The Advisers Council Committee on Government Purchase on Tuesday (6 December) approved several proposals for public infrastructure and education sector development projects.

The Advisers Council gave the approval at a meeting at the Cabinet Division Conference Room at the Bangladesh Secretariat with Finance Adviser Salehuddin Ahmed presiding.

The committee approved construction project under the Bangladesh Folk Art and Crafts Foundation at an estimated cost of around Tk 31.88 crore.

MN Huda Construction Limited was selected as the responsive bidder for the work.

It also recommended approving a proposal to construct a six-storey academic circle building at the permanent campus of Bangladesh Maritime University in Chattogram.

The project, placed by the Secondary and Higher Education Division, will be implemented at an estimated cost of around Tk 158.87 crore.

The construction will be carried out by a joint venture of The Civil Engineers Limited and Sheltech Engineering Limited.

Meanwhile, the committee cancelled a tender for the construction of a new multi-storey Circuit House building in Dhaka.

The proposal for cancellation was placed by the Ministry of Housing and Public Works.

CEO Jensen Huang said yesterday (5 January) that the company's next generation of chips is in "full production," saying they can deliver five times the artificial-intelligence computing of the company's previous chips when serving up chatbots and other AI apps.

In a speech at the Consumer Electronics Show in Las Vegas, the leader of the world's most valuable company revealed new details about its chips, which will arrive later this year and which Nvidia executives told Reuters are already in the company's labs being tested by AI firms, as Nvidia faces increasing competition from rivals as well as its own customers.

The Vera Rubin platform, made up of six separate Nvidia chips, is expected to debut later this year, with the flagship server containing 72 of the company's graphics units and 36 of its new central processors. Huang showed how they can be strung together into "pods" with more than 1,000 Rubin chips and said they could improve the efficiency of generating what are known as "tokens" - the fundamental unit of AI systems - by 10 times.

To get the new performance results, however, Huang said the Rubin chips use a proprietary kind of data that the company hopes the wider industry will adopt.

"This is how we were able to deliver such a gigantic step up in performance, even though we only have 1.6 times the number of transistors," Huang said.

While Nvidia still dominates the market for training AI models, it faces far more competition - from traditional rivals such as Advanced Micro Devices as well as customers like Alphabet's Google- in delivering the fruits of those models to hundreds of millions of users of chatbots and other technologies.

Much of Huang's speech focused on how well the new chips would work for that task, including adding a new layer of storage technology called "context memory storage" aimed at helping chatbots provide snappier responses to long questions and conversations.

Nvidia also touted a new generation of networking switches with a new kind of connection called co-packaged optics. The technology, which is key to linking together thousands of machines into one, competes with offerings from Broadcom and Cisco Systems.

Nvidia said that CoreWeave will be among the first to have the new Vera Rubin systems and that it expects Microsoft, Oracle, Amazon and Alphabet to adopt them as well.

In other announcements, Huang highlighted new software that can help self-driving cars make decisions about which path to take - and leave a paper trail for engineers to use afterward. Nvidia showed research about software, called Alpamayo, late last year, with Huang saying on Monday it would be released more widely, along with the data used to train it so that automakers can make evaluations.

"Not only do we open-source the models, we also open-source the data that we use to train those models, because only in that way can you truly trust how the models came to be," Huang said from a stage in Las Vegas.

Last month, Nvidia scooped up talent and chip technology from startup Groq, including executives who were instrumental in helping Alphabet's Google design its own AI chips. While Google is a major Nvidia customer, its own chips have emerged as one of Nvidia's biggest threats as Google works closely with Meta Platforms and others to chip away at Nvidia's AI stronghold.

During a question-and-answer session with financial analysts after his speech, Huang said the Groq deal "won't affect our core business" but could result in new products that expand its lineup.

At the same time, Nvidia is eager to show that its latest products can outperform older chips like the H200, which US President Donald Trump has allowed to flow to China. Reuters has reported that the chip, which was the predecessor to Nvidia's current "Blackwell" chip, is in high demand in China, which has alarmed China hawks across the US political spectrum.

Huang told financial analysts after his keynote that demand is strong for the H200 chips in China, and Chief Financial Officer Colette Kress said Nvidia has applied for licenses to ship the chips to China but was waiting for approvals from the US and other governments to ship them.

Tapan Chowdhury, managing director of Square Pharmaceuticals PLC, has announced his intention to buy 20 lakh shares of the company through the Dhaka Stock Exchange (DSE), reinforcing management's confidence in the country's largest drug maker amid a volatile market environment.

According to a disclosure filed with the stock exchanges today (5 January), the shares will be acquired at the prevailing market price, either from the public market or through block transactions, within the next 30 working days.

Square Pharmaceuticals' shares closed 1.01% higher at Tk200.40 on the DSE on the day of the disclosure. At this price, the total value of the proposed purchase stands at roughly Tk40 crore.

Market participants see the move as a strong vote of confidence by the company's top executive at a time when overall investor sentiment remains cautious. Square Pharmaceuticals has historically drawn attention for consistent insider buying, particularly during periods of market uncertainty, which analysts say often provides reassurance to long-term investors.

Since 2020, four directors of Square Pharmaceuticals have collectively bought about 1.51 crore shares of the company, investing close to Tk300 crore. These acquisitions were made between February 2020 and April 2025, highlighting sustained confidence by the sponsor-directors in the company's long-term prospects.

During this period, Chairman Samuel S Chowdhury purchased 50.25 lakh shares, while Tapan Chowdhury himself acquired the same number. Two other directors, Ratna Patra and Anjan Chowdhury, bought 30.25 lakh shares and 20.25 lakh shares respectively.

Analysts say repeated share purchases by directors are often interpreted as a positive signal for minority shareholders, as they reflect management's belief in the company's intrinsic value and future growth potential. Such moves also align the interests of management more closely with those of public investors and reflect a long-term commitment to value creation.

Square Pharmaceuticals currently ranks as the second-largest company on the DSE by market capitalisation, which stands at around Tk17,600 crore, accounting for about 5.4% of the total market capitalisation of the DSE.

According to the company's November shareholding statement, sponsors and directors jointly hold 43.59% of Square Pharma's shares. Institutional investors own 14.49%, foreign investors hold 14.60%, and the remaining 27.32% are held by general investors.

