Bangladesh: USTR claims not based on facts: Tofail

Dhaka, July 4 (New Age): The commerce minister, Tofail Ahmed, on Thursday said the statement of the US Trade Representative that the government of Bangladesh had not implemented substantial parts of the GSP action plan was unjustified and not based on facts. ‘The actual situation of the readymade garment sector in Bangladesh was not reflected in the statement of the USTR as the labour condition in Bangladesh has made a significant improvement and we have implemented almost all conditions of GSP action plan,’ the commerce minister told New Age. Tofail alleged that in association with some non-governmental organisations, a few trade union leaders were providing international community with false information about the labour condition in Bangladesh. The USTR on Wednesday expressed its concern over non-implementation of significant parts of the action plan provided by the administration of president Barak Obama last year as conditions for restoring the facilities under the Generalised System of Preferences. An interagency review led by the Office of the USTR concluded that Bangladesh needed to develop a credible and effective mechanism for responding to and addressing allegations of unfair labour practices. ‘Since the suspension of GSP, the government has also not advanced the labour law reforms called for in the action plan, including changes to ensure that workers are afforded the same rights and protections in Export Processing Zones as in the rest of the country,’ the USTR said. Tofail, however, said that the government had made the highest efforts to fulfil the conditions set in the GSP action plan and there was no reason why the facilities should not be restored if the congress resumed the programme. ‘… we remain concerned about the large number of factories that have yet to be inspected, the lack of progress on needed labour law reforms, and continuing reports of harassment of and violence against labour activists who are attempting to exercise their rights,’ The US Trade Representative, Michael Froman said. ‘If the situation [raising allegations] continues, the implementation of TICFA deal might face challenge,’ he said. Replying to a question, the commerce minister said that Bangladesh had no plan to write to the US administration about the allegations raised by the congressmen and USTR. The USTR review stated slow response of the government to continuing reports of harassment and violence against labour activists. The review found that the government was still behind the schedule in carrying out safety inspections in garment factories and recruiting additional factory inspectors. The review was conducted by the USTR-chaired GSP subcommittee of the interagency Trade Policy Staff Committee, which includes representatives of the departments of state, labour, commerce, agriculture and the treasury, as well as USAID. The GSP subcommittee hopes to carry out its next review of Bangladesh’s progress on the GSP action plan in December 2014. ‘The Obama administration has been engaging the Bangladesh government and stakeholders over the past year to press for changes to address the worker rights and worker safety issues that led to the president’s decision to suspend GSP trade benefits,’ USTR said. Ahead of the one year anniversary of the EU Sustainability Compact, the US government notes Bangladesh’s progress towards fulfilment of some of the commitments in the agreement and welcomes continued positive collaboration between all signatories in support of Bangladesh’s adoption of international standards in worker rights and safety,’ the USTR said. Bangladesh Garment Manufacturers and Exporters Association, however, differed with the findings of the review that the government of Bangladesh had not yet implemented substantial parts of the action plan. A number of substantial issues of the action plan have been implemented, including amendment to the labour law and registration of trade unions, the BGMEA vice-president Shahidullah Azim said. He claimed that out of the 16 conditions set in the action plan, 14 had so far been implemented and the rest two were progressing and it would take some time to implement those. The US government on June 27, 2013 suspended the GSP for Bangladesh due to an insufficient improvement in worker rights conditions. The US on July 19, 2013 gave Bangladesh the 16-point action plan as conditions for restoring GSP facilities.

