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‘Transparent public finances must for resilient economy’

Dhaka, July 11 – Experts at a webinar on Saturday said Chartered Accountants (CAs) can play a vital role in economic recovery by taking particular care in their conduct and judgments as fair information, accountability, and transparent public finance are important to develop a strong and resilient economy in the backdrop of the Covid-19 pandemic. Read More »

Mobile payments help people during the pandemic

By Sonja Davidovic, Delphine Prady and Herve Tourpe Jun 22 2020 (IPS) – The practical challenge of quickly getting financial support in the hands of people who lost jobs amid the COVID-19 economic crisis has baffled advanced and developing economies alike. Economic lockdowns, physical distancing measures, patchy social protection systems and, especially for low-income countries, the high level of informality, ... Read More »

Need for a new architecture on international public finance

Coventry, United Kingdom, 6 May (Celine Tan) – The COVID-19 pandemic is highlighting the systemic failures of the international framework for development cooperation and international public finance. Based on an outdated, post-war system that is premised on charity, not solidarity, the current architecture of public finance aggravates power asymmetries and socioeconomic and geopolitical inequalities and is inadequate for dealing with ... Read More »

Bigwigs to stay involved in govt support for small fries

President of the country’s apex trade organization FBCCI Sheikh Fazle Fahim on Monday said that they would remain involved in the working capital loan/investment disbursement process of the government-announced Tk 20,000 crore financial assistance package for cottage, micro, small and medium enterprise (CMSME) organisations. He also said that the FBCCI (Federation of Bangladesh Chambers of Commerce and Industry, in its ... Read More »

$100 million from ADB to support COVID-19 response in BD

The Asian Development Bank (ADB) on Thursday approved a $100 million loan to support the Government of Bangladesh in its efforts to address the immediate public health requirements of combating the coronavirus pandemic.“ADB stands with Bangladesh in this difficult time when the COVID-19 pandemic challenges the country’s recent successes in its socio-economic development,” said ADB Vice-President Shixin Chen. “This project ... Read More »

China to donate $30 million more to WHO

China has decided to give another US$ 30 million to the World Health Organization (WHO) in support of global efforts to fight COVID-19 and the construction of public health systems in developing countries, a Foreign Ministry spokesperson said here Thursday. Spokesperson Geng Shuang told a news briefing that the WHO, led by Director-General Tedros Adhanom Ghebreyesus, had actively fulfilled its ... Read More »

Covid-19: IFAD fund to help check rural food crisis launched

Rome, 20 April 2020 – With the COVID-19 pandemic and economic slowdown threatening the lives and livelihoods of the world’s most vulnerable people, the UN’s International Fund for Agricultural Development (IFAD) today committed US$40 million, and launched an urgent appeal for additional funds, to support farmers and rural communities to continue growing and selling food. Read More »

UN faces financial & liquidity crisis as pandemic rages

By Ambassador Anwarul K. Chowdhury NEW YORK, Apr 17 2020 (IPS) – The current financial crisis, triggered as a result of withholding or delaying payment of assessed contributions by Member States, is nothing new to the United Nations. We have travelled that road quite a few times in recent decades. No reason to panic. The past crises have been somehow ... Read More »

Decisive, collective action must to fight Covid-19: WB, IMF

1. The Development Committee met virtually on Friday, April 17, 2020. 2. Our meeting occurred at a time of unprecedented challenges due to the COVID-19 pandemic. Its devastating effects are being felt across the globe as the human and economic toll continues to rise. We express our sympathy to those affected and offer our support and solidarity to those working ... Read More »

South needs $2.5tn support package to deal with Covid-19

Geneva (Kanaga Raja) – A $2.5 trillion support package is needed for developing countries facing unprecedented economic damage from the Covid-19 crisis, the UN Conference on Trade and Development (UNCTAD) has said. “The economic fallout from the shock is ongoing and increasingly difficult to predict but there are clear indications that things will get much worse for developing economies before ... Read More »

Fighting coronavirus: It’s time to invest in universal public health

By Isabel Ortiz and Thomas Stubbs NEW YORK and LONDON, Mar 23 2020 (IPS) – Austerity policies pushed by international financial institutions have weakened public health systems, despite current financial support packages, condemning many people to die. As health systems of East Asia, Europe, and the Americas buckle under the strain of coronavirus, developing countries are expecting an even higher ... Read More »

Dhaka nods Tk 17,777-cr Matarbari Deep Sea Port Dev Project

It okays a total of nine projects Dhaka, March 11 – The Executive Committee of the National Economic Council (Ecnec) on Tuesday cleared nine projects with an estimated total cost of Tk 24,113.27 crore, including Tk 17,777-crore Matarbari Port Development Project taken to enhance the country’s cargo handling capacity through the port. Read More »

How World Bank arbitrators mugged Pakistan

By Jeffrey D. Sachs Thanks to the World Bank’s flawed and corrupt investment arbitration process, the rich are making a fortune at the expense of poor countries. The latest shakedown is a $5.9 billion award against Pakistan’s government in favor of two global mining companies for an illegal project that was never approved or carried out. Read More »

Financialization increases inequality

Kuala Lumpur/Penang, Feb (IPS/Jomo Kwame Sundaram and Michael Lim Mah Hui) — Financialization has worsened inequality through various channels, including macroeconomic policies. For example, quantitative easing and low, if not negative interest rates have fuelled credit and asset price bubbles, while fiscal spending cuts have adversely affected those depending on government assistance. Read More »