Business leaders expect recovery by mid-2021
Several business leaders and entrepreneurs have expressed their hope that Bangladesh s economy will start to recover from mid-2021 after the Covid-19 vaccine arrives. We expect the garments sector to recover from June 2021, said Rubana Huq, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
With a vaccine already being disbursed in the UK and US, the Bangladesh government signed a trilateral deal with Beximco Pharmaceuticals and the Serum Institute of India for three crore doses.
The coronavirus fallout on businesses was the most memorable aspect of 2020.
Besides, the ongoing crisis has exposed the garment sector s vulnerability to forced closures and contract losses, Huq said.
Abdur Rahim Harmachi, Chief Economics Correspondent, bdnews24.com
Published: 30 Dec 2020 02:22 PM BdST
Updated: 30 Dec 2020 02:29 PM BdST
For Bangladesh, 2020 began with plenty of cause for optimism against the backdrop of political stability coupled with a burgeoning economy. But a deadly virus, almost unheard of before the start of the year, quickly intensified into a full-blown pandemic that upended daily life in unprecedented ways. );
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The coronavirus pandemic brought the economy to its knees even before the first quarter of the fiscal year ended with numerous shutdowns and job losses painting a grim short-term outlook.
Although there have since been signs of a recovery in the final quarter, a second wave of the outbreak, which has already been trampling the country’s most important markets such as the US and Europe, still poses a grave threat. Bangladesh, therefore, is set to ring in the New Year with many of the same concerns from 2020.
FBCCI pushes for extending loan moratorium
Private bank sponsors want no additional provisioning for loans being paid back regularly; analysts oppose both demands
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has reiterated itsrequest for Bangladesh Bank to extend an ongoing loan moratorium until June.
Moreover, the Bangladesh Association of Banks (BAB), comprising private bank sponsors, has called for exempting provisions for loans, against which instalments are being paid regularly, from the latest central bank directive on keeping an additional 1 per cent provisioning for all unclassified loans.
The rest of the loans making use of the moratorium, or in other words, against which repayment instalments are not being paid, should fall under the purview of the additional provisioning directive, said the association.
Staff Correspondent,
bdnews24.com
Published: 28 Dec 2020 05:03 PM BdST
Updated: 28 Dec 2020 05:03 PM BdST
The government has conferred President s Award for Industrial Development upon 19 companies in recognition of their distinctive contributions to the economy. );
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Industries Minister Nurul Majid Mahmud Humayun and State Minister Kamal Ahmed Majumder on Monday handed out the awards on behalf of President Abdul Hamid, who did not attend the awards ceremony due to the pandemic.
In the heavy industries category, British American Tobacco Bangladesh took the first prize, Incepta Pharmaceuticals came in second, while Olympic Industries and Energypac Engineering finished joint-third.
Tafrid Cotton Mills clinched the top prize in the medium industries segment, followed by Sheltech Technologies and Echotex as second and Envoy Fashions as third.
Bangladesh, India can foster agro-production thru co-op-525193 daily-sun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daily-sun.com Daily Mail and Mail on Sunday newspapers.