Haque Specialized Group's News

Bangladesh has ranked 10th among 167 countries with over 1.5 million people or 0.95 per cent of the population living in absolute modern day slavery, according to Global Slavery Index 2016. As per the index, which ranks 167 countries, 58 per cent of 45.8 million slaves live in five countries -- India, China, Pakistan, Bangladesh and Uzbekistan. This estimate reflects data from a random sample, nationally representative survey conducted by Walk Free Foundation in partnership with Gallup in 2015. Survey results found that forced labour (80 per cent) was more prevalent than forced marriage (20 per cent) in Bangladesh. Furthermore, forced labour was particularly prevalent in manual labour (24 per cent), construction (22 per cent), drug production (13 per cent) and farming (11 per cent). According to the survey, forced labour largely affected men (85 per cent men as compared to 15 per cent women) while forced marriage disproportionately affected women (88 per cent women as compared to 12 per cent men). This reflects the wider trend for forced marriage, wherein 29 per cent of girls under the age of 15 are likely to be married in Bangladesh, the highest figure for child marriage worldwide, and 2.0 per cent of girls are married before the age of 11. Although the 2015 survey was unable to breakdown sectors of forced labour by gender, pre-existing literature on labour exploitation with a particular focus upon the garment sector indicates that of the four million Bangladeshis employed in the sector, 85 per cent are estimated to be women. Survey data on forced marriage reflects wider trends in literature, wherein 29 per cent of girls under the age of 15 are likely to be married in Bangladesh, the highest figure for child marriage worldwide, and 2.0 per cent of girls are married before the age of 11. Pre-existing research suggests that modern slavery in Bangladesh primarily affects the manufacturing of garments, shrimp and dry fish farming and production, commercial sexual exploitation, child marriage and drug production. Survey data suggests that while forced prostitution is a problem affecting nearly 390,000 people, or 3.0 per cent of the population enslaved, information about the age of victims subject to forced prostitution is not available. However, it was found in 2015 that many girls as young as 9-10 years old were trafficked for the purposes of forced prostitution within Daulatdia, the largest brothel in Bangladesh where over 1,500 women and girls work. Anecdotal evidence suggests that children are also at risk of organ trafficking in Bangladesh. In 2014, 15 children were killed and harvested for their organs in the town of Herun. This is an issue that was not covered in the 2015 survey. India, however, has the highest number of people in the world trapped in modern slavery with 18.35 million victims among its 1.3 billion population. India is followed by China (3.38 million), Pakistan (2.13 million) and Bangladesh (1.53 million). Asia accounted for two-thirds of the victims. Modern forms of slavery can include debt bondage, forced marriage, child slavery, commercial sexual exploitation and forced labour, where victims are made to work through violence and intimidation. North Korea remains the only nation in Asia and the world that has not explicitly criminalised any form of modern slavery. The country has the highest per capita level of modern slavery at 4.37 per cent of the population. msshova@gmail.com....

Published at: 2017-08-11 05:00:03

The annual credit gap in the women-owned small and medium enterprises (SMEs) segment is estimated at Tk 60 billion ($ 0.77 billion) in Bangladesh, says a survey conducted by the International Finance Corporation (IFC) on women SME finance market. And such limited access to finance is one of the main factors that disproportionately affects women entrepreneurs and limits their ability to sustain and grow their business. There are some 7.8 million small and medium enterprises in Bangladesh that employ 86 per cent of the total workforce and only 2.8 per cent of the SMEs in Bangladesh are owned by women. Keeping these in view, the IFC, a member of the World Bank Group, and Bangladesh Bank (BB) have partnered to work on improving access to finance for women SME entrepreneurs of Bangladesh, said an IFC statement. An agreement to this effect was signed on Wednesday at the BB headquarters in Dhaka. BB deputy governor SK Sur Chowdhury and IFC Country Manager for Bangladesh, Bhutan and Nepal Wendy Werner were present at the deal signing ceremony. The IFC statement said the project would create a new market for the financial sector by de-risking lending to women-owned SME segment and encouraging the development of innovative financing models.  The project also aims to demonstrate the business case for investing in women-owned SMEs that can spur economic growth and job creation. By economically empowering women entrepreneurs, it will ensure that they can create jobs, spur innovation, and spearhead social change in Bangladesh, said the statement. Under the project, IFC will help Bangladesh Bank design a targeted credit guarantee scheme for women SME entrepreneurs. The project will review and update the existing SME policy of Bangladesh Bank to allow an improved flow of financing to women-owned enterprises and the SME sector, it said. A comprehensive capacity development programme will ensure that the central bank's SME department staff can formulate, monitor and evaluate supportive policies for the SME segment, according to the statement. "This project is a milestone in the development of the country's SME sector. Women entrepreneurs have the capability to transform the Bangladeshi economy. Bangladesh Bank is a pioneer among developing nations' central banks in pursuing inclusive growth through supportive financial sector policies," the statement said quoting the BB deputy governor. The statement also quoted Practice Manager, Finance and Markets Global Practice of the World Bank Group Niraj Verma as saying: "This initiative deepens our partnership with Bangladesh Bank and we have a shared gender finance agenda. Interventions under this project will create an enabling environment to scale up the financial sector's participation in women-owned SME sector." Speaking on the occasion, Ms Wendy Werner said: "Increasing the income of women entrepreneurs can improve broad development outcomes as they reinvest their earnings in their families' education and welfare. IFC and the World Bank Group share Bangladesh Bank's vision of a society where the financial system is inclusive and meets the needs of all the country's citizens." IFC and the Finance and Markets Global Practice of the World Bank Group earlier supported Bangladesh Bank's efforts to develop a range of services such as long-term finance, infrastructure finance, sustainability and risk management, financial integrity and digital financial services. The new partnership programme is funded by Global Affairs Canada, said the statement. smjahangirfe@gmail.com....