Bangladesh: Remittance inflow drops after 14 yrs

Dhaka, July 4 (New Age): The country’s remittance inflow registered a negative growth in financial year 2013-14 for the first time in last 14 years against the backdrop of downward manpower exports during the period, said economists and Bangladesh Bank officials. According to BB data released on Thursday, remittance inflow decreased by 1.61 per cent in the FY14 compared with that of a rise of 12.59 per cent in FY13. The expatriate Bangladeshis sent US$ 14.22 billion in the FY14 against US$ 14.46 billion in the FY13. The inflow of remittance was US$ 12.84 billion in the FY12. The BB data showed that the inflow of remittance had maintained an increased trend between the FY01 and the FY13. The BB data, however, revealed that the remittance inflow increased by 21.55 per cent to US$ 1.28 billion in June, 2014 from US$ 1.05 billion during the same month in FY2013. The expatriates Bangladeshis sent a significant amount of the greenback in last month ahead of Eid-ul-Fitre, the BB officials said. Former caretaker government adviser Mirza Azizul Islam told New Age on Thursday that the shrinking manpower export, lack of comprehensive policies and less export of skilled workers caused the reduction of remittances inflow into Bangladesh. According to Bureau of Manpower, Employment and Training data, a total of 96,068 workers went abroad with jobs from January to March of the current year while some 1,07,626 had gone abroad with jobs during the same period in 2013, showing a decline of 11,567 overseas employment in three months. The BMET also recorded that about four lakh workers including male and female got overseas jobs from January to December in 2013 against over six lakh workers in 2012. Mirza Aziz said that the remittance inflow would not increase in the coming days if the country fails to push up its manpower export. He suggested the government to discover the new countries to increase manpower export. The government should take initiatives to send more skilled workers by giving proper training so that they (workers) will be able to repatriate more foreign exchange, he said. The BB data showed that the private commercial banks received US$ 821.72 million in inward remittances in June while the state-run commercial banks received US$ 431.03 million, foreign commercial banks US$ 17.14 million, and specialised banks got US$ 16.50 million. In June, Islami Bank Bangladesh received the highest amount of remittances — US$ 313.61 million — among the private commercial banks, while Agrani Bank got the highest amount of remittances — US$ 149.53 million — among the state-run banks.

Bangladesh: NBR taking tax in advance to make up for shortfall

Dhaka, July 4 (New Age): The National Board of Revenue is desperately trying to achieve the revenue earnings target (Tk 1,25,000 crore) through collecting tax in advance from the corporate taxpayers and realising dues from the state-owned entities, officials said. NBR high-ups instructed field level officials of the revenue board to ensure maximum efforts to minimise the reported shortfall in revenue collection (Tk 3,000 crore) and meet the target set for each field office, they said. Referring to the provisional calculation of the NBR, they said that revenue collection in the just concluded fiscal year of 2013-2014 fell short of Tk 3,000 crore from achieving Tk 1,25,000 crore revised target set for the year. The revenue board has repeatedly instructed the field officials to realise the dues from the state-owned organisations and collect tax in advance from the large taxpayers to make up the gap. At a meeting with its commissioners, NBR chairman Ghulam Hussain also put pressure on field level taxmen to realise the dues. Officials said that the revenue board every year usually follows the techniques of collection of advance tax from the corporate taxpayers to achieve the target. Corporate taxpayers submit their income tax returns by July 15 but taxmen usually collect tax in advance from them by June, giving revenue collection a boost, they said. The NBR may finalise the revenue collection data soon. Finally, the NBR will be able to make the revenue collection shortfall smaller and even it may achieve the target after adjustment of value-added tax and taxes to be collected in advance and dues, officials said. The revenue board in the 2012–2013 financial year failed to achieve the target by Tk 3,645 crore for the first time in the past five years. They said that the revenue board had collected some Tk 1,22,000 crore in July-June against the target of Tk 1,25,000 crore due to failure of the income tax and value-added tax wings of the NBR to meet their targets. ‘Income tax fell short of the target mainly because of lower profit earnings of banks and other corporate entities, major contributors in income tax collection, and reduction of tax at source on export,’ a high official of the NBR said. He said that large taxpayer unit of the NBR, responsible for the collection of corporate tax, experienced a big shortfall above Tk 1,000 crore while the revenue board got at least Tk 500 crore less in June alone due to reduction of source tax on export, particularly readymade garment items. Collection in VAT also lagged behind the target because of slow business activities in the country in the last fiscal year amid political unrest before the national elections held in January 5 and political uncertainties in later half of the fiscal year, he said. According to the NBR data, it collected Tk 1,03,723.79 crore in the 11 months of the last fiscal year keeping Tk 21,372 crore for June, the last month of the year. In July-May, the revenue board collected Tk 38,996 crore in VAT, Tk 34,041 crore in income tax and Tk 30,015 crore in customs duties. The full-year targets for the three wings of the NBR are Tk 46,850 crore for VAT, Tk 44,360 crore for income tax and Tk 32,870 crore for customs wings. The government earlier revised down the revenue collection target from original allocation of Tk 1,36,090 crore following demand from the NBR saying that it would not be able to achieve the target because of political turmoil in the first half of the fiscal year and slower economic activities all the year round. 

