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Global Refugee Day Today

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In recognition of the annual Global Refugee Day, the world stands united in honoring the strength, courage, and unwavering resilience of millions of individuals forced to flee their homes due to conflict, persecution, and violence.

This day serves as a reminder to the international community of the urgent need to address the challenges faced by refugees and to seek inclusive solutions that uphold their rights and dignity.

As the number of forcibly displaced people reaches staggering figures, Global Refugee Day takes on an even greater significance this year. According to the latest report by the United Nations High Commissioner for Refugees (UNHCR), the global displacement figures have reached a record high of over 82 million individuals. Among them, nearly 26.4 million are recognized as refugees, while others are internally displaced or seeking asylum.

The day’s commemoration aims to raise awareness about the profound struggles faced by refugees while emphasizing their resilience, talents, and contributions to society. It provides an opportunity to highlight success stories and initiatives that promote their integration, self-reliance, and empowerment. By doing so, the international community can collectively work towards fostering a more inclusive and compassionate world.

global refugee day

Throughout the day, various events and activities are organized worldwide to bring attention to the refugee crisis. From panel discussions and film screenings to art exhibitions and cultural performances, these events offer platforms for refugees to share their experiences and for individuals to understand the challenges they encounter. Furthermore, governments, non-governmental organizations, and communities come together to advocate for policies that ensure the protection and well-being of refugees.

At the heart of Global Refugee Day lies the pressing need to address the root causes of forced displacement and to find sustainable solutions. Governments and humanitarian organizations must collaborate to prevent conflicts, mitigate their impact, and promote peaceful resolutions. Additionally, concerted efforts are required to tackle the underlying factors, such as poverty, inequality, and human rights abuses, which often drive individuals to flee their homes.

global refugee day

Recognizing that long-term displacement can have a devastating impact on individuals and communities, initiatives aimed at supporting refugees in their host countries are crucial. Access to quality education, healthcare, and livelihood opportunities is vital for refugees to rebuild their lives and contribute positively to their host communities. It is imperative that governments provide robust support systems that facilitate integration and ensure the fulfillment of refugees’ rights.

Global Refugee Day serves as a powerful reminder that refugees are not defined by their displacement but by their resilience and aspirations. Countless refugees have overcome tremendous obstacles to rebuild their lives and make significant contributions in various fields, including education, healthcare, science, art, and entrepreneurship. Their stories of strength and determination inspire others to stand in solidarity and create an environment that embraces diversity and inclusivity.

While Global Refugee Day offers an occasion to reflect and take action, the challenges faced by refugees extend beyond a single day. It demands sustained commitment and collaboration from governments, civil society organizations, and individuals worldwide. By joining forces and addressing the root causes of displacement, supporting refugees in their journey towards self-reliance, and promoting policies that protect their rights, we can create a more compassionate and just world for all.

global refugee day

On this Global Refugee Day, let us reaffirm our commitment to standing with refugees, amplifying their voices, and working towards a future where forced displacement becomes a distant memory. Together, we can build a world that embraces the inherent dignity and potential of every human being, regardless of their background or circumstance.

Read More: Fathers’ Day Today, Have I Done Enough to Earn A Smile from My Father?

In conclusion, Global Refugee Day serves as a poignant reminder that behind the statistics and numbers, there are real people, with hopes, dreams, and stories to share. It is a day to acknowledge the immense resilience and strength demonstrated by refugees worldwide, as they navigate unimaginable challenges in search of safety and a better future. By recognizing their contributions, advocating for their rights, and working towards inclusive solutions, we can create a world where compassion triumphs over adversity, and where every individual, regardless of their origin, finds a place to call home.

Global Refugee Day is a call to action for us all to stand together, united in our commitment to build a more compassionate and inclusive world for refugees and for future generations.

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Container rate surge enters longest stretch since the pandemic

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Container export

The spot rate for shipping goods in containers to Europe from Asia rose for a ninth straight week, the longest stretch of rising prices since the pandemic disrupted global supply chains in 2021.

The rate for a 40-foot container to Genoa, Italy, from China hit $7,029 over the past week, the highest level since September 2022, according to the Drewry World Container Index released Thursday. The cost to Rotterdam increased to $6,867. Both rates have essentially doubled since April.