Published at: 2017-08-11 05:00:03

Prime Minister Sheikh Hasina has received a letter from her Indian counterpart Narendra Modi, reports bdnews24.com. Indian High Commissioner Harsh Vardhan Shringla handed the letter to Hasina during a courtesy call on her at the Ganabhaban on Thursday, the Prime Minister's Press Secretary Ihsanul Karim told the media. Karim did not reveal the details about the content of the letter. He said the high commissioner also gave Hasina a copy of the book 'Marching with a Billion' by Uday Mahurkar. According to an High Commission of India media release, the book analyses three years of Modi's government with focus on progress in key areas such as infrastructure, foreign affairs, power and energy, social sectors, finance, agriculture, and digital technology. The book, in foreign policy outlook, describes Bangladesh as a key developmental partner of India. It refers to "widespread recognition and appreciation of Sheikh Hasina's zero tolerance policy against terrorism", the release said. The book also highlights Hasina's "exceptional leadership and cooperation in successfully implementing" the India-Bangladesh border accord, it added. The release also said Shringla recalled the "successful" state visit of the prime minister to India in April this year. He briefed her about the implementation and follow up to record numbers of memorandums of understanding and agreements signed during the visit. The prime minister expressed her satisfaction at the progress in bilateral relations, according to the release. Later, visiting German parliament member Hans-Peter Uhl met the prime minister, Karim said. Uhl spoke about the "strong' ties between the two countries in the meeting, he added. The German MP also referred to the MoU signed during Hasina's visit to Munich in February this year on upgrading current machine-readable passport system of Bangladesh. The prime minister hoped her government will implement the e-passport project soon.....

Published at: 2017-08-11 05:00:03

The parliamentary standing committee on the shipping ministry, in a recommendation on Thursday, asked the ministry to project the real picture of Chittagong port activities to counter 'false allegations the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) raised' recently. In its 45th meeting, held at the parliament secretariat with Maj (retd) Rafiqul Islam in the chair, also suggested that a press conference be held in this regard, if necessary, to highlight the operational activities and efficiency of the Chittagong Port Authority (CPA). On 01 August, the BGMEA alleged that the weak infrastructure scenario speaks a lot on why the port is failing time and again to facilitate the country's growing international trade. It also claimed that Chittagong port has only four key gantry cranes, two of which are now out of order, whereas it needs 26. It requires 52 rubber tyred gantry cranes but has only 23 at the moment. Only 87 container loading and unloading equipment are in operation at the country's largest port against the requirement of 299. The number of cargo handling equipment is 285 but should be 895. The port facilitates 92 per cent of the country's exports and imports. But the equipment shortage is weighing in on exports and imports as port users are regularly facing delays in the shipment of goods. Under the circumstances, the garment manufacturers and exporters have urged the government to take immediate measures to ease congestion at the port in order to help them maintain the strict lead time set by international retailers. In the standing committee meeting, the committee members including the CPA chairman said  most of the allegations of the BGMEA are not true. The port activities and its efficiency are not getting due recognition, he said.   But exporters, importers and industry insiders told the FE recently that the export-import activities are facing severe blow as feeder vessel operators have imposed additional surcharge as congestion in Chittagong port has mounted. The operators have also limited the number of their voyages to the port. A West African shipping company has informed the local counterparts that until the situation in Chittagong port returns to normal, it has no other choice but to restrict number of its trips to this destination. Feeder vessel operators bound for Chittagong from Australia, Singapore and Colombo ports have imposed additional surcharge following the ongoing congestion in Chittagong port, they added. Meanwhile, Finance Minister AMA Muhith announced on Monday the government's decision to make necessary financial allocation immediately for building the floating terminal in one-and-a-half-year time. He said a floating terminal at the outer anchorage of Chittagong seaport will be built soon to facilitate container carrying to and from Pangaon Inland Container Terminal (PICT), as shipping jam incurs huge penalties.        The latest government move is seen as part of efforts to make the PICT fully functional and thereby mitigate debilitating container congestion at the country's prime maritime port -- Chittagong Port -- which takes a toll on external trade and incurs penal surcharge. The committee also recommended taking immediate steps to construct jetty and terminal and collect relevant equipments for proper management of the port. It also suggested renaming of a station at St Martin island under Bangladesh Inland Water Transport Authority (BIWTA) as 'St Martin Landing Station' or 'St Martin Offshore Landing Station'. Meanwhile, it was found in the minutes of the earlier meeting that JS body on shipping ministry recommended taking action against the chief engineer and ship surveyor AKM Fakhrul Islam on the ground of allegations made against him. Committee member M Abdul Latif recommended it at the meeting on August 11. But neither any departmental action was taken against him nor he was removed or made OSD after investigating the matter. Defending him, shipping minister Shahjahan Khan at that time said that there are only four surveyors for 10,000 ship survey. Who will conduct the survey if anyone is suspended out of these four? asked Shahjahan Khan. Committee chairman said if action was taken at that time, this kind of disgraceful situation would not have been created damaging the reputation of the ministry. msshova@gmail.com....