Bangladesh: Cash incentives on textile exports to new markets increase to 3pc

Dhaka, July 4 (New Age): The government has increased the cash incentive to 3 per cent from 2 per cent for export of new textile products and expanding export of textile items to new markets other than US, Canada and European Union for financial year 2014-15. A Bangladesh Bank circular issued on Thursday said the cash incentive for textile exporters had been enhanced in line with a government decision to give additional incentive to the exporters from January 2014 to June 2015. The government earlier announced that it would provide additional 1 per cent cash incentive in textile export. The cash subsidy for other 13 sectors has not been changed for the FY 2014-15, the BB circular said. The BB circular was issued to authorised dealer branches of all the scheduled banks saying that 14 sectors would receive the cash subsidy against their exported products in the FY 2014-15 according to finance ministry decision on cash subsidy/incentives. According to the circular, exporters would receive cash subsidy for the products against net repatriation of the FOB (freight on board) prices from July 1, 2014 to June 30, 2015. The export-oriented local textile sector will continue to get 5 per cent cash incentive as an alternative to duty bonds and duty drawbacks. The exporters of shrimp would continue to 10 per cent cash incentive against their export while for the exporters of jute yarn will get 7.50 per cent. Exporters of handmade products from hogla, hay and sugarcane fibre will continue to receive 15 to 20 per cent, agro products (vegetables and fruits) and agro-processing products 20 per cent and bone dust will get 15 per cent cash incentives. Light engineering products will get 10 per cent cash incentive. Exporters of halal meat and potato will continue to receive 20 per cent incentive while ship exporters will get 5 per cent cash incentives. Exporters from small and medium industries in textiles sector will get an additional incentive of 5 per cent along with the regular incentive. Pet bottle-flex exporters will get 10 per cent incentive. 

Bangladesh: Govt gets Tk 26.55cr more in taxes from DSE in FY14

Dhaka, July 4 (New Age): Government’s tax collection from the Dhaka Stock Exchange increased by 20.85 per cent or Tk 26.55 crore in the just concluded fiscal year 2013-2014 compared with that in the previous fiscal year. The DSE in the last fiscal year paid Tk 153.84 crore in taxes including taxes on turnover and on sponsor-directors’ share sales against Tk 127.29 crore it had paid in the previous fiscal year, a DSE data showed. The government during the period got Tk 112.53 crore in taxes on turnover, while it was Tk 85.70 crore in the previous fiscal year. The bourse in the FY 2013-2014 collected Tk 41.31 crore in taxes on sponsor-directors’ shares transactions, while it was Tk 41.58 crore in the fiscal year 2012-2013. The turnover of the DSE hit a two-year high of Tk 1,294.61 crore on July 9 in 2013, which was the highest after Tk 1,341.26 crore recorded on July 31 in 2011. DSE under the section 53 BBB of Income Tax Ordinance 1984 collects 0.05 per cent taxes on turnover, while sponsor-directors and placement holders are bound to pay 5 per cent taxes on their capital gain on shares sales as per the section 53M of the Income Tax Ordinance 1984. The government’s tax collection from the bourse depends on its turnover and sponsor-directors’ capital gain, said DSE officials. They said as the turnover increased in the FY14, tax collection from the DSE rose. The National Board of Revenue in the fiscal year 2011-2012 got Tk 168.91 crore in taxes on turnover against Tk 102.76 crore in taxes on sponsor-directors’ shares sales. The bourse after its inception gave highest taxes on turnover of Tk 325.91 crore in 2010-2011 when the market had witnessed the bubble-burst. Tax collection by the government had hit a record single-month high in November 2010 when it received Tk 47.71 crore, thanks to the market boom.

Stocks drop for 3rd day as large investors wait for cheap shares

Dhaka, July 4 (New Age): Dhaka stocks declined for the third trading session on Thursday despite a positive beginning as most of the institutional investors remained on the sideline after year closing. The key index of the Dhaka Stock Exchange, DSEX, declined to 4,436.20 points, shedding 0.68 per cent or 30.40 points. Operators said that the institutional investors’ low presence at the trading floor kept the market negative for another trading session despite media reports of increased operating profit of most of the banks in the first half of the calendar year. On the other hand, data of increased foreign investment during the month of June failed to boost investors’ participation on the trading floor, they said. They also said that institutional investors might be waiting to buy shares at cheaper prices after half yearly closing share sell-offs. Besides, retail investors were mostly focused on some specific shares due to recent increase in share prices based on rumour, they said. The government’s move to scrape the proposed 3-5 per cent gain tax imposition in the budget also failed to keep the market afloat, they said. DS30, the blue-chip index of the bourse, fell by 0.94 per cent, or 15.45 points, to close at 1,621.86 points. The turnover of the bourse increased to Tk 261.85 crore compared with Tk 247.85 crore in the previous trading session. Of the 298 shares and mutual funds that changed hands, 117 advanced, 136 declined and 45 remained unchanged. ‘In a snapshot, DSEX declined by 30 points and went below 4,450 points mark after three sessions,’ said IDLC. Appollo Ispat Complex led the turnover chart as its shares worth Tk 35.14 crore changed hands, with its share prices increasing the most by 9.02 per cent. BEXIMCO, Lafarge Surma Cement, The Peninsula Chittagong, Grameenphone, United Airways, Square Pharmaceuticals, Bangladesh Submarine Cable Company, MJL Bangladesh and Al-Haj Textiles were among other turnover leaders. Progressive Life Insurance lost the most on the day shedding 4.49 per cent.