The company has also announced an ambitious expansion plan, committing Tk650 crore to broaden its manufacturing capacity and product portfolio. Alongside this, Square Pharmaceuticals declared the highest dividend in its history, announcing a 120% cash dividend for the 2024-25 fiscal year.

Since the outbreak of Covid-19 in 2020, Square Pharma has invested approximately Tk2,000 crore in land acquisition, machinery and balancing, modernisation, replacement and expansion projects to cater to growing domestic and export demand.

For FY25, the company reported a 15% year-on-year rise in consolidated net profit to Tk2,397 crore, driven by strong performances from its subsidiaries and associates. The company's consolidated earnings per share stood at Tk27.04, while net asset value per share was Tk157.88 and net operating cash flow per share Tk19.52, underlining the company's strong financial position.

Inflation climbed again last month, extending a prolonged period of high prices driven by supply-side bottlenecks, structural inefficiencies, and rising production costs.

The latest price index from the Bangladesh Bureau of Statistics (BBS) shows point-to-point inflation rose to 8.49% in December 2025, up from 8.29% in November. In December 2024, inflation stood at 10.89%.

Data released today (5 January) show inflation has remained above 8% for 41 consecutive months.

Food inflation in December rose to 7.71%, while non-food inflation reached 9.13%, compared with 7.36% and 9.08% respectively in November. A year earlier, these rates were 12.92% for food and 9.26% for non-food items. December's food inflation was the highest in seven months.

Fahmida Khatun, executive director of the Centre for Policy Dialogue (CPD), said monetary policy has been tight for more than one and a half years, while fiscal policy remains largely contractionary. "Yet Bangladesh's inflation is driven by supply-side and structural issues, not demand pressures," she said.

She said falling international commodity prices have not translated into lower domestic prices due to transport costs, logistics, middlemen, extortion, and other supply-chain inefficiencies.

"Non-food inflation is also rising, influenced by behavioural patterns where businesses maintain prices even when production costs fall, anticipating future cost increases," she added.

Fahmida said persistent inflation points to structural problems, including weak market management, inadequate storage facilities, crop wastage, high transport costs, and limited regulatory oversight.

She said rice remains a key in controlling food inflation. "If the government collects and stores adequate rice in time, it sends a strong message that artificial shortages cannot be created," she said.

She said supply-side management, improved storage, and structural reforms are essential alongside monetary and fiscal measures for sustainable inflation control.

M Masrur Reaz, chairman and CEO of Policy Exchange, said December's rise shows the battle against inflation is far from over, with early successes this year overshadowed by the latest uptick.

He said the taka has remained stable over the past year, suggesting other forces are driving inflation.

"A major factor is supply shortages of raw materials and intermediate goods, combined with disruptions in the supply chain. Weak domestic demand has reduced production, creating a trap where demand suppression aims to curb inflation, but lower output pushing prices higher," he said.

Reaz urged authorities to adopt policies that gradually restore domestic demand while encouraging production in industry and services. "This would boost supply and ease inflationary pressures," he added.

Urban and rural inflation

BBS data show rural inflation rose to 8.48% in December from 8.26% in November, though far lower than 11.09% a year earlier.

In rural areas, food inflation reached 7.67% and non-food inflation stood at 9.26% in December, compared with 7.27% and 9.24% in November. In December 2024, these rates were 12.63% and 9.65%.

Urban inflation rose to 8.55% in December from 8.39% in November, according to BBS. In cities, food inflation increased to 7.87% and non-food inflation to 8.99%, up from 7.61% and 8.91% a month earlier.

Nationally, the general point-to-point wage growth rate edged up to 8.07% in December from 8.04% in November, but remained below the 8.14% recorded a year earlier.

This marked the 47th consecutive month in which wage growth lagged behind inflation. By sector, wage growth stood at 8.16% in agriculture, 7.91% in industry, and 8.24% in services.

Masrur Reaz said persistently weak wage growth is hitting low- and middle-income groups hardest. He urged the government to expand support beyond open market sales, including transport subsidies, temporary relief on power and fuel bills, and coordinated wage adjustments with the private sector.

The Asian Development Bank (ADB) has committed $2.57 billion in new sovereign financing to Bangladesh in 2025, more than doubling its 2024 commitment of $1.18 billion.

The 2025 programme targets priority investments in energy, transportation, banking reforms, urban services, climate resilience, small and medium-sized enterprises (SMEs), and the improvement of livelihood and services in Cox's Bazar.

This year's sovereign lending portfolio reflects a balanced mix across sectors and financing modalities, said an ADB press release.

"We proudly reaffirm our commitment to supporting Bangladesh's priorities during this significant transition period, which is further complicated by an increasingly challenging global landscape," said ADB Country Director Hoe Yun Jeong.

"The 2025 commitments underscore our enduring partnership with Bangladesh and shared focus, in close collaboration with the Economic Relations Division (ERD) and other government ministries and agencies, on economic diversification, enhanced infrastructure and services, and human development," he added.

The ADB's sovereign commitments in 2025 demonstrated a strong focus on infrastructure and institutional reforms. Of the total $2.57 billion committed across ten projects, approximately 35% supported transport infrastructure, 23% was on finance, and 16% supported public sector management and governance.

Energy initiatives accounted for 11%, while water and urban development contributed 9%, and human and social development represented 6%.

Key commitments include the $688 million South Asia Subregional Economic Cooperation-Chattogram-Dohazari Railway Project, which will upgrade a critical rail line and build a bypass to enable direct train services from Dhaka to Cox's Bazar.

Also notable are the $500 million Stabilizing and Reforming the Banking Sector Programme, Subprogramme 1, aimed at strengthening regulation, corporate governance, asset quality, and financial stability; and the $400 million Climate-Resilient Inclusive Development Programme Subprogramme 2, designed to enhance climate resilience, reduce emissions in climate-critical sectors, and promote inclusive growth.

Enhanced project readiness and portfolio management strengthened implementation in 2025.

The ADB also provided non-sovereign assistance to the private sector, supporting investments in textiles, renewable energy, trade finance, food security, microfinance, and public-private partnerships (PPP).

Throughout the year, ADB worked closely with other development partners to deliver coordinated support for operationalising the Bangladesh Climate Development Partnership, promoting public and financial sector reforms, and enhancing economic diversification and logistics.

These collaborative efforts helped mobilise $720 million in co-financing. ADB also delivered targeted knowledge support to inform policy on foreign investment, inclusive development, and public debt management.

