger share of ADB’s climate finances and the scaling up of grant and concessional climate finances. Sheikh Hasina thanked ADB for the recent approval of $400 million and suggested early discussions on upcoming budget supports for FY 2023-24 and 2024-25.
She expressed expectations for ADB to continue financing priority sectors, focusing on reducing the digital gap, enhancing trade competitiveness, transferring technologies, generating green energy, promoting climate-resilient agriculture, diversifying exports, developing smart cities, and enhancing skills. Considering the global economic impacts of the underlying war situation, Sheikh Hasina anticipated additional financial support, urging ADB to keep countercyclical and policy-based lending measures in its pipeline. Ambassador at Large M Ziauddin and Principal Secretary M Tofazzel Hossain Miah were present at the meeting.
ADB, a reliable development partner since 1973, has committed $32 billion to Bangladesh until December 2023, comprising loans of $31.4 billion and grants of $571.2 million, with total disbursements of $23.2 billion over the same period.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