Bangladesh must do more to win back trade benefits: US

Bangladesh must do more to win back trade benefits: US

Bangladesh: Banks' lending rates dip to a record low

Dhaka, June 30 (The Daily Star): Commercial banks' lending rates have gone down to a three-year low due to a poor demand for money and a decline in their cost of funds, bankers said.

The trend is also evident in the money market, which has been in a high degree of liquidity.

“Our lending rates fell drastically and are still on a declining trend,” said Helal Ahmed Chowdhury, managing director of Pubali Bank.

Pubali's lending rate went down 1-1.5 percentage points on average in one year and stands at 13 percent now.

“Businesses are still shy of making investments; their confidence should be restored,” said Anis A Khan, managing director of Mutual Trust Bank.

Khan said lending rates for commercial loans of Mutual Trust Bank fell to 13.5 percent now, from 16.5 percent a year ago.

The weighted average lending rates of private commercial banks stood at 13.87 percent in April this year, which was 14.42 percent and 14.66 percent in April 2013 and April 2012 respectively, according to Bangladesh Bank data.

Foreign commercial banks' weighted average lending rates fell to 13 percent in April this year from 14.31 percent in the same month a year ago. Similarly, state-owned commercial banks' lending rates also declined and stood at 11.12 percent in April 2014, down from 11.19 percent a year ago.

Some banks are now offering as low as 8 percent interest for fixed deposit receipts of different tenures, a decline from 12.5 percent a year ago.

Overall, the banks' lending rates declined to 13-14 percent now from 15-16 percent a year ago. Premium borrowers are offered 11-13 percent.

The demand for loans has started to decline since the beginning of 2013, due to a wait-and-see approach of investors centring the national elections.

However, investor confidence is yet to return even after six months of the elections. As a result, the banking sector is now sitting on an excess liquidity of around Tk 110,000 crore.

Bankers said a scarcity of gas and electricity and poor infrastructure, including roads, are some of the reasons behind the declining demand for loans.

“The government's policies are not bad and the new budget looks relatively positive. Yet, businesses are not coming up with investments due to a lack of energy and infrastructure,” said Khan of Mutual Trust Bank.

Jamuna Bank's average lending rates fell to 13-14 percent now from 15-16 percent last year.

“Amid the sluggish demand, the banks are competing with each other for good clients,” said Shafiqul Alam, managing director of Jamuna Bank.

“Borrowers are cashing in on the situation and negotiating rates with a number of banks at a time,” he said.

Non-bank financial institutions (NBFIs) are also feeling the pinch of the sluggish investment demand. On an average, their lending rates fell 1-2 percentage points between 2013 and 2014, market players said.

“Corporate borrowing has witnessed a drastic fall in recent months,” said Selim RF Hussain, managing director of IDLC Finance.

He said massive investments are required in infrastructure, gas and electricity to boost investor confidence.

Bangladesh: Budget passed without opposition

Dhaka, June 30 (The Daily Star): The parliament yesterday passed the national budget for fiscal 2014-15 without any opposition from the Jatiya Party and independent members, a rare occurrence in the nation's history.

The budget outlines a gross expenditure of Tk 382,340 crore and net expenditure of Tk 250,506 crore. Like every year, the defence ministry received the highest allocation, of Tk 16,492 crore, among the 56 ministries and divisions.

The education ministry received the second highest allocation of Tk 15,550 crore, followed by the local government division at Tk 15,468 crore and the primary and mass education ministry Tk 13,676 crore.

Some Tk 12,396 crore has been allocated to the agriculture ministry, Tk 11,370 crore to the home ministry and Tk 11,176 crore to the health and family welfare ministry.