As of 31 December 2025, ADB's cumulative sovereign and non-sovereign loan commitments to Bangladesh exceeded $42 billion, with an active sovereign portfolio comprising 48 projects amounting to $10.8 billion.

Looking ahead to 2026, ADB will maintain flexibility to address the country's evolving needs and priorities.

Priorities will include developing economic corridors, strengthening multimodal logistics, advancing public sector reforms and capital market development, promoting private sector development, and accelerating digital transformation.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific.

Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard the planet. Founded in 1966, ADB is owned by 69 members-50 from the region.

Ahead of the upcoming national election, capital market investors have urged political parties to include clear, time-bound commitments on capital market reforms in their election manifestos.

The Bangladesh Capital Market Investors Association (BCIA) placed the demand in a memorandum submitted to Bangladesh Bank Governor Ahsan H Mansur on Wednesday, following a human chain programme in front of the Dhaka Stock Exchange building in Motijheel.

In the memorandum, the association said Bangladesh's stock market was effectively pushed into an "ICU" on 6 December 2010 during the tenure of the then Awami League government.
They claimed the market remained in prolonged distress until the government's fall on 5 August 2024 and that no meaningful recovery has been visible even under the current interim administration.

They alleged that, in the name of reform, the Bangladesh Securities and Exchange Commission has turned investors into victims of what they termed "economic genocide", arguing that regulatory decisions have deepened the market's fragility rather than restoring stability.

According to the memorandum, when the interim government assumed office on 11 August 2024, the benchmark DSEX index stood at 6,015 points. By 18 December 2025, it had fallen to 4,850 points, marking a drop of more than 1,150 points in 17 months.

Over the same period, average daily turnover declined sharply from around Tk1,400–1,500 crore to roughly Tk350 crore. Investors also noted that the market's price-to-earnings ratio has fallen below 9, which they described as unprecedented by global standards.

The investors warned that without restoring confidence among both local and foreign investors, injecting fresh funds into the market would be futile. Even injecting Tk10,000 crore would fail to revive the market and would only further embarrass the government, they said.

They further alleged that over the past 17 months, the BSEC, Bangladesh Bank and the National Board of Revenue have failed to introduce any effective incentive measures for the capital market.

As an example, they cited the merger of five banks without following international standards, which they said caused severe distress to depositors and shareholders. They also alleged that no attractive and credible company has entered the market through an initial public offering during this period.

To revive the market, the association submitted nine other proposals to the authorities. It called for banning the use of the same shares for netting in daily trading and ensuring parity between the Bangladesh Bank governor and the BSEC chairman.

Shareholders affected by the five-bank merger should receive fair compensation, while major profitable entities – including the Padma Bridge project and multinational companies – should be listed.

Companies seeking more than Tk50 crore in funds must raise capital through the stock market. Directors' shares should be frozen, and boards of underperforming companies restructured.

A strong advisory committee should be formed to enhance BSEC transparency, and leadership appointments at key institutions should follow a merit-based process. Fresh funds from the Investor Protection Fund should be allocated to compensate investors who have suffered losses since 2010.

A high-powered committee, formed by the finance ministry, has recommended the creation of a separate R-category platform to shift long-term non-functional and non-dividend-paying companies from the main board of the stock exchanges.

The committee proposed that stocks placed in the R-category should face stricter trading rules to discourage speculative and manipulative practices. These include extending the settlement period to seven days and prohibiting investors from selling R-category shares within one month of purchase.

To ensure stability in the stock market, the committee recommended issuing directives mandating implementation by the Financial Institutions Division, Ministry of Finance, Bangladesh Securities and Exchange Commission (BSEC), Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE).
The four-member committee, led by Anisuzzaman Chowdhury, special assistant to the chief adviser, was formed in March last year.
Other members are Farzana Lalarukh, BSEC commissioner; M Sadiqul Islam, finance professor at Dhaka University; and an additional secretary of the Financial Institutions Division.

Identifying reasons for the depressed capital market, the committee made recommendations on capital market reforms, institutional strengthening, and capacity building of the BSEC, improving the Investment Corporation of Bangladesh (ICB), and promoting good governance in the stock exchanges and submitted the reports to the ministry in November, which was seen by TBS.

Besides these, the committee recommended creating a Tk10,000-crore fund to boost liquidity in the capital market, alongside a Tk3,000 crore fund offering loans to small investors at a 4% interest rate.

It also proposed raising institutional investors' share to 60% and encouraging participation through tax incentives, including tax-free dividend income up to Tk1 lakh.

At present, the DSE runs two separate platforms actively – the SME board for the listed small and medium companies, and the alternative trading board for the trading of not-listed companies besides its main board.

In addition, non-functional firms are traded on the over-the-counter market

Exit plan for non-functional firms

The committee advised the relevant agencies, including the capital market regulator and stock exchanges, to prepare exit plans for listed companies that are unable to continue operations in the future.

To stabilise the market, the committee recommended formulating necessary exit plans for companies that have remained closed for a long time in production and operations, companies that have not paid dividends for an extended period with no prospect of doing so in the future, and rental power plants with no prospects of continuing operations.

According to data from the DSE, 32 companies are currently non-operational, mostly from the textile sector, with closures ranging from four years to as long as 23 years – the longest being Meghna PET Industries, which has remained closed since 2002.

However, the majority of these firms became non-functional after 2020, and some have not paid dividends for years, the data showed.

Besides, data on non-functional firms show that about one-fourth of the total listed companies were downgraded to the Z-category due to factory closures, accumulated losses exceeding paid-up capital, failure to hold annual general meetings, failure to disburse declared dividends within the stipulated timeframe, and other non-compliances.

Despite being in the Z-category, some stocks in this category have seen abnormal price jumps.

A recent example is Zeal Bangla Sugar Mills. The state-owned firm is operational but has consistently incurred huge losses and has failed to pay any dividends for years.

Amid this situation, from 27 November to 9 December last year, Zeal Bangla Sugar Mills' share price nearly doubled, rising to Tk175.20 each from Tk82.40 each. After reaching the peak, its share price declined to Tk129.40 on Sunday.

At present, the DSE has a total of 397 listed companies: 205 in the A-category, which pay over 10% dividends; 82 in the B-category, which pay dividends below 10%; and 110 in the Z-category, which are non-compliant and have not paid dividends.

The country's health, education and transport sectors are set to face sharp funding cuts in the revised Annual Development Programme (RADP) for the 2025-26 fiscal year, largely due to weak project implementation capacity, as the government is set to trim the overall development budget by Tk30,000 crore.

