Author: Redoy K

Bangladesh’s debt-to-GDP ratio is set to cross 40% in the current fiscal year as the government continues borrowing amid lower revenue collection. It was 39.8% in FY2022-23 and is forecast to reach 41.41% in FY2023-24, according to an IMF report. While the debt burden rises, revenue earnings remain low at around 8-9% of GDP. Economists warn the high debt could be risky if revenue growth doesn’t pick up and the dollar crunch persists. They recommend raising revenue and reducing wasteful expenditure to lessen debt risks.

Here’s a summary of the news in around 80 words:

Four Bangladeshi women – Yeasmin Begum, Ayesha Hasan, Soma Begum, and Kulsuma Akter – were murdered by their husbands in the UK within the last two years over family feuds. Two perpetrators received prison sentences of 33 and 21 years respectively, while two cases remain under trial. These incidents have raised concerns among Bangladeshis living in the UK. Syeda Choudhury, a London councilor, cited economic strain, drug addiction, and gambling as major reasons behind the rise in domestic violence within the community. Photo Collected

The National University has suspended classes at all colleges under its jurisdiction due to the extreme heat wave until further notice. Additionally, the government has extended the closure of all schools and colleges across Bangladesh until April 27 in response to the ongoing heat wave conditions. This decision comes after the meteorological department issued a three-day heat alert for the country. Earlier, primary schools had also been closed for seven days until April 27 due to the intense heat. The educational institutions were initially scheduled to reopen on April 23 after Ramadan and Eid holidays. Photo Collected

Bangladeshi expatriates in San Antonio, Texas, celebrated Eid-ul-Fitr and Pahela Baishakh with great fervor. The Bangladeshi Association in San Antonio (BASA) organized events showcasing Bengali culture, including traditional songs, dances, and cuisine. BASA also recognized the academic achievements of 15 Bangladeshi students by presenting scholarships and awards. Despite being thousands of miles away from their homeland, the Bangladeshi community in San Antonio remains committed to preserving their cultural heritage and fostering a sense of unity and belonging.

During the Eid vacation from April 4 to 18, a staggering 407 people lost their lives and 1,398 were injured in 399 road accidents across Bangladesh, according to the passenger welfare association. Motorcycles were involved in nearly 50% of the accidents, resulting in 165 fatalities and 240 injuries. The association compiled the accident data from media reports and the national orthopedic hospital. Additionally, 24 deaths and 21 injuries occurred in 18 rail accidents, while 7 fatalities and 5 injuries were reported in river routes during the same period. Photo Prothom Alo

UN experts expressed dismay over the situation of Bangladeshi migrants in Malaysia, who paid exorbitant fees to recruiters, ending up in debt bondage. They raised concerns about criminal networks operating between the two countries, deceiving migrants with fake job offers. The experts alleged high-level officials’ involvement, calling it unacceptable. Each migrant reportedly paid around Tk 500,000 for jobs in Malaysia, highlighting the exploitation in the labor migration process. The experts urged both governments to address this undignified situation urgently. (photo/reuters)

Freedom fighter Shib Narayan Das, one of the designers of the first Bangladesh flag before independence, passed away at 78 in Dhaka on Friday. As a Chhatra League activist, Das was part of the team that conceptualized the initial flag design in 1970, drawing the map of East Pakistan within the red circle on a green background. Though later refined by Kamrul Hasan, Das’s skillful rendering formed the basis of Bangladesh’s iconic national flag. His demise was mourned by political leaders who praised his pivotal role in creating this enduring national symbol. (photo/collected)

A “torture cell” run by former Chhatra League leader Golam Rasul’s teen gang has been discovered in Chattogram’s Akbar Shah area. Located on the ground floor of an under-construction building, the enclosed space was used to torture locals who defied Rasul’s extortion demands. Despite multiple cases against Rasul, including the recent murder of a dentist, police claimed being unaware of the torture cell’s existence. Locals accuse Rasul’s gang of extorting construction sites and businesses in the area, highlighting the gang’s apparent impunity. (photo/jewel shil)

A fire broke out in the cardiac ward of Dhaka Shishu Hospital in Agargaon on Friday afternoon, causing panic among patients and their relatives. The fire, which originated on the fourth floor, was doused around 2:40 pm after seven firefighting units responded. No casualties were reported, but medical equipment, including ICU beds in the cardiac ward, were damaged. The cause of the fire is yet to be determined by the fire service. Witnesses reported relatives rushing out with patients as the fire spread.(photo/dipu malakar)

A fire broke out in the cardiac ward of Dhaka Shishu Hospital in Agargaon on Friday afternoon, causing panic among patients and their relatives. The fire, which originated on the fourth floor, was doused around 2:40 pm after seven firefighting units responded. No casualties were reported, but medical equipment, including ICU beds in the cardiac ward, were damaged. The cause of the fire is yet to be determined by the fire service. Witnesses reported relatives rushing out with patients as the fire spread. Photo Dipu Malaka

A team from Rajshahi University of Engineering and Technology (RUET) secured third position in the Huawei ICT Competition 2023-2024 APAC Round, involving over 6,400 students from 14 countries. The RUET team, comprising Shuvam Agarwala, Rakesh Kar, and Md Mazharul Islam, participated in the network track and will advance to the global round in Shenzhen, China. Over 1,000 Bangladeshi undergraduates enrolled in the competition across four tracks. Huawei lauded the potential of Bangladeshi youth and pledged to continue supporting talent development.(photo/prothomalo)

In the past 24 hours, Bangladesh reported one more death due to dengue, raising the total number of fatalities from the disease this year to 24. During this period, 23 more patients were hospitalized with viral fever, with 6 cases in Dhaka and the rest outside the capital. The total number of dengue patients currently receiving treatment stands at 96. Bangladesh has reported 1,939 dengue cases since the beginning of 2024, a significant increase from the previous year’s record-breaking outbreak that resulted in 1,705 deaths.

