Economy
IPD urge reducing Metro fares 30p to realize full benefit
The Institute for Planning and Development (IPD) inspired reducing the metro rail fares by 30 percent, in order for it to have the desired effect as a form of public transport.
Speakers from the IPD came up with the recommendation while addressing a virtual programs on ‘Metrorail in the sustainable plan of Dhaka: Prospective and ways’, held on Monday (26 December)
They said the Metro rail can indeed play a significant role in the communication and transportation system of Dhaka, as long as the fare is reasonable for all and accessibility of metro stations can be facilitated.
The middle-income people will use mass transport more and as a result, the authorities concerned should reduce the earlier-announced fares by 30 percent to ensure adequate passengers.
They also demanded 50 percent discounts for lower-income people, minimum wage earners and students, and to make it free for children up to five years.
They also said that the use of metro rail can be made effective through proper planning, ensuring the access of pedestrians, bus transit, community-based service, CNG autorickshaws, rickshaws, private cars and other vehicles in the metro rail stations.
This year, the government will inaugurate one segment of metro rail project and when the full project is opened next year from Uttara via Agargaon to Motijheel, a huge number of passengers will use it in a short period of time, which will bring a positive change in the transport system, said the speakers.
IPD also proposed to recover the expenditure of metro rail through ‘betterment and land development fees’, to make the metro stations commercially effective by building station plazas, to make an integrated corridor development management plan on both sides of the metro corridor and to make a sustainable and inclusive land use management plan covering 500 metres of metro stations.
Akter Mahmud, advisor to the IPD and Prof. of the Department of Urban and Regional Planning at Jahangirnagar University, said it is necessary to take up an initiative for land consolidation in and
around the metro rail stations. He also requested the users of the metro to not glue posters or dump waste here and there on the metro rail.
Ashraful Islam, Rajuk planner, said bus services, walkways and car parking systems must be maintained and developed to make the metro rail more effective.
Redwanur Rahman, a development expert, recommended taking up financial projects after specifying the commercial and advertisement areas of the metro stations.
IPD also suggested introducing a commuter service along Tongi-Airport-Banani-Tejgaon-Kamalapur-Narayanganj rail corridor.
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.