Allocations for health will be slashed by as much as 74%, the biggest casualty of the revision, while spending on education and transport is set to fall by 35%, according to Planning Commission sources.

Power and energy, housing, and agriculture will also see cuts in the revised ADP, which received preliminary approval at an extended meeting of the Planning Commission yesterday, chaired by Planning Adviser Professor Wahiduddin Mahmud.

Final approval is expected on 12 January at a meeting of the National Economic Council (NEC), chaired by Chief Adviser Muhammad Yunus.

Planning Commission officials said the size of the revised ADP stands at Tk2,00,000 crore, down by Tk30,000 crore from government funds and foreign financing. Government funding is being reduced from Tk1,44,000 crore to Tk1,28,000 crore, while allocations from foreign loans and grants are being cut from Tk86,000 crore to Tk72,000 crore.

Health sector bears the brunt

In the original ADP for the current fiscal year, the health sector was allocated Tk18,148 crore. Of this, Tk13,429.52 crore is now being withdrawn due to poor implementation, leaving a revised allocation of Tk4,718 crore.

The health ADP is implemented through the Health Services Division and the Health Education and Family Welfare Division. The Health Services Division, which initially received Tk11,617 crore, has seen its allocation cut by 73% in the revised plan. The Health Education and Family Welfare Division, which had Tk5,902 crore, has had 77% of its allocation withdrawn.

Planning Commission sources said several ongoing health projects have been unable to utilise funds as planned.

These include the establishment of Patuakhali Medical College and Hospital, construction of 500-bed medical college hospitals and related facilities in Jashore, Cox's Bazar, Pabna and Noakhali, the setting up of cancer, kidney and heart treatment centres in eight divisional cities, and projects to expand kidney dialysis centres in medical college hospitals to 50 beds.

However, many of these projects have only recently been approved, while others are still awaiting approval, contributing to lower overall spending and a reduced allocation in the revised ADP.

In the current fiscal year, 15 ministries and divisions have received only 74.56% of their original ADP allocations, including the two health divisions.

Data from the Implementation Monitoring and Evaluation Division (IMED) show that between July and November, the first five months of the fiscal year, the ADP implementation rate stood at just 1.8% for the Health Education and Family Welfare Division and 3.92% for the Health Services Division.

Like health, the education sector has also seen a major cut. From an original allocation of Tk28,557 crore, the revised ADP reduces spending by about 35%, bringing the figure down to roughly Tk18,500 crore.

Former planning secretary Md Mamun-Al-Rashid said the main reasons for surrendering development allocations were the incompetence of project directors, lack of experience in procurement and weak understanding of project management procedures.

"The government has prioritised the health sector, but because of the incompetence of those responsible for implementation, up to 74% of the allocation is being returned," he said. "In future, such officials must be brought under accountability, and caution is needed when approving new projects."

Fahmida Khatun, executive director of the Centre for Policy Dialogue (CPD), criticised the repeated explanation that health and education fail to spend their allocations due to weak capacity.

"This excuse is not acceptable," she said. "If spending capacity is lacking, it reflects the failure of the concerned ministries and the government. Strengthening skills in project implementation, procurement and management is the government's responsibility."

Transport and other sectors cut

The transport and communications sector, which had the largest allocation in the original ADP, is also facing deep cuts. Its allocation has been reduced by 35%, from Tk58,973 crore to Tk38,332 crore.

The Airport-Kamalapur MRT Line-1 project has seen one of the sharpest reductions. From an original allocation of Tk8,631.43 crore, the revised ADP proposes just Tk801 crore, a cut of more than 90%.

Planning Commission officials said revised allocations are based on demand from implementing agencies. As no demand was submitted for this project, a steep cut was proposed.

The MRT Line-5 Northern route (Hemayetpur-Bhatara) project has also had its allocation reduced by about 60%, from Tk1,490.65 crore to Tk592.80 crore.

Officials of Dhaka Mass Transit Company Limited (DMTCL) said spending had been delayed because international tender processes had not yet been completed.

Other major projects facing cuts include the Matarbari Port Development Project, which is set to return 73.32% of its allocation, and the Hazrat Shahjalal International Airport expansion project, which has been proposed for a 70.52% reduction from its original allocation of Tk1,039.24 crore.

The social protection sector has also been heavily affected, with its allocation cut by 73%, from Tk2,018 crore to Tk545 crore. The power sector is facing a 19% reduction, while agriculture is set to see a 21% cut.

Allocations increase for climate change, local government

In contrast, allocations for environment, climate change and water resources have seen the largest increase in the revised ADP, rising by nearly 20% from the original Tk10,641 crore.

The local government sector has also benefited, with its allocation increased by 12% to around Tk15,000 crore in the revised development programme.

Individual depositors of nine ailing non-bank financial institutions (NBFIs) lined up for liquidation may get back their principal amounts before Ramadan in February, said Bangladesh Bank Governor Ahsan H Mansur.

At a press conference at the central bank headquarters yesterday, Mansur said the legal process for liquidation would begin this week.

In December last year, the central bank moved to wind up the non-banks after its board approved their closure under the newly enacted Bank Resolution Ordinance 2025, the country's first comprehensive framework for resolving failing banks and non-banks.

The nine NBFIs are FAS Finance, Bangladesh Industrial Finance Company, Premier Leasing, Fareast Finance, GSP Finance, Prime Finance, Aviva Finance, People's Leasing, and International Leasing.

According to central bank data, they hold Tk 15,370 crore in deposits, of which Tk 3,525 crore belongs to individuals and Tk 11,845 crore to banks and corporate clients.

According to central bank officials, the government has verbally approved around Tk 5,000 crore to repay the non-bank depositors.

"From this week, we are going to initiate the legal process to declare them non-viable and carry out asset valuations," Mansur said.

"This will determine whether they have negative or positive assets, and based on that assessment, a decision will be made on whether shareholders will receive anything or not," he added.

MERGING BANKS MAY FACE FURTHER AUDIT FOR SCAM LINKS

The five banks currently being merged will undergo further forensic audits to identify officials involved in irregularities and scams during the previous regime, Mansur said.

He said those found responsible are likely to lose their jobs.

Over the past two days, the governor said depositors of the merging banks withdrew Tk 107 crore, while fresh deposits of Tk 44 crore were made.

