Economy
Agargaon-Motijheel Metro Rail Service to Commence in Sept, Oct
In an eagerly anticipated announcement, Road Transport and Bridges Minister Obaidul Quader disclosed on Saturday morning that the metro rail services connecting Agargaon and Motijheel in the capital city of Dhaka are scheduled to commence operations in either September or October of this year.
The minister made this revelation during a press briefing following the inauguration of the Bus Rapid Transit (BRT) project’s Uttara House Building to Cherag Ali section, spanning an impressive distance of 4.5 kilometers, for public use.
Minister Quader expressed his optimism, stating that the Jashimuddin Road section of the BRT project near the Hazrat Shahjalal International Airport (HSIA) will be promptly opened for vehicular movement ahead of the upcoming Eid-ul-Adha festivities, facilitating smooth transportation during the anticipated holiday rush. The initiative aims to alleviate congestion and ensure convenient travel for the public.
With remarkable progress achieved thus far, Minister Quader further informed that approximately 20.5 kilometers of the BRT project is expected to become fully operational by September or October, offering commuters an enhanced transportation experience within Dhaka.
Excitingly, Minister Quader also revealed plans for the inauguration of the Dhaka Elevated Expressway, extending up to Tongi, ahead of the national elections slated for later this year. This strategic move will not only enhance connectivity but also contribute significantly to the overall infrastructure development of the region.
As anticipation mounts, the countdown begins for the launch of the Agargaon-Motijheel metro rail services, which are poised to revolutionize commuting in Dhaka and provide residents with a reliable and efficient transportation solution. With the BRT project’s expansion and the impending inauguration of the Dhaka Elevated Expressway, the capital city is set to witness a significant transformation in its urban mobility landscape.
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.