For the busy trade route from Shanghai to Los Angeles, the rate rose for a seventh straight week, to $6,441.

While not all freight is moving at such elevated prices, the spot market for containers reflects the supply of available space on ships and the demand from importers. That balance has tightened during the past six months as vessels avoid the Red Sea, where Houthi rebels have attacked commercial traffic, including a bulk commodity carrier that sunk earlier this week.

Most container lines are taking the longer route around southern Africa, creating disruptions similar to those two or three years ago. Ryan Petersen, founder and chief executive officer of Flexport Inc., said “we’re right back almost to where we were during the peak Covid situation.” He’s seeing spot rates even higher than the numbers Drewry just reported.

“Right now, if you want to ship a container from China to here in the UK it will cost you about $10,000 unless you have a contract,” Petersen said during a Bloomberg Television interview in London on Thursday. “And by the way, most of those contracts that were signed at lower prices are not being honoured and they’re adding surcharges to them.”

Petersen said it’s hard to predict how long shipping prices will keep climbing, noting that carriers spent some of their record-high profits made during the pandemic on new vessels that are entering service through 2026, which should help ease the latest capacity crunch.

But he also said uncertainty about delivery reliability later this year is worrying some companies and motivating them to order now rather than wait. Among the threats is a dockworker strike at ports along the US East and Gulf coasts, which Petersen said might send container rates above their pandemic highs if cargo bound for those gateways is significantly disrupted.

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Why $12.2b export proceeds pending abroad in 9 months of FY24?

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When the country is in dire need of dollars amid a fast erosion of its foreign exchange reserves, $12.2 billion of its total export proceeds remained pending abroad in the first nine months of the fiscal 2023-24 – taking the gap between export receipts and shipment value to a historic high.

Bangladesh Bank data shows that export shipment value, as reported by the Export Promotion Bureau (EPB), was $40.8 billion in July-March of FY24. However, export receipts through the banking channel were $28.6 billion. The gap of $12.2 billion was reflected in trade credit, a component of the financial account of the country’s balance of payment statement.

The widening gap between export realisations and shipment value has put pressure on the country’s financial account, as it is reflected in trade credit. The deficit in the financial account reached a record high of $9.2 billion in July-March, compared to $2.9 billion in the same period of the previous fiscal year, according to central bank data.

Earlier in the FY23, export receipts fell short of the value of shipments by $12 billion, a historic high, raising concerns among the Bangladesh Bank. However, this figure may be even higher by the end of FY24 if the current trend continues.

When contacted, a senior executive of the Bangladesh Bank, involved in preparing the balance of payment statement, explained the rising trade gap, saying that they found a significant mismatch between the EPB-reported export data and the realisation of export proceeds.

The central bank is now working to find out whether export proceeds are not coming home or if there is a problem with the shipment value reported by the EPB, he said.

He added that if any mismatch is identified in accounting between the shipment and realisation values of exports, it will ease the pressure on the financial account.

When asked for an official comment on this matter, Bangladesh Bank Spokesperson Md Mezbaul Haque did not respond.

At present, trade credit reflects the highest negative value among all components of the financial account statement. Trade credit became negative $12.24 billion from July-March of FY24, compared to only $3.96 billion in the corresponding period of the previous year.

Central bank data shows that trade credit has turned significantly negative from positive since last fiscal year, with a widening gap between export shipment and realised value.

In the FY22, trade credit was a positive $311 million, and the financial account had a surplus of $16.6 billion.

Though the unrealised export value is rising, bankers have been experiencing a general trend in export repatriation.

When speaking to the news reporter, a senior executive of a private commercial bank said that the export repatriation trend is normal in his bank. He emphasised, “If exporters do not repatriate their proceeds, how will they run their factories?”

While common factors such as time lag and export bill discounts can account for mismatches between shipment and realised values, a senior executive at the Bangladesh Bank noted that the recent trend of unrealised export proceeds is unusually high.

The mismatch between export shipment and realised value has been notably pronounced over the last two years since FY22, following Bangladesh Bank’s decision to devalue the taka amidst a rising dollar crisis.