"A total of 13,314 transactions took place over the last two days... The volume of withdrawals is much lower than what we had anticipated," Mansur said.

Among the five banks, EXIM Bank recorded the highest withdrawals at Tk 66 crore.

The governor said that depositor confidence had not eroded entirely, as new deposits continued during the same period. "Those who place new deposits will be able to withdraw their money at any time," he added.

The press conference also confirmed that Sammilito Islami Bank PLC, the large commercial lender being created through the bank merger, will open on January 19.

The central bank governor said the new bank will operate privately but will be temporarily government-owned, with a suitable investor expected to take over within three years.

Mansur said the bank would face some immediate challenges, including restoring export-import operations, remittance services, and utility bill payments.

Tk 20,000CR-Tk 30,000CR NEEDED TO MERGE MORE BANKS

While responding to a question, Mansur said bank resolution is an ongoing process, and several more banks will gradually come under the merger initiatives.

He estimated that an additional Tk 20,000 to Tk 30,000 crore will be required, with no allocation in this year's budget, leaving the matter for the next government.

"The next government will need to give the green light. Subject to these considerations, we will continue our activities, as bank resolution is never free. It is a costly exercise, and bank resolution takes place in many countries around the world," he said.

The interim government is moving to clear more than Tk20,000 crore in unpaid dues to private power producers to avert potential load-shedding this summer and avoid passing a large financial burden to the next elected government, Power and Energy Adviser Mohammad Fouzul Kabir Khan said.

"Arrangements are being made to settle the outstanding payments. Even today (Monday), a meeting was held with the finance adviser regarding the resolution of power sector arrears," he told The Business Standard.

He said the government was aiming to clear the dues swiftly so that the incoming administration does not face immediate pressure from accumulated liabilities in the power sector.

Industry insiders, however, warn that prolonged payment delays driven by subsidy constraints and fiscal stress are already limiting private producers' ability to import fuel, raising the risk of plant shutdowns at a time when supply margins remain thin.

The threat has become acute at SS Power I Limited, a coal-fired plant owned by the S Alam Group that supplies more than 1,100 megawatts of electricity to the national grid each day. The company has warned that it may suspend generation within days unless overdue payments are settled.

In a letter sent to the Bangladesh Power Development Board (BPDB) on 1 January, SS Power said unpaid bills had crossed Tk4,000 crore, an amount that, under its power purchase agreement, gives the company the right to halt generation if payments are not settled by 15 January.

Industry insiders say SS Power is not an isolated case. According to the Bangladesh Independent Power Producers' Association (Bippa), BPDB's outstanding liabilities to private power producers stood at around Tk20,000 crore as of November 2025.

"Prolonged payment delays could severely disrupt electricity supply during the upcoming Ramadan and the peak summer months," said a power producer, requesting anonymity. "A new government is expected to take office soon, and inherited arrears of this scale could become one of its first major economic and governance tests."

BPDB officials acknowledge that even a partial shutdown of large plants would immediately create a supply gap, particularly as many gas-based power stations are operating far below capacity due to fuel shortages.

They warn that the loss of reliable baseload generation would significantly heighten the risk of load-shedding in the coming months, as alternative sources are already stretched and system flexibility remains limited.

"If SS Power suspends generation now, there will be a shortfall of around 1,200 megawatts," said Md Jahurul Islam, a BPDB member, describing the impact as immediate and difficult to absorb.

Anjona Majlish Khan, BPDB member for finance, said she hoped SS Power would not proceed with a shutdown, pointing to earlier standoffs that were eventually resolved.

"They had issued suspension notices before. On those occasions, BPDB cleared their dues and convinced them to continue the generation," she said. "We believe the government will find a way this time as well."

On arrears owed to other private producers, Majlish Khan said payment backlogs were cyclical rather than indicative of a structural breakdown.

"Private plants submit bills; we verify them and make payments. At times dues accumulate, and at other times they fall once payments are made," she said.

Payment delays strain operations at SS Power

In a letter to the Bangladesh Power Development Board (BPDB), SS Power I Limited (SSPIL) said its unpaid bills have exceeded Tk4,000 crore, even after receiving Tk1,500 crore in December.

The company said payment delays have hampered its ability to procure coal, spare parts, and other essentials, while leaving it struggling to meet its own obligations.

SSPIL had warned that one of its units would need to shut down from 1 January 2026 but, citing public interest and grid stability, conditionally agreed to defer the closure until 15 January.

The deferment is conditional on BPDB releasing $84 million or its taka equivalent to clear contractor and supplier dues and ensure uninterrupted coal supply.

"Failing receipt of either payment within the stated timeframe, SSPIL shall have no alternative but to proceed with shutdown of at least one unit, and further units as operationally required," it said.

SS Power also stressed that the December payment did not constitute a contractual cure under the power purchase agreement and sought written assurances that any generation cuts due to non-payment would not be treated as company-caused outages or trigger penalties.

Confirming the suspension notice, SS Power CFO Ebadat Hossain said outstanding dues stood at about Tk3,200 crore until November and rose beyond Tk4,000 crore after the December bill.

"We wrote to BPDB on 10 December and again on 28 December requesting payment. After our request was declined, we issued a suspension notice on 29 December," he said.

BPDB responded the following day, asking the company to withdraw the notice and assuring it of payment, Hossain added. "Considering that request, we deferred the suspension but informed BPDB that generation may be partially or fully suspended by 15 January if payments are not cleared."

He said the plant requires 12,000–14,000 tonnes of coal daily to operate at full capacity. "Without covering our costs, it is simply not possible to keep the plant running," he said.

BPDB warns of immediate supply impact

BPDB officials conceded that a shutdown at SS Power would create an immediate supply gap, even though electricity demand remains subdued during winter.

Jahurul Islam said the board could attempt to manage demand by restarting plants currently kept idle due to low winter consumption, but cautioned that the process would take time.

"To bridge the gap, gas-based plants would need to be restarted," he said. "But gas supply remains constrained even in winter, which would require higher LNG imports."

AKM Jashim Uddin, superintendent engineer of BPDB's Chattogram East Zone, said there is currently no load-shedding as demand remains low.

"In summer, demand ranges between 15,000 and 16,000 megawatts. In winter, it falls to around 8,000 to 10,000 megawatts," he said, warning that the situation could become critical if the dispute persists into peak season.

Shrinking gas supply adds to load-shedding risk

Gas supply to power plants continues to lag far behind demand and has been declining further in recent days.

