Economy
Japan Grants 472 Million Yen to Bangladesh for HR Dev. Scholarship Program
The governments of Bangladesh and Japan have solidified their commitment to the implementation of “The Project for Human Resource Development Scholarship (JDS)” through the signing of an Exchange of Notes and Grant Agreement. In a recent press release, it was announced that Japan has granted ¥472 million (equivalent to approximately USD 3.38 million) to support the project in Bangladesh. The primary objective of this grant is to facilitate the education and professional growth of Bangladeshi officials while strengthening bilateral ties between the two nations.
The Exchange of Notes was signed by Sharifa Khan, the Secretary to the Economic Relations Division (ERD) under the Ministry of Finance, and IWAMA Kiminori, the Japanese Ambassador to Bangladesh. Additionally, ICHIGUCHI Tomohide, the Chief Representative of JICA Bangladesh, signed the Grant Agreement on behalf of the Government of Japan.
“The Project for Human Resource Development Scholarship (JDS)” has been operational since 2001 under the supervision of the ERD and is set to continue until 2025. The recently granted funds will be specifically dedicated to providing scholarships to various groups, including BCS cadre officers, Bangladesh Judicial Service officers, First Class Officers of the Legislative and Parliamentary Affairs Division, and officials from Bangladesh Bank.
Beneficiaries of the scholarship program will have the opportunity to pursue Master’s and PhD courses at esteemed universities across Japan. The project has already facilitated the academic accomplishments of 414 officials who have successfully completed their Master’s degrees, while five officials have attained PhD degrees from reputable Japanese universities.
This grant highlights Japan’s commitment to supporting the human resource development of Bangladesh and fostering stronger ties between the two nations. The scholarships provided through “The Project for Human Resource Development Scholarship (JDS)” will undoubtedly contribute to the professional growth and capacity building of Bangladeshi officials, ultimately benefiting the country’s overall development.
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.