The Bangladesh Jewellers’ Association (Bajus) has set a new record price for gold, with each bhori (11.664 grams) now selling at Tk 119,637, up from the previous rate of Tk 117,573. This price increase is attributed to global gold market fluctuations, as Bangladesh imports only a small portion of its gold demand, with the majority being met through smuggling. The Bangladesh Bank had previously taken steps to discourage gold imports by requiring a 100% margin on letters of credit for gold, in an effort to save foreign currency.

Experts have attributed Bangladesh’s economic developments to a coordination between collective and individual initiatives, as well as a symbiotic relationship between the government and the market. However, they warn of upcoming challenges, including the loss of trade privileges after graduating from the LDC group in 2026. Concerns were raised about a shift from an inclusive to an exclusionary development paradigm, and the need for institutional reforms to address issues like corruption and revenue collection capacity. Experts emphasize that the country’s past successes may not guarantee future progress. (photo/prothom alo)

The Bangladeshi government has readjusted the prices of soybean oil, increasing the cost of widely used bottled products from Tk 163 to Tk 167 per litre. However, the price of unpacked soybean oil has been cut by Tk 2 to Tk 147 per litre. The price of palm super oil has been set at Tk 135 per litre. The new rates will take effect immediately, but the state minister acknowledged that it may take 15-20 days for the reduced prices to be reflected in the market. (photo/bdnews24)

The International Monetary Fund (IMF) has further cut its real GDP growth forecast for Bangladesh in fiscal 2023-24 to 5.7 percent from its previous projection of 6 percent, citing high inflation and a persistent dollar crisis. The IMF also projected that consumer prices in the country will rise by 7.9 percent by the end of the fiscal year, up from the 7.2 percent it had predicted earlier. Despite the government’s 7.5 percent growth target, economists doubt its achievability. (photo/bdnews24)

Bank Asia, a private sector bank in Bangladesh, is set to acquire the Bangladesh operations of Pakistan-based Bank Alfalah. This will be the third time Bank Asia has taken over the Bangladesh chapter of a foreign bank, after acquiring Canada-based Nova Scotia and Pakistan’s Muslim Commercial Bank earlier. The boards of both banks have given in-principle approval for the acquisition, which is now subject to regulatory approvals from the central banks of Bangladesh and Pakistan.(photo/banklogos)

In a tragic accident in Jhalakathi, Bangladesh, a cement-laden truck rammed into several vehicles waiting at a toll plaza, killing 14 people on the spot. The truck driver lost control at high speed, causing the vehicle to overturn and crush the cars and a battery-powered three-wheeler. The victims include seven passengers in a private car, four in the three-wheeler, and three women and four children. Over 16 others were injured and are receiving treatment at local hospitals. The authorities have arrested the truck driver and his assistant. (photo/prothomalo)

Bangladesh’s Prime Minister Sheikh Hasina has canceled her scheduled trip to Saudi Arabia and Gambia due to security concerns in the Middle East amid tensions between Iran and Israel. The prime minister will now only visit Thailand to attend the 80th conference of the United Nations Economic and Social Commission for Asia and the Pacific. The decision to cancel the Saudi Arabia and Gambia leg of the trip was made at the last minute, highlighting the fluid security situation in the region. (photo/official)

In Dhaka’s Mohammadpur area, only 8 out of the 17 workers for the mosquito eradication program were present on a recent Tuesday. Several workers were found resting or watching videos instead of carrying out their duties. The program lacks proper supervision, with the assigned supervisor on leave. The workers also lack proper equipment to measure larvicide, relying on makeshift methods. This highlights the inefficiencies and lack of oversight in the city’s efforts to control the mosquito population. (photo/prothomalo)

The Bangladesh government has allowed private traders to import an additional 124,000 tonnes of parboiled and sunned rice, following an earlier approval for 83,000 tonnes last month. The move aims to address rising rice prices, particularly for coarse varieties consumed by low-income groups. The importers have been given a deadline of May 15 to market the entire quantity. The government has also cut customs tariffs to encourage more rice imports and ensure food security amid domestic production growth of 2.49% in the last fiscal year.

Bangladesh is set to introduce drones to detect crop damage caused by extreme weather or diseases, the Asian Development Bank (ADB) announced. Around 20 agricultural officers are receiving training on using the latest geospatial technologies. The training, jointly designed by the Department of Agricultural Extension and ADB, aims to enhance the country’s ability to assess crop damage and implement effective mitigation measures amid the growing threats of climate change. The initiative is part of ADB’s efforts to bring innovative solutions to help Bangladesh tackle climate impacts. (photo/collected)