The GDP growth target has been fixed at 7.3 percent, and Finance Minister AMA Muhith said he is hopeful of achieving the figure as the political situation has returned to normal after the January 5 polls and credit to the private sector is rising.

Muhith said the country's budget has consistently been the smallest among its South Asian peers. In the last several years, the size of the budget has been increased gradually, with the upcoming fiscal year's budget coming to 18.7 percent of GDP.

“With such a small-sized budget, a hunger- and poverty-free middle-income country cannot be built by 2021.”

Bangladesh: United Airways free to operate flights after HC rule

Dhaka, June 30 (The Daily Star): The High Court yesterday cleared the way for United Airways to operate flights for the next one month, after the civil aviation authority allegedly refused to renew the private airline's licence.

In a letter on June 26, the Civil Aviation Authority of Bangladesh (Caab) said it would not renew United Airways' Air Operator's Licence (AOC), due to expire on June 29, due to arrears of Tk 84.19 crore and detection of safety flaws during inspections.

In response, Tasbirul Ahmed Chowdhury, the airline's managing director, filed a writ petition with the court challenging the legality of Caab's decision.

The court directed Caab not to create any obstacle in operating flights of the airline and ordered the renewal of its AOC and Approved Maintenance Organisation (AMO), two licences required for flight operation.

Justice Quazi Reza-Ul Hoque and Justice Akram Hossain Chowdhury also issued a rule upon the government to explain in four weeks why Caab's decision should not be declared illegal.

The civil aviation secretary, Caab chairman and its director (flight safety) have been made respondents to the rule, the petitioner's lawyer Ragib Rouf Chowdhury told The Daily Star. 

Caab at a meeting on April 6 instructed the carrier to pay Tk 5 crore outstanding charges in three instalments along with all current dues by June 15.

The regulator had also ordered United to submit a plan with payment dates and amounts to pay the rest of the dues by June next year.

The airline did not fully comply with the conditions, according to Caab.

United on different occasions, however, disagreed the amount of outstanding arrears.

The petitioner's lawyer said the airport charge and interest imposed by Caab in its June 26 letter is “unreasonable”, since the airline has been requesting Caab to wave the interest rate.

“United Airways operates 11 aircrafts to 18 destinations and the passengers of the flights have already bought tickets for their journey. If the flights are suspended, the passengers will suffer,” he added in the petition.

Bangladesh: BTRC to submit same plan to fin min for 3rd time for rate cut for IGWs

Dhaka, June 30 (New Age): Even after the finance ministry rejected twice, the telecom regulator is set to send the same proposal again to lower international call termination charges to 1.5 US cents from the existing 3 cents for the operators, ignoring the ministry suggestion for a baseline study.

The ministry last week rejected the BTRC proposal for the second time for lowering the call charge for the international gateway operators and reducing the government revenue sharing to 40 per cent from the existing 51.75 per cent.

Bangladesh Telecommunication Regulatory Commission officials said the finance ministry had asked the BTRC to send a comprehensive report after conducting a baseline study considering the impact on stakeholders.

‘Our previous proposal covered position of all the stakeholders except VSP operators. This time we have prepared a proposal including the impact of rate cut on VSP operators,’ a senior BTRC official told New Age on Sunday.

He said nothing else will be changed in the previous proposal but with this inclusion the proposal will be a comprehensive one.

He said that the proposal will be sent again to the finance ministry within this week.

The BTRC took the move in July last by sending a proposal to the telecom ministry apparently to give benefits to the new IGW operators who got licences on political backing.

The BTRC in the proposal admitted that the proposed plan would slash the government revenue to Tk 777 crore from Tk 1,851 crore – the government’s annual income from IGW and ICX operators in 2012 for an average of 35 million calls per day.

After the finance ministry rejected the proposal in March 2014, the BTRC sent a second proposal twisting the first proposal, said sources in the telecom ministry.

This time, the regulator said that the government revenue after the tariff cut would be Tk 1,778 crore considering total international call at 80 million

minutes per day instead of 35 million minutes per day, they said.

‘We hope if the tariff cut comes into effect then it will stop illegal call termination and the average call per day will increase to 80 million minutes,’ said the second proposal of BTRC.

BTRC’s projected calculation, however, would also cause a government loss of Tk 73 crore.

The BTRC second proposal also said the government should approve the proposal on a test basis for one year period.

