Economy
PM Hasina asks nation to stay alert against anarchy ahead of next election
Prime Minister Sheikh Hasina on Friday (6 January) asked the people to remain vigilant against the anti-liberation clique which has started plotting to seize power through the backdoor ahead of the next general election.
“I would like to urge everyone to keep a watchful eye so that none can snatch away the rights of the people through conspiracy. At the same time everyone should be alert so that none could create anarchy and damage the lives, livelihood and properties of the people in the name of movement,” she said.
Hasina said the next national election will be held at the end of this year or early next year. But the anti-liberation, power-hungry plunderers of public assets have already active in creating anarchy.
“Their aim is to create a chaotic situation and seize state power through the backdoor, and impede the progress of democracy too,” she said in her 25-minute speech delivered at 7:30 pm.
The premier, who is also the president of the ruling Awami League, said the conspirators have employed hired intellectuals and statement-givers at home and abroad with looted money to malign Awami League. “They are trying to mislead people by spreading libels, false and fake information through social media. Don’t be misled by their falsehoods,” she said.
She requested the political parties and institutions that believe in democracy and the rule of law not to allow and fuel any weird idea (mooted by the cliques ahead of the next election) that would undermine the constitutional process.
“We expect a free, fair and impartial election (to be held next time),” she said, adding that this is the first time a law has been enacted in Bangladesh to constitute an Election Commission.
She said the current Election commission has been constituted under that law through a search committee. “The Election Commission was given financial independence. The Commission is working independently and will continue to do so in the future. The government will continue providing all assistance to the Election Commission for holding fair and peaceful elections,” she added.
She said Awami League is a party of the people that believes in the peace of the people and the power of the people. “If the people make the party winner by voting for it, Awami League will continue to discharge the national responsibility of building the country. If they don’t make it the winner, then we will go to the line of the people. But wherever we are, we will serve the people,” she added.
On the occasion of the 4th anniversary of her current regime, the prime minister extended her sincere greetings and congratulations to the citizens at home and abroad. She also wished them a very happy Christian New Year of 2023.
Focusing on the progress of the country during her governments since 2009, she said the image of Bangladesh has become brighter in the world arena in the last 14 years.
“Today none treats Bangladesh as a country of floods, droughts and disasters. Bangladesh is now an emerging economy and a role model for development,” she said.
PM Hasina said Awami League has been in the charge of governing the country for 14 years in a row after the formation of government in 2009.
“Our country has progressed a lot. But we have to take it forward further. Achieving a developed and prosperous Bangladesh is our goal. After building Digital Bangladesh, our next goal is to build a Smart Bangladesh,” she said.
She said the use of robotics, artificial intelligence, nanotechnology, genetic engineering, biological technology and digital devices will be ensured in all fields including the industrial, trade-business, health, education and agriculture sectors in a bid to build Smart Bangladesh, having smart government, smart population and smart industrial factories. “Emphasis has been placed on research in all areas,” she added.
The PM focused her government’s successes in bringing the cent percent population under electricity coverage, strengthening road and rail connectivity, increasing food production, implementation of different large projects including Padma Bridge, metro-rail, Bangabandhu Tunnel under Karnaphuli River, Rooppur Nuclear Power Plant, Dhaka-Mawa-Jajira Expressway, Bangabandhu-1 Satellite, 16-km Dhaka Airport-Kutubkhali Elevated Expressway projects, and setting up 100 economic zones.
She said the prices of daily essentials including fuel have soared also in Bangladesh as it happened at abnormal rates in the world due to the Russia-Ukraine war following the Covid-19 pandemic, sanctions and counter-sanctions imposed by the Western countries and Russia.
“We are purchasing some commodities at higher prices and distributing those at lower prices to the people with limited incomes,” she said adding that 10 million families can purchase rice at Tk 30 per kg and edible oil, pulses and sugar at affordable rates through TCB’s fair price cards, while five million families can buy rice at Tk 15 per kg in a month.
The PM depicted the present scenario of Bangladesh in different social and economic indicators, comparing to the situation 16 years ago at fag end of BNP-Jamaat alliance rule.
She said the per capita income increased to US$ 2,824 now from US$ 543 in the 2005-2006FY, while poverty rate declined to 20 percent from 41.5 percent, the average life expectancy increased to 73 years from 64.5 years and the literacy rate to 75.2 percent from 45 percent.
She said the GDP increased to US$ 460.75 billion in 2021-22FY from only US$ 60 billion, the size of national budget to Tk 678,64,000 crore in the 2022-23FY from Tk 61,057 crore, the export earnings to US$ 52.08 billion in 2021-2022FY from US$ 10.52 billion, and the remittance inflow went up to US$ 22.07 billion in 2021-22FY from only US$ 4.80 billion.
She said the reserve of foreign currencies increased from only US$ 3.5 billion in 2005-06FY to US$ 48 billion in 2021, but declined to US$ 34 billion now due to the global economic downturn and high inflation. Still Bangladesh has a sufficient reserve to meet the five-month export expenditures, she added.
The PM said the allocation against the social safety net programmes rose to Tk 113,576 crore in the current fiscal year from only Tk 373 crore in 2005-2006FY, while the subsidy to the agriculture sector went up to Tk 40,000 crore from Tk 592 crore.
She said the electricity generation capacity has increased to 25,826 megawatt now from only 3,600 megawatt at the end of BNP-Jamaat regime and the population under the electricity coverage to 100 percent from only 45 percent in the same period. “We ensured electricity facilities to cent percent people in 2022. We illuminated all the houses,” she said.
Hasina said Bangladesh is currently the 41st largest economy in the world. Today, Bangladesh has graduated to a developing country from a least developed country, she said.
Noting that Bangladesh has attained a revolutionary development in the communication sector, she said her government constructed and reconstructed hundreds of highways as well as bridges over major rivers, including Padma Bridge, Bangabandhu Jamuna Bridge, Teesta Bridge, Payra Bridge, 2nd Kanchpur Bridge, 2nd Meghna Bridge, 2nd Gomti Bridge in the last 14 years in order to establish an uninterrupted road and rail connectivity.
PM Hasina said some 100 bridges were simultaneously opened in a single day in November last, while some 100 roads were inaugurated simultaneously in a day in December last.
“This is a unique achievement in the development history of the country,” she said, adding that some 718 kilometers of highways have been upgraded to four or above lanes in the last 14 years.
“Today, the people have started reaping the benefits of our visionary plans,” she said
Noting that Father of the Nation Bangabandhu Sheikh Mujibur Rahman dreamt of building an exploitation-and- deprivation-free Sonar Bangla (golden Bengal), she urged all to come forward to realize his dream by building a happy-prosperous non-communal Bangladesh.
“Let’s work to build a smart country and bring smiles on the faces of the common people of this country,” she told the nation.
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.