According to Petrobangla data, power plants received 700 million cubic feet per day (mmcfd) of gas on 4 January against demand of 2,525mmcfd. Supply fell to 662mmcfd on 3 January—barely a quarter of required levels.

Bangladesh has 152 power plants, both public and private, and also imports electricity from India and Nepal. BPDB data show that electricity demand on 5 January stood at 10,542 megawatts, while total generation, including imports, was 10,068 megawatts.

Although BPDB regularly publishes daily generation and load-shedding data, no load-shedding figures have been uploaded since 28 December. As of 4 January, 33 power plants were shut for maintenance.

The power adviser, however, said there was no official indication of load-shedding.

"A temporary disruption in electricity supply does not mean load-shedding," Fouzul Kabir Khan said. "Short suspensions for repair and maintenance are necessary to ensure uninterrupted supply during the summer and should not be described as load-shedding."

Prices continue to rise while people's real incomes are shrinking, pushing more households to the brink of poverty. 2025 having ended amid a fresh uptick in inflation in December, trade analysts and political leaders alike see containing the price spiral as one of the most urgent and difficult challenges for the next government.

Representatives of major political parties contesting the February elections – BNP, Bangladesh Jamaat-e-Islami and the National Citizen Party (NCP) – have stressed that the next government must dismantle market cartels, free up the supply chain and ensure consumers actually benefit from customs duty waivers on essential imports.

These views were shared at a citizens' dialogue jointly organised by Democracy International and The Business Standard at the TBS office yesterday. Funded by UK International Development, the roundtable was moderated by TBS Executive Editor Shakhawat Liton.

Towfiqul Islam Khan, additional director (Research) at the Centre for Policy Dialogue (CPD), said that sustained high inflation over the past three to four years has reduced real incomes, directly affecting poverty, health, education, and nutrition.

He observed that because inflation has exceeded wage growth, Bangladeshi households are, on average, losing real income, thereby narrowing opportunities for social mobility.

He said recent surveys indicate a rise in poverty. Questioning the effectiveness of the central bank's contractionary monetary policy, he said high interest rates are hurting investment and employment, making inflation control even more difficult in the long run. Without job growth, it will be impossible for people to withstand inflationary pressure.

Towfiqul Islam Khan also expressed concern over deficiencies in the use of data.

"Weak policymaking is resulting from the lack of updated and reliable production and supply data. Delays in obtaining production data – particularly for staple foods such as rice – are preventing the government from making timely preparations," he said.

Ferdaus Ara Begum, Chief Executive Officer of Business Initiative Leading Development (BUILD), said Bangladesh has been experiencing high inflation for an extended period, with the pace of reduction extremely slow.

She cited Sri Lanka and Pakistan as examples of countries that have managed to exit high inflation more rapidly.

"Although expanding social safety programmes is often discussed, ensuring budgetary capacity, financing sources, and accurate targeting of beneficiaries remains a major challenge," she noted.

Mahmuda Habiba, a member of the BNP media cell, said the new government will face a major challenge in controlling prices as Ramadan begins immediately after the election. Taking this reality into account, the BNP has already prepared a coordinated action plan, emphasising collaboration among the commerce ministry, Bangladesh Bank, NBR, the Tariff Commission, and other relevant agencies.

"Prices rise due to middlemen and syndicates once products reach the market. There is no alternative to political decisions and the use of political authority to address this issue. Without dismantling syndicates, increasing imports alone will not bring relief to consumers," she noted.

Highlighting plans for union-based procurement centres and mapping-based agricultural production systems, Mahmuda said that even partial implementation could bring significant economic change.

At the event, Mardia Mumtaz, a Jamaat member, said that according to Bangladesh Competition Commission data, more than 1,500 active syndicates currently operate in the country, controlling everything from purchasing produce from farmers to retail prices in the capital.

She said Jamaat-e-Islami would take a firm stance against syndicates if it comes to power, and would properly utilise existing "automatic stabilisers" such as OMS and TCB truck sales to stabilise the market, especially for the most affected poor populations.

She also outlined plans to include poor populations in various social protection programmes, including Food-Friendly Programme, Test Relief (TR), VGF, and fisheries assistance schemes.

She stressed the importance of creating a unified database to ensure effective implementation of these programmes.

Humayra Noor, Joint Member Secretary of the National Citizen Party (NCP), said her party plans to introduce market buffering operations, align imports with agricultural production, and enforce strict monitoring and accountability-based licensing systems.

Commodity price control, she noted, affects not only the economy but the entire social system.

"Although laws exist, enforcement and market monitoring are weak. If the NCP comes to power, it will ensure legal coordination and oversight in controlling imports and prices of goods, including mobile phones," she added.

Abul Hasan Rubel, General Secretary of Ganosamhati Andolon, said early data collection and identifying alternative sources are crucial to reducing crises and inflation related to imported goods. Citing onion and LPG shortages, he said timely planning and monitoring could significantly mitigate such crises.

He said Bangladesh's storage infrastructure needs improvement. Increasing cold storage facilities and promoting agro-based industrialisation could reduce crop wastage and help stabilise production and prices.

Former Chhatra Union President Sharifuzzaman Sharif said the current market system has fallen under predatory capitalism, where demand–supply principles no longer function properly, rendering the free market ineffective. In this situation, alternative government preparedness and market control mechanisms are absent.

He argued that an effective rationing system should operate at the ward level and extend beyond Dhaka to rural areas, ensuring people can access essential goods according to need at designated times.

Presenting the findings of a public opinion survey conducted by Democracy International in November, the organisation's Deputy Chief of Party, Aminul Ehsan, said at the dialogue that one-third of voters in Bangladesh remain undecided and have not yet determined whom they will vote for.

He said that to attract this large segment of voters, political parties must present clear positions and plans on public concerns, particularly on controlling commodity prices.

"This dissatisfaction among women and young people is a major reason behind the high number of undecided voters and carries an important message for electoral politics," he noted.

At the event, Doulot Akter Mala, President of the Economic Reporters' Forum, said that although the government has repeatedly reduced taxes on essential commodities in recent years, these reductions have not been reflected in market prices. She said that when a 5% tax exemption is granted, 4% is retained by traders, while only 1% reaches consumers.

Citing inconsistencies in VAT and pricing in the edible oil market, she said many companies report lower value addition to the NBR to reduce VAT, while showing higher value addition to the Tariff Commission to raise the maximum retail price (MRP).