The proposal said the market turned dull because too many IGW licences had been issued and lowering the rates would make new IGWs sustainable.

Only four companies were given licences through an auction when IGW service was introduced in Bangladesh in 2008.

The Awami League-led government in 2012 awarded 25 more licences – mostly to people linked to the ruling party.

The regulator had proposed at best 10 more licences, but the government awarded 25 IGW and 23 ICX licences.

The BTRC is already facing trouble to realise the revenue share form the IGW operators because of their strong political links.

The telecom regulator has also initiated legal proceedings to realise the dues from the IGW operators.

Bangladesh: NBR preparing list of polluting industries

Dhaka, June 30 (New Age): The National Board of Revenue has taken an initiative to prepare a list of polluting industries for imposing and collecting newly introduced green tax, officials said.

The list will be prepared with the help of Department of Environment of the environment and forest ministry, they said.

DoE has already been asked to provide such list, if it has any.

The government in the finance bill approved by the parliament on June 28 included a provision of imposing one per cent environment protection surcharge or green tax on the prices of products manufactured by the industries which pollute environment.

Green tax, first of its kind in the country, will be effective from July 1.

NBR has already started preliminary work to implement the new budgetary initiative to protect the country’s environment.

But the response from the environment department is not satisfactory at all, NBR officials blamed.

‘Till now, we have requested the DoE to provide the list of polluting industries, but we are yet to get any response,’ a high official of the NBR told New Age on Saturday.

In last week, DoE informed us that they have some confusion about the issue, he said.

Now, value-added tax wing of the NBR has taken an initiative to sit with the DoE officials to prepare the list, he said, adding that the meeting might be held in a day or two.

The revenue board has already requested the Internal Resources Division of the finance ministry for creating a separate code to deposit the collected green tax in the government exchequer.

It will also prepare a rule describing the procedures of imposing and collecting green tax which will be collected with VAT.

The tax has been imposed to encourage the owners of the industries which cause pollution to set up effluent treatment plants in their industries.

Many industries from leather, dying, printing, chemical, and textile sectors pollute air, soil and water through discharging untreated industrial wastage.

Bangladesh needs rapid transport, energy sector development: economists

Dhaka, June 30 (New Age): The country needs a rapid development of its transport and energy sectors, said economists on Sunday. Otherwise, it will fail to become a developed country by 2041 as targeted by the government, they said.

The government should take initiative to make vibrant the private sector as a significant number of industries have recently been closed in different parts of the country due to absence of adequate support from the policy makers, they said at a post news briefing of the newly-established Bangladesh Economists’ Forum’s first conference.

The government should also take measures to increase the skilfulness of the country’s human resource to boost up the production, they said at the briefing held at the central bank headquarters in the capital.

Former Bangladesh Economic Association president Mohiuddin Alamgir said the Padma Multipurpose Bridge should have been constructed earlier, but the authorities concerned failed to do it.

The Mongla Port is still neglected, although the country could generate huge benefit from the port, he said. The government should take immediate measure to develop the port in the interest of the economy, Alamgir said.

‘Some local and foreign contractors have recently secured the country’s large infrastructure-related projects. Some of them failed to complete the projects like Dhaka-Chittagong four-lane highway in due time’, he said.

The companies, which won the bids by placing lower amount, proved that they are not capable of availing the construction work, Alamgir said. The government should select the proper contractors to complete its large projects, he said.

Alamgir said fresh investment in the country virtually stalled while the existing investors were withdrawing their investment. The government should take measures to save the investors from a loss-making situation, he said.

Policy Research Institute vice-chairman Sadiq Ahmed said that the country needed political stability along with good public institutions in a bid to ensure long-term development.

The country needs good governance for its public institutions if it wants consecutive GDP growth in the coming years, he said.

Bangladesh Institute of Development Studies director general Mustafa K Mujeri said it was important to make a roadmap of democratic values if the country wanted to achieve its desirable goal.

He said the Bangladesh Economists’ Forum would try to make the roadmap in the interest of the nation and the country.

When asked why the BEF received sponsorship only from

scheduled banks to organise its conference, Bangladesh Bank deputy governor SK Sur Chowdhury said the banks usually provided 90 per cent fund of corporate social responsibility in the private sector. For this reason, the BEF took the sponsorship from the banks, he said.

The BEF will take fund from other corners in the coming days when it will organise the next programmes, Sur said.

The BEF organised its first conference between June 21 and June 22 at a city hotel in the capital while economists, experts and politicians attended.