Economy
IOM-Harvard Report: Domestic Trafficking Accounts for Over 50% of Child Victims
A comprehensive report conducted jointly by the International Organization for Migration (IOM) and the François-Xavier Bagnoud Center for Health and Human Rights at Harvard University (FXB) has shed light on the alarming prevalence of child trafficking within national borders. The findings reveal that over 50% of child trafficking victims fall victim to exploitation within their own countries.
The study also uncovered a distressing trend in international trafficking, with children being predominantly trafficked to neighboring countries with greater economic prosperity. Among the child victims of trafficking, nearly half were subjected to forced labor, primarily affecting boys. These children were found to be employed in various sectors, including domestic work, begging, and agriculture. Additionally, the report highlighted the prominent issue of sexual exploitation, with approximately 20% of trafficked children, predominantly girls, being subjected to prostitution, pornography, and sexual servitude.
Entitled ‘From Evidence to Action: Twenty Years of IOM Child Trafficking Data to Inform Policy and Programming,’ the report revealed that child victims trafficked for sexual exploitation were often transported across international borders, while those trafficked for forced labor were more likely to be exploited within their home countries. Disturbingly, more than half of the child victims had family and friends involved in their recruitment, emphasizing the significant role played by trusted individuals in facilitating trafficking.
Irina Todorova, Head of the IOM’s Core Protection Unit, emphasized the multifaceted and evolving nature of child trafficking, stating, “The report shows that child trafficking is a truly global phenomenon, spreading and evolving across borders without regard to age, gender, or nationality.”
Further analysis of the report revealed that boys faced a higher risk of being trafficked compared to girls, with a significantly lower likelihood of being trafficked internationally. Victims with limited or no education were found to be over 20 times more susceptible to trafficking compared to those who had completed high school. Moreover, children from low-income countries were five times more likely to be trafficked as minors compared to victims from high-income countries.
The report serves as a stark reminder of the urgent need for robust policies and targeted interventions to combat child trafficking, protect vulnerable children, and dismantle the networks that perpetuate this global menace.
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.
