Economy
Md Shahabuddin Chuppu to take oath as 22nd president on April 24
President-elect Mohammed Shahabuddin Chuppu will take oath on April 24 as the current President Abdul Hamid’s term is coming to an end on April 23.
Press Secretary Joynal Abedin told the news media that preparations are being made for the swearing-in ceremony of the new president as it will be held on April 24 at 11 am in Bangabhaban.
Awami League candidate Shahabuddin was elected unopposed in the presidential election. He will be the 22nd president of Bangladesh as the successor of Abdul Hamid.
Awami League General Secretary Obaidul Quader proposed the name of the presidential candidate while Joint General Secretary Hasan Mahmud supported it.
Born in Pabna in 1949, Shahabuddin is a brave freedom fighter.
During his student life, Shahabuddin served as an activist and president of Pabna district Chhatra League and later handled the responsibility of the Pabna Jubo League as the president. In 1971, he was the convenor of Swadhin Bangla Chhatra Sangram Parishad of Pabna district, and also actively participated in the Liberation War.
He was imprisoned following the brutal assassination of Bangabandhu Sheikh Mujibur Rahman in 1975. He was later appointed as the Law Ministry’s coordinator in the Bangabandhu assassination case.
In 1982, he joined the BCS (Judicial) Department, and in 1995, he was elected General Secretary of the Judicial Service Association.
He served as the chairman of the Judicial Inquiry Commission, which investigated murders, rapes, thefts, and other crimes by BNP-Jamaat alliance’s activists and leaders following the 2001 general election.
He also worked as a District and Sessions Judge and retired in 2006. He was a commissioner at Anti-Corruption Commission from 2011 to 2016.
In the previous National Council of Bangladesh Awami League, he served as election commissioner.
He earned his LLB from Rajshahi University in 1975, and completed his MSc from the same institution.
Md Shahabuddin’s wife Prof Dr. Rebecca Sultana is a former joint secretary of the government.
The current President Abdul Hamid is leaving Bangabhaban on April 24 after serving two consecutive terms.
The longest-serving president in the history of Bangladesh, Hamid was the acting president after the death of Zillur Rahman in March 2013. He was elected to his first term in April 2013 and re-elected to his current second term in 2018.
Hamid was elected as a member of parliament from the Mymensingh-18 constituency as the youngest person elected in the 1970 Pakistan general election. He was elected as member of parliament for Kishoreganj-5 constituency, from Awami League, in the general elections of 1973, 1986, 1991, 1996, 2001, and 2009.
For his contribution to the Bangladesh Liberation War in 1971, he was awarded the Independence Award in 2013.
After his term ends, Hamid may move to a house in Nikunjo in the capital, said his press secretary Joynal Abedin. However, two sources in the president’s family said that a flat in the Cantonment area is also being prepared for him.
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.