In the FY22, unrealised export proceeds reached $8.4 billion, with export receipts lagging 16% behind the shipment value of $52 billion, as disclosed by Bangladesh Bank data in the publication titled “Export Receipts of Goods and Services.”

Central bank data demonstrated that unrealised export proceeds ranged from 10% to 12% of the export shipment value between FY07 and FY21, with figures varying from $1 billion to $5 billion.

Responding to queries regarding the escalating value of unrealised exports during a monetary policy announcement event in June last year, Bangladesh Bank Governor Abdur Rouf Talukder explained that some exporters were deliberately delaying the repatriation of export proceeds to capitalise on currency devaluation.

He mentioned that exporters were permitted to retain export proceeds in their Export Retention Quota (ERQ) account, with a six-month time lag existing between shipment and receipt.

However, he expressed optimism that the Bangladesh Bank’s issuance of a circular to deter gains from devaluation would contribute to reducing the unrealised export value.

Earlier in March last year, the central bank issued a circular stating that exporters would be paid based on the dollar rate on the 120th day of export shipment, even if the proceeds came later. However, this circular seems to have had no impact on export repatriation.

Later, in another circular issued on 20 May, the Bangladesh Bank revised that policy, allowing exporters to receive the dollar rate on the day of encashing export proceeds. As a result, exporters will have an opportunity to receive the current dollar rate even if they encash the export proceeds after the 120th day.

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Dhaka, New Delhi Forge Vision for Digital and Green Partnership: PM Sheikh Hasina

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Prime Minister Sheikh Hasina announced today (June 22) that Bangladesh and India have agreed on a shared vision for a digital and green partnership aimed at ensuring a sustainable future for both nations.

In a joint statement before the media following her meeting with Indian Prime Minister Narendra Modi at Hyderabad House in New Delhi, Hasina said, “Both countries endorsed the ‘Vision Statement’ to guide us toward a peaceful and prosperous future. We agreed to have a shared vision for ‘Digital Partnership’ and ‘Green Partnership for a Sustainable Future.'”

The bilateral discussions covered a broad range of topics, including water sharing from common rivers, security, and trade. Hasina emphasized the importance of India as Bangladesh’s major neighbor, trusted friend, and regional partner, highlighting the deep historical ties since Bangladesh’s War of Liberation in 1971.

“Our relations with India are ever-growing at a fast pace,” Hasina noted. “Today, our two sides had very productive meetings where we discussed politics and security, trade and connectivity, the sharing of water from common rivers, power and energy, and regional and multilateral cooperation, among other issues of mutual interest.”

The Prime Minister added, “We agreed to collaborate with each other for the betterment of our people and countries.” She outlined a future course of action aimed at ensuring a smart Bangladesh by 2041 and a Viksit Bharat (Developed India) by 2047.

Hasina mentioned that several Memoranda of Understanding (MoUs) were concluded and renewed, with announcements made for future collaboration. She noted that recent years have seen sustained high-level engagements between the two countries, including visits by the Indian president and prime minister to Bangladesh in 2021 to celebrate significant milestones in Bangladesh’s history.

Reflecting on her own diplomatic engagements, Hasina recalled her last bilateral visit to India in September 2022 and her attendance at the G20 Summit in New Delhi in September 2023 as the leader of ‘Guest Country’ Bangladesh. “I am now visiting New Delhi for an unprecedented second time in the same month, June 2024,” she remarked.

Earlier this month, on June 9, Hasina attended the swearing-in ceremony of Prime Minister Narendra Modi and his new cabinet alongside other world leaders, further underscoring the close engagement between the two nations.

During her current visit, Hasina will also meet with the Vice President and the President of India. She expressed optimism that these meetings will provide deeper insights into enhancing bilateral cooperation.

“This is my first bilateral visit to any country after Bangladesh’s 12th Parliamentary Elections and the formation of the new government in January 2024,” Hasina noted, thanking the Indian government for their warm hospitality.

In her concluding remarks, Hasina paid homage to the Indian heroes who sacrificed their lives during Bangladesh’s War of Liberation in 1971, expressing gratitude for India’s contribution to Bangladesh’s independence. She also extended an invitation to Prime Minister Modi to visit Bangladesh at his earliest convenience.

 

 

 

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