Economy
UK Conservative Party Chairman Congrats PM Sheikh Hasina on 4th Term
British Cabinet Minister and Chairman of the Conservative Party, Richard Holden MP, has extended congratulations to Prime Minister Sheikh Hasina on her fourth consecutive term in office following the 12th Parliamentary Election in Bangladesh. The congratulatory remarks were made during an event at the House of Lords, attended by Baroness Sandy Verma, President of the All-Party Parliamentary Group (APPG) on India (Trade and Investment), and Bangladesh High Commissioner to the UK, Saida Muna Tasneem.
The event, organized by the Bangladesh High Commission in London, commemorated the 52nd anniversary of the historic visit of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, to the United Kingdom on January 8, 1972. During this visit, Bangabandhu had meetings with then Prime Minister Sir Edward Heath and then Leader of the Opposition and two-time Prime Minister Sir Harold Wilson.
Minister Holden described Bangabandhu’s visit as a milestone in establishing diplomatic relations between Bangladesh and the UK. He acknowledged Bangabandhu’s lifelong struggle for the rights of the Bengali people, his imprisonment, and his leadership in achieving Bangladesh’s independence in 1971.
Several Members of Parliament (MPs) and Lords present at the event also congratulated Prime Minister Sheikh Hasina on her fourth term and praised Bangladesh’s remarkable growth and development under her leadership. High Commissioner Saida Muna Tasneem highlighted the significance of commemorating Bangabandhu’s January 8 visit to strengthen Bangladesh-UK relations.
High Commissioner of India in the UK, Vikram K Doraiswami, and Vice Chair of the All-Party Parliamentary Group on Trade and Investment, Lord Boateng, were among the special guests who expressed admiration for Bangabandhu’s leadership and the positive trajectory of Bangladesh’s democracy, growth, and development under Prime Minister Sheikh Hasina.
Eminent members of the British-Bangladeshi community shared fond memories of Bangabandhu’s historic visit during the event, contributing to the commemoration of this significant moment in Bangladesh-UK relations.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