Published at: 2017-08-11 05:00:03

A good number of new private commercial banks (PCBs) were not complying properly with the lending rules and regulations in cases of sanctioning and disbursement of the loans. The findings were reveled in a study by Bangladesh Institute of Bank Management (BIBM), which released a report on it Thursday. The study also found that the new PCBs were not following the guidelines of Bangladesh Bank (BB) in borrower analysis, credit risk assessment, credit risk grading, credit approval and, credit sanctioning and disbursement while conducting a focus group discussion with the banks' officials. Besides, a good number of irregularities and malpractices related to credit were found, ultimately increasing the rate of non-performing loans (NPLs) of the new banks. In hiring entry-level positions like probationary officers (POs) or management trainee officers (MTOs), some of the new PCBs put emphasis on reference or political affiliation rather than the academic and professional qualifications of the candidates, according to the study. The draft study report was released at a research workshop on 'An Evaluation of the Performance of New Commercial Banks' held at the BIBM auditorium in Dhaka, with BIBM director general Dr. Toufic Ahmed Chowdhury in the chair. In 2012, the central bank had faced tremendous pressure from the government high-ups to quickly approve those banks even before it could properly scrutinise the applications, the study pointed out. The BB had noted that the ratio of opening rural and urban branch by the new banks will be 1:1, which would help increase the bank branches in the rural areas and improve financial inclusion. "But the home truth is that no bank can expand in rural areas before concentrating and making business in urban areas," said the study report. Taking part in the discussion, senior bankers and experts recommended introducing immediately the merger and acquisition law along with comprehensive exit policy for the banks to efficiently manage possible systemic risks. They also suggested the new banks to stop aggressive banking for ensuing discipline in the country's banking sector, saying that the banks will have to follow the risk management guidelines for improving their performance. The overall performance of 2-3 new banks out of nine is not up to the mark, BB deputy governor SK Sur Chowdhury told the workshop.  He said the central bank has already issued prudential guidelines for the banks to improve their overall financial health. "The BB is very much aware of the vulnerabilities of the new entrants and constantly monitoring developments in these institutions," he said, adding that the central bank appointed observers to two of the new banks for ensuring close monitoring and supervisions. AK Gangopadhya Chair Professor of the BIBM Khondkar Ibrahim Khaled suggested the authorities concerned to give approval of the new banks on the basis of entrepreneurs' efficiencies, not on paid up capital. He also emphasised on introduction of the mergers and acquisitions act immediately. Supernumerary Professor of the BIBM Helal Ahmed Chowdhury suggested the new banks not to buy loans from other banks without due diligence. "The new banks should take preparations to implement the Basel-III framework properly," he noted. Supernumerary Professor of the BIBM Muhammad Yasin Ali said the central bank should monitor the overall activities, including CSR (corporate social responsibility) of the new banks closely. Nurul Amin, chief executive officer (CEO) and managing director (MD) of Meghna Bank Limited, said his bank was planning to go for IPO (initial public offering) next year. He said the share of loans and advances of the new banks will reach to 5.0 per cent, instead of the existing level of 4.2 per cent, of the overall industry's loans and advance by the end of 2017. "Loan defaulters should be politically boycotted," said the senior banker while explaining the changing mentality of the loan defeaters. CEO and MD of the NRB Bank Limited Mehmood Husain also spoke on the occasion. The new banks were operating with 351 branches, including 169 rural ones, at the end of 2016. The aggregate assets of these banks at the end of 2016 accounted for 3.6 per cent of the total banking industry assets than that of 2.9 per cent in 2015, according to the central bank statistics. The share of loans and advances of the new banks reached at 4.2 per cent of the overall industry loans and advances in 2016 than that of 3.2 per cent in 2015. The new banks are Meghna Bank Limited, Midland Bank Limited, Modumoti Bank Limited, NRB Bank Limited, NRB Commercial Bank Limited, NRB Global Bank Limited, South Bangla Agriculture and Commerce Bank Limited, The Farmers Bank Limited and Union Bank Limited. siddique.islam@gmail.com....

Published at: 2017-08-11 05:00:03