"This practice harms government revenue and places additional price pressure on consumers," she said.

Depositors withdrew Tk 107 crore from five merging Islamic banks over the past two days, although fresh deposits worth Tk 44 crore were made during the same period, Bangladesh Bank Governor Ahsan H Mansur said today.

Speaking at a press conference organised by the central bank, the governor said the situation remained under control despite initial concerns of large-scale withdrawals following the announcement of the government's stabilisation measures.

"A total of 13,314 transactions took place over the last two days, resulting in withdrawals of Tk 107 crore. The volume of withdrawals is much lower than what we had anticipated," he said.

Among the five banks, EXIM Bank recorded the highest withdrawals, amounting to Tk 66 crore, according to the central bank.

Mansur, however, noted that depositor confidence had not eroded entirely, as Tk 44 crore in new deposits was mobilised during the same timeframe.

Reassuring depositors, the governor said all deposits remained fully secure and there was no reason for panic. "Those who place new deposits will be able to withdraw their money at any time," he added.

The press conference also informed that the newly formed Sommilito Islami Bank will be inaugurated on January 19.

The five banks will further undergo forensic audits to identify officials involved in irregularities.

Nine more companies were downgraded to the Z category on the Dhaka bourse with effect from Sunday, as they failed to hold annual general meetings (AGMs) within the stipulated timeframe.

Among the firms, Alif Industries, Best Holdings, Gemini Sea Food, First Securities Islami Bank, and Beach Hatchery have been relegated from the A category, while S Alam Cold Rolled Steel, Oimex Electrode, Kattali Textile, and Fu-Wang Food have been moved from the B category.

As per the listing regulations, listed companies must complete audits of annual financial reports within four months of the end of the financial year and hold an AGM within six months.

However, all nine companies, whose financial year ended in June last year, failed either to publish audited financial statements or to hold AGMs within the timeframe.

In a regulatory directive issued on Sunday, stockbrokers and merchant bankers were requested not to provide margin loans to investors to purchase these securities.

Following the news, stocks of all these companies plunged by more than 9 per cent on Sunday on the Dhaka bourse.

Alif Industries' stock plunged 9.98 per cent to Tk 37 per share on Sunday. Its profit rose 30 per cent year-on-year to Tk 104 million in FY24, and the company provided 10 per cent cash and 10 per cent stock dividends for the year.

Gemini Sea Food's stock fell 9.98 per cent to Tk 124.5 per share on Sunday. The seafood exporter's profit tumbled 47 per cent to Tk 50 million in FY24. Despite the profit erosion, it disbursed 7.5 per cent cash and 7.5 per cent stock dividends in FY24.

Best Holdings' stock dropped 9.70 per cent to Tk 12.1 per share on Sunday. Its profit rose 24 per cent to Tk 1.41 billion, and it paid 10 per cent cash dividends for FY24.

S Alam Cold Rolled Steel's stock also plunged 9.4 per cent to Tk 13.5 per share on Sunday. The steel manufacturer is linked to S Alam Group and is facing significant challenges, such as the freezing of bank accounts and bank restrictions on opening letters of credit following a political changeover. The company failed to declare dividends for FY24 and FY25.

The stock price of Oimex Electrode dropped 9.68 per cent to Tk 14 per share on Sunday. The company, however, reported a profit of Tk 55 million in FY24 and paid 3 per cent cash dividends for the year.

Kattali Textile raised Tk 340 million from the stock market in 2018 for business expansion, but the company's business started to decline within two years of listing due to numerous irregularities.

The stock market regulator found Kattali Textile's involvement in money laundering and urged the Criminal Investigation Department (CID) to take action as per the law.

Beach Hatchery's stock lost almost 10 per cent to Tk 42.5 per share on Sunday. The company made a profit of Tk 84 million in FY24 and paid 10 per cent cash dividends for the year.

Fu-Wang Food's stock dropped 9.82 per cent to Tk 10.10 per share on Sunday. The company has been suffering losses for the past three consecutive years, and accumulated losses stood at Tk 340 million until FY24.

The total number of Z-category stocks has now reached 110, out of 359 companies listed on the prime bourse.

A move advances to rope in 10 more entities having public shares to the stock market long starved of good stocks and facing frequent volatilities, officials say.

Of the ten blue-chip companies, some are solely owned by government while some are multinationals wherein government has small stakes.

Finance Adviser Dr Salehuddin Ahmed is scheduled to sit with the chief executives of the companies tomorrow (Wednesday) to persuade to divest stakes on the share market, according to officials concerned.

"We will request them to offload shares on the stock market," says a senior official at the Financial Institutions Division (FID).

At the same time, he says, the adviser will also hear from the company bosses about their requirements to get listed on the bourses.

"We want to bring multinational companies which have public stakes in the stock market," says another FID official.

He says some profit-making state-owned entities have also been selected for divestment as soon as possible.

Chief executives of Karnaphuli Gas Distribution Company Ltd, Karnaphuli Fertiliser Company Ltd (KAFCO), North-West Power Generation Company Ltd, Pashchimanchal Gas Company Ltd, Syngenta Bangladesh Ltd, Sylhet Gas Fields Ltd, Unilever Bangladesh Ltd, Synovia Bangladesh Ltd, Novartis (Bangladesh) Ltd, and Nestlé Bangladesh PLC are known to have been invited to Wednesday's meeting with the finance adviser.

These companies will be asked to offload shares on the market through the Investment Corporation of Bangladesh.

Bangladesh's two bourses have experienced severe volatility during the last couple of years. Experts partly blame the absence of good stocks and lack of confidence among the small investors for the unstable situations in the stock market.

In 2025, the benchmark index of Dhaka Stock Exchange (DSE) lost 351 points or 6.7 per cent to 4,865 while equity-market cap shed Tk 360 billion.

In 2024, the DSE stock index performed worst globally, shedding 16.5 per cent, data show.

Customers of newly formed Sammilito Islami Bank withdrew Tk107 crore over the past two days while new deposits amounted to Tk44 crore, reflecting continued confidence among depositors, Bangladesh Bank Governor Ahsan H Mansur said today.

Speaking at a press briefing at the Bangladesh Bank headquarters in the capital, the governor highlighted that the net withdrawal of Tk63 crore in two days after restart of its transaction was "extremely satisfactory" for a bank of the consolidated entity's capital size.

