Economy
Bangladesh seeks US to conclude extradition treaty
Bangladesh & US to complete the extradition treaty between them as early as possible to ease the process of deportation of Bangabandhu’s convicted killer Rashed Chowdhury to Bangladesh.
The appeal was made during a bilateral meeting between Bangladesh’s state minister for foreign affairs Md. Shahriar Alam and his US counterpart Deputy Secretary Wendy R Sherman at the state department in Washington DC on Friday, 7 October according to a message received in Dhaka.
During the meeting, Bangladesh’s junior minister urged the US government to expedite the deportation of Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s convicted and self-declared killer Rashed Chowdhury.
He said the issue of deporting killer Chowdhury is critically important to the people of Bangladesh and Prime Minister Sheikh Hasina herself for ensuring rule of law in the country.
Referring to the US sanctions on the RAB and its senior authorities, the state minister urged the US government to withdraw the sanctions asap.
Alam appreciated the US government for extending tremendous support to Bangladesh by delivering nearly 88 million COVID-19 vaccine doses to fight the pandemic.
He also expressed his sincere appreciation for the US humanitarian support to the Rohingyas in Bangladesh and Washington’s efforts to ensure the repatriation of forcefully displaced people to Myanmar.
He sought US support at the WTO on LDC-related matters so that countries like Bangladesh could attain a smooth and safe LDC graduation.
Alam expressed his government’s willingness to work more closely with the US on the issue of climate change and migration.
Hence, he drew the US’s attention to an action-oriented discussion on the issue of loss and damage in the upcoming COP-27.
The Deputy Secretary expressed deep condolences for the three Bangladeshi peacekeepers, who lost their lives in the Central African Republic recently. She lauded Bangladesh’s contribution to global peacekeeping.
Sherman reiterated continued collaboration with Bangladesh in its fight against terrorism and violent extremism.
She also appreciated Bangladesh’s high COVID-19 vaccination rate and measures undertaken by the government to fight and contain the pandemic.
The deputy secretary appreciated Bangladesh’s leadership role in climate change and encouraged Bangladesh to join the Global Methane Pledge prior to COP-27.
Noting the progress made in the labor sector in Bangladesh, Sherman emphasized upon strengthening cooperation between the two countries to increase bilateral trade.
The war in Ukraine, the issue of food and energy security and the next parliamentary election in Bangladesh were also discussed at the meeting.
Later on the day, Rear Admiral Eileen Laubacher, Special Assistant to the US President and incoming Senior Director for South Asia at the White House National Security Council, paid a courtesy call on the State Minister at the Bangladesh Embassy in Washington, D.C.
The issues including Bangladesh-US cooperation on counter-terrorism, RAB sanctions, Rohingya repatriation, Ukraine war and return of killer Rashed Chowdhury were discussed at the meeting.
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.
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