The World Bank on Wednesday projected that Bangladesh’s GDP growth would hit 11-year low to 5.4 per cent in the current fiscal year because of fallout from the political unrest in the first half of the year.
The WB said due to the political unrest in the run-up to the January 5 national elections country incurred a value added loss of $1.4 billion of which 86 per cent in the service sector, 11 per cent in the industry and the remaining 3 per cent in the agriculture.
The WB’s 5.4 per cent growth projection for the FY 2013-2014 is the lowest among the estimates made by the government, Bangladesh Bank and other international lenders for the 2013-14 financial year.
‘The loss [due to the political unrest] has reduced the growth rate from the 6.2 per cent benchmark to 5.4 per cent where service sector suffered the most because of weak consumption growth,’ WB Dhaka office lead economist Zahid Hussain said at a briefing at the bank’s office in the capital.
If the country achieved the WB-projected growth of 5.4 per cent, it would be the lowest since FY 2002-2003 when the economy grew by 5.26 per cent.
The government in the budget for the current fiscal year projected 7.2 per cent growth but brought down the target to 6.5 per cent last month.
The WB in October last year had projected the GDP growth at 5.7 per cent.
The Asian Development Bank last week also brought down its growth projection to 5.6 per cent from 5.8 per cent it had predicted in October last year.
Zahid said that most of the economic indicators suggested the growth would be slower in the current fiscal year.
Only power and export sectors witnessed improvement so far in the fiscal year but export growth is on the declining path, he said.
Besides, growth in production and investment-related imports was weak and the private sector credit growth was at historic low, said Zahid.
‘So there is declining remittance, garment sector image crisis, financial stress and disruption for political turmoil in the current fiscal year,’ he said.
He said the implementation of annual development programme was facing setback because of the political unrest.
‘The government has lowered the ADP size to $600 billion but I believe achieving $500 billion would be satisfactory in the current fiscal year,’ he said.
Zahid said the recent political calmness was good enough for trading or production activities.
‘But as the investment is a mid- and long-term issue, uncertainty is there,’ he said.
Asked whether all-party participatory polls would assure investors, Zahid said, ‘I will not comment about the elections. But stability is a must for economic growth.’
He said power and transport-related works should be priority at this moment.
‘Transport does not mean only the Padma bridge. Construction of the highways should also be given priority,’ he said. 
Zahid said the government should introduce ‘no power no payment’ for the rental power plants.
He said the government should emphasised on base-load power plant more and try to move from the rental solution.
‘The businessman will always try to maximise their profit and would try to continue that. But the policymakers should think the greater perspective while taking decision,’ he replied to the question whether the rental power plant owners are influencing government decision about base-load power plant. 
He said financial solvency of the Bangladesh Power Development Board would encourage investors.
He said the compliance issue in the garment sector would be crucial as some garment units were shut down, causing some unemployment.
‘The garment sector is going through a transitional period. But the economies of the US and the European Union are catching up which is a good news for us,’ he said.
He said the image crisis of the garment sector and the issue in the GCC labour market should be addressed with priority.
‘GDP growth could rise and stay above 6 per cent if monetary policy focuses growth than inflation. Tighter monitoring can prevent loan frauds,’ Zahid said.
WB acting country head Christine E Kimes and lead economist Salman Zaidi were also present on the occasion, among other.

Abdus Samad, Abdul Malek Mollah

Abdus Samad was re-elected Chairman of Executive Commitee of the Board of Al-Arafah Islami Bank Limited.
Abdul Malek Mollah was re-elected Vice-Chairman of the EC of the bank, said a press release.
They were reelected unanimously in the 255th meeting of the Board of Directors of the bank recently.

According to the decision of the meeting, they will continue responsibilities untill the next AGM of the bank.
Alhajj Abdus Samad is one of the founder directors of Al-Arafah Islami Bank Ltd. He is the Vice Chairman of S. Alam Group, one of the largest industrial group of the country. He is the chairman of S. Alam Cold Rolld Steels Ltd.

bKash is offering 20 percent cash back to its customers for use of the service at Deshi Dosh outlets to mark the coming Bangla New Year or Pahela Baishakh, the mobile financial service provider said in a statement yesterday. 
The offer began on Tuesday and will continue till Sunday, the day before the new year's celebrations.
Deshi Dosh is an outlet of 10 reputed local brands of handicraft and boutique shops with outlets in Bashundhara City, Gulshan Link Road and Afmi Plaza in Chittagong, according to the statement.
Apart from sending and receiving money, bKash is now being widely used for payments at different shops, restaurants and hotels across the country.
Once the payment is made through bKash, the customer will receive the cash back amount in his bKash account within the next workday.
The customer will get a notification SMS upon receiving the cash back amount in his or her account. There will be no service charge for bKash payment.
“We are very happy to be partnered with Desi Dosh to launch the campaign as it is going to be a rewarding experience for our valued customers. We have planned to bring more exciting offers for our customers in future,” said Rezaul Hossain, chief commercial officer of bKash.
Launched in 2011, bKash is a joint venture of BRAC Bank, US-based Money in Motion and World Bank's private sector investment arm IFC.

News:The Daily Star/10-Apr-2014

A “Business Development Conference” organised by Al-Arafah Islami Bank Limited was held at the bank’s head office on Wednesday.

Badiur Rahman, Chairman of the bank attended the conference as chief guest, said a press release.

Md. Habibur Rahman, Managing Director of the bank presided over the conference.

Md. Mofazzal Hossain, Md. Golam Rabbani and Mohammad Abdul Jalil, Deputy Managing Directors of the bank were also present on the occasion.

News:Daily Sun/10-Apr-2014

The 69th foundation training course for the newly-recruited Management Trainee officers of Prime Bank Limited was concluded at HR Training & Development Center of the bank recently.

Kanti Kumar Saha, Deputy Managing Director and Chief Business Officer of Prime Bank Ltd attended the programme as chief guest, said a press release.

News:Daily Sun/10-Apr-2014