Economy
Bangladesh to Celebrate Eid-ul-Adha on June 29
In an eagerly awaited announcement, the National Moon Sighting Committee declared that the holy festival of Eid-ul-Adha will be celebrated throughout Bangladesh on June 29. The decision was made during a meeting held at the prestigious Baitul Mukarram National Mosque in the capital city, Dhaka, following the sighting of the Zilhaj moon on Monday evening within the territory of Bangladesh.
Chaired by MD A Hamid Zamadder, the Secretary of the Ministry of Religious Affairs, the committee discussed and confirmed the sighting, setting the stage for the joyous commemoration of Eid-ul-Adha. This religious occasion, considered the second largest festival in the Islamic calendar, holds immense significance for Muslims worldwide.
Eid-ul-Adha, also known as the Feast of Sacrifice, falls on the 10th day of Zilhaj, the final month of the Islamic lunar calendar. It commemorates the story of Prophet Ibrahim’s willingness to sacrifice his son, as an act of obedience to Allah. Muslims engage in various rituals during this period, including the offering of animal sacrifices, sharing of festive meals, and charitable acts.
The announcement has sparked excitement and fervor among Muslims across Bangladesh, as preparations for the upcoming Eid-ul-Azha festivities are set into motion. Families will come together to exchange greetings, visit mosques for special prayers, and adorn traditional attire, symbolizing unity and joy.
With the much-anticipated Eid-ul-Adha approaching, individuals are making necessary arrangements to ensure a memorable celebration. Markets are abuzz with shoppers seeking new clothes, accessories, and delicacies to enhance the festive spirit. The sacrificial animal marketplaces are also witnessing a flurry of activity, as people select livestock for their symbolic sacrifices.
As the date draws near, communities are organizing various cultural and social events to embrace the spirit of Eid-ul-Adha. Volunteer groups and charitable organizations are actively engaged in distributing meat and essential items to the less fortunate, reinforcing the spirit of generosity and compassion that permeates this sacred occasion.
Eid-ul-Adha serves as a time for reflection, gratitude, and togetherness, reminding individuals of the values of sacrifice, devotion, and solidarity. The forthcoming celebrations on June 29 promise to be a vibrant and meaningful experience, bringing joy and blessings to the people of Bangladesh as they join Muslims around the world in observing this significant religious festival.
Prime Minister Sheikh Hasina has reaffirmed her government’s unwavering commitment to implementing the Sustainable Development Goals (SDGs), even in the face of challenges posed by the Covid-19 pandemic, the Ukraine war, and the climate crisis. She made this declaration during a meeting with Helen Clark, Chair of the Partnership for Maternal, Newborn and Child Health (PMNCH), at the United Nations Headquarters.
As part of her commitment to healthcare services accessibility for all citizens, PM Sheikh Hasina mentioned the implementation of the National Health Sector Strategic Plan (2011-2030) and a 27% increase in healthcare sector allocations for the current fiscal year 2023-24.
Helen Clark commended Bangladesh’s exceptional progress in healthcare under Prime Minister Sheikh Hasina’s visionary leadership, citing the nation’s remarkable achievements in reducing maternal and child mortality rates and ensuring universal healthcare services.
Bangladesh’s economy is anticipated to expand by 6.5% in fiscal year 2024, reflecting an improvement in domestic demand and enhanced export growth, as per the recent Asian Development Bank (ADB) report titled “Asian Development Outlook (ADO) September 2023.” This growth projection is slightly higher than the 6.0% recorded in the previous fiscal year, driven by a recovering euro area.
Inflation is predicted to decrease to 6.6% in the current fiscal year, down from 9.0% in FY2023. Additionally, the current account deficit is expected to narrow marginally, from 0.7% of GDP in the previous fiscal year to 0.5% in FY2024, thanks to improved remittance growth.
The report identifies the main risk to this growth projection as a potential deterioration in export growth if global demand remains weaker than anticipated.
ADB Country Director Edimon Ginting commented on the government’s effective management of external economic uncertainties, highlighting ongoing infrastructure development and crucial reforms aimed at enhancing the investment climate. These structural reforms encompass bolstering public financial management, mobilizing domestic resources, optimizing logistics, and deepening the financial sector to foster private sector growth, diversify exports, and create productive employment opportunities in the medium term.
The report also underscores the importance of addressing climate change by expanding domestic renewable energy supply in the context of elevated oil prices.
The revival of private consumption, driven by moderate inflation and increased remittances, coupled with the completion of significant government infrastructure projects boosting investment, is expected to stimulate economic growth. However, the initial uptick in interest rates following adjustments to the country’s monetary policy framework may temper private investment.
Inflation is projected to ease due to lower global non-fuel commodity prices, increased agricultural production, and the initial tightening of monetary policy under the new framework.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the country’s foremost trade organization, has joined hands with the Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) to bolster business and investment opportunities and narrow the trade deficit between Bangladesh and Malaysia. Both organizations aim to facilitate the export of skilled labor from Bangladesh to Malaysia, a crucial labor market for the nation.
During a courtesy meeting at the FBCCI Icon in Dhaka on September 19, 2023, FBCCI President Mr. Mahbubul Alam expressed these intentions while meeting with a BMCCI delegation, led by its President, Syed Almas Kabir. The collaboration between FBCCI and BMCCI seeks to address Bangladesh’s substantial trade deficit through Free Trade Agreements (FTAs), Preferential Trade Agreements (PTAs), and other trade mechanisms. Both organizations are committed to working together to tackle this issue.
The meeting was attended by FBCCI Director Hafez Hazi Harun-Or-Rashid (CIP), Mohammad Nizam Uddin, BMCCI Senior Vice President Mr. Sabbir Ahmed Khan, Vice President Mr. Jamilur Rahman, BMCCI Secretary General Mr. Md. Motaher Hoshan Khan, Director Mr. Mamunur Rahman, and other dignitaries.
