Economy
Govt to take huge development plan for major cities
Different development officials in big cities including the capital, Dhaka, are working on a compact plan to deal with rapid urbanization.
According to a report, the city development officials are wrapping up plans for better housing, management of parks and water bodies, elimination of traffic congestion and waterlogging.
The preparation of the Detailed Area Plan (DAP) by Rajdhani Unnayan Kartripokkho (Rajuk) for the periods from 2016 to 2035 is at the final stage, it says.
An earthquake vulnerability assessment for the buildings in Dhaka city is also going on under the Urban Resilience Project, it says.
A study project titled “Preparation of Chattogram Metropolitan Master Plan (2020-2041)” is being implemented by Chattogram Development Authority.
Rajshahi Development Authority has prepared a master plan to be implemented in four stages over 20 years.
Hence, the drafting of the ‘Urban and Regional Planning Act’ is underway, aimed at planned urbanization across the nation.
In Dhaka, excavation and development of a 100-foot-wide canal on both sides of Kuril-Purbachal Link Road and a 12.3-km, 14-lane road are being built, which includes 5 intersections, 13 arch bridges and 4 underpasses and widening of 6 bridges.
Besides, construction of a 6.18-km road with 4 bridges, spanning from Notun Bazar area of Dhaka to the Balu River along Madani Avenue is going on under Rajuk.
The report says cleaning and re-excavation of 35 canals are underway in Chattogram to help relieve the city from waterlogging.
Construction of a 16.50-km flyover from Lalkhanbazar to Shah Amanat Airport in Chattogram is also underway.
Additionally, the construction of 15.20-km ring road project to reduce traffic congestion in Chattogram city is nearing completion.
The use of modern and eco-friendly blocks, as an alternative to bricks, is being motivated by the government to ensure sustainable development, according to the official papers.
It says that work is underway to build a pilot plant for making eco-friendly ‘Autoclave Aerated Concrete Panel’.
As a result, it is expected that the implementation of the government’s policy of reducing the use of bricks to zero by 2025 will be accelerated.
On top of it, steps have been taken for ensuring the use of rapid building construction technology in line with the construction engineering followed in the developed world, preferring high-rise buildings to ensure optimal use of land.
The plan also envisages making the construction industry modern and sustainable through the maximum use of local materials, technologies and skilled manpower.
It is bringing old government buildings under earthquake resistance system (seismic retrofitting) according to the needs and importance.
The plan will also make all government buildings environment-friendly, energy-efficient and rich with green technologies by minimizing the use of fossil fuels and increasing the use of renewable energy, the document says.
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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