Economy
PM reiterates commitment to hold free, fair, neutral election
Prime Minister Sheikh Hasina has reiterated her commitment to holding a free, fair, and neutral election in the country, which is scheduled to take place either at the end of 2023 or early 2024.
During a meeting with the US Under Secretary for Civilian Security, Democracy, and Human Rights Uzra Zeya, the prime minister expressed her party’s long-standing dedication to ensuring transparent elections and stated that they have previously conducted such elections. Prime Minister Hasina emphasized the importance of people’s rights to choose their representatives and highlighted the Awami League’s continuous fight for these rights. She also pointed out that it was the opposition party, BNP, that initially engaged in vote rigging, a situation that has been rectified by her government through the introduction of transparent ballot boxes for future polls. Furthermore, the prime minister recalled the atrocities and acts of terrorism carried out by BNP and its allies between 2013 and 2015, resulting in the loss of 500 lives. She also mentioned the August 21 Grenade attack, during which members of the Awami League shielded her from harm.
Uzra Zeya commended Prime Minister Hasina’s commitment to holding a neutral, free, and fair election and stated that her country had introduced a new visa policy to support this objective. She assured that there was no bias towards any political party and reiterated the desire for an impartial electoral process. The discussion also touched upon the Rohingya crisis, with Uzra Zeya emphasizing the need for coordinated international efforts to facilitate the repatriation of forcibly displaced Rohingyas back to their homeland in Myanmar. The US undersecretary praised Bangladesh for hosting a significant number of Rohingya refugees and announced a contribution of approximately $74 million for operational costs in the Rohingya camps. Sheikh Hasina expressed concerns about human trafficking and anti-social activities occurring within the camps, which pose security risks to the country. Labor issues were also addressed during the meeting, with Uzra Zeya stating that the US would collaborate with Bangladesh on labor reform initiatives. Prime Minister Hasina highlighted her personal efforts in encouraging industrial owners to improve wages and other facilities for workers.
The meeting was attended by Prime Minister’s Private Industry and Investment Adviser Salman Fazlur Rahman, Foreign Secretary Masud Bin Momen, Prime Minister’s Office Secretary Mohammad Salahuddin, Bangladesh Ambassador to the United States Mohammad Imran, US Assistant Secretary of State for the Bureau of South and Central Asian Affairs Donald Lu, and US Ambassador Peter Haas.
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.