He noted the new bank, which resulted from the merger of five troubled entities, processed 13,314 total transactions. The governor pointed out that in several branches, the amount of new deposits actually surpassed withdrawals, which he believes reflects growing depositor trust.

The briefing was attended by the chairman of Sammilito Islami Bank and the administrators of the five merged banks.

Sammilito Islami Bank Chairman Ayub Mia confirmed that customers could currently receive a minimum of Tk2 lakh from the insurance fund. He added that patients with critical illnesses such as cancer and dialysis would be able to withdraw their entire deposits, though temporary IT system complexities were delaying full payment to some.

Ayub said the bank is currently operating using the separate IT systems of the five merged banks. Bangladesh Bank's IT team has already started work on developing a new integrated software system.

Investigating past irregularities

The governor said the bank's board has decided to initiate a forensic audit to investigate past mismanagement and irregularities. The audit will examine how depositors' funds were misused and identify the involvement of any bank officials or borrowers. Based on the findings, information will be handed over to relevant investigative agencies or the Anti-Corruption Commission (ACC) for action against those responsible.

He said employment would be ensured for competent, honest and qualified staff among the bank's existing workforce of more than 16,000 employees.

Repayment of customer deposits

The governor further said a clear resolution scheme has been put in place under the Bank Resolution Ordinance to ensure full repayment of customer deposits. About 95% of the bank's depositors have balances below Tk2 lakh and are fully protected, enabling them to withdraw their entire deposits easily.

Larger depositors, however, will not be able to withdraw their full amounts for the next two years, though they may access instant loans equivalent to up to 20% of their deposits if liquidity is required, Mansur said.

He also said that while the board has initially been formed with government representatives, the process of appointing private-sector representatives is under way. Although the bank is currently state-owned, it will operate entirely under private management.

Responding to a journalist's question, the governor said that strict steps are being taken to restore discipline in the country's Non-Bank Financial Institution (NBFI) sector. The legal process to declare nine NBFIs as "non-viable" or ineffective, based on a recent review, will begin this very week.

Masnur informed that auditors would be appointed to verify the actual financial condition of these ineffective institutions. The objective is to precisely determine their total liabilities or "negative net worth" – whether it is Tk100 crore or Tk10,000 crore.

The governor stated that he is hopeful that the principal amounts of private sector depositors in these financial institutions can be refunded before the end of Ramadan. However, shareholders are unlikely to get their invested money back. A plan has been adopted to use a special government fund to pay off the money owed to general depositors.

When asked about other weak banks in the country, Mansur said that the "Bank Resolution Department" is working on them. Already, Islami Bank Bangladesh and United Commercial Bank have successfully achieved financial solvency.

He added that other weak banks are also being given a specific action plan, or a "Pathway to Success," to enable them to meet their obligations to depositors.

The governor said, "An additional Tk20,000 crore may be required to resolve the crises of the remaining weak banks. Since this fund is not allocated in the current budget, it will depend on the next budget and a government decision."

He noted, "Currently, there is no separate 'Resolution Fund' in the country; out of the Tk19,000 crore in the Deposit Insurance Scheme, Tk12,000 crore has already been used."

When questioned about loan defaulters participating in elections, the governor said that if any loan defaulter secures a stay order from the High Court, the central bank has no option but to comply with it.

Bangladesh is among the countries least equipped to manage climate risks despite being highly exposed to climate impacts, according to a new report highlighting stark disparities in climate vulnerability and financial readiness across the Hindu Kush Himalaya (HKH) region.

The report, titled Climate Finance Synthesis Report: Needs, Flows and Gaps in the Hindu Kush Himalaya Countries, was launched on Monday at the "Enhancing Climate Actions in the Hindu Kush Himalaya" conference held in Paro, Bhutan.

It finds that countries highly exposed to climate impacts — including Bangladesh, Bhutan, India, Myanmar, Nepal and Pakistan — have limited financial capacity to manage climate risks.

Afghanistan and Bangladesh face the most significant challenges, recording the lowest climate readiness scores at 0.214 and 0.207 respectively, alongside high vulnerability levels of 0.586 and 0.554. India, Nepal, Myanmar and Pakistan show moderate levels of readiness and vulnerability, reflecting a mixed capacity to address climate risks across the region.

The report underscores the urgent need for targeted interventions to enhance resilience in the most vulnerable countries.

According to the analysis, the Hindu Kush Himalaya — a critical water source for billions of people — faces a severe climate financing shortfall. Current financial commitments are insufficient to meet the region's adaptation and mitigation needs, with total climate finance requirements projected at USD 12.05 trillion by 2050.

"Mobilising the ambitious target of USD 12 trillion is like climbing the Everest of funding," said Ghulam Ali, innovative investment specialist and lead author of the report. "The strategy to mobilise these resources has to be creative, comprehensive and collective to achieve such significant goals."

The analysis, conducted by the International Centre for Integrated Mountain Development (ICIMOD), estimates that the annual climate finance requirement for the eight HKH countries stands at approximately USD 768.68 billion. China and India together account for 92.41% of the total projected requirement.

"Evidence and analysis are an important part of advocating and influencing policy development for climate financing in the region," said ICIMOD Director General Pema Gyamtsho. He added that the data presented in the report strengthens understanding of the actions required to address the region's financial needs and build economic resilience.

The report notes that the HKH region faces an adaptation burden far exceeding global averages, forcing countries such as Afghanistan, Nepal and Pakistan to spend disproportionately high amounts on disaster response and adaptation. This, it says, traps them in a cycle of recovery with limited resources for broader development.

Framing the crisis as an issue of economic inequality, the report highlights that annual per capita climate finance needs range from as low as USD 24 in some countries to more than USD 2,126 in others, representing between 6% and 57% of GDP.

To bridge the financing gap, the report recommends a three-track approach: improving access to existing multilateral climate funds, introducing innovative mechanisms such as debt-for-climate swaps, and increasing public spending for mountain regions and environmentally sensitive areas.

The Hindu Kush Himalaya region stretches over 3,500 kilometres across Asia and spans eight countries — Afghanistan, Bangladesh, Bhutan, China, India, Myanmar, Nepal and Pakistan.

The report estimates that the remaining HKH countries, excluding China and India, require USD 62.16 billion annually for climate finance. Bangladesh and Pakistan, in particular, face significant adaptation funding needs of USD 86 billion and USD 280 billion respectively.

Oil prices fell on Monday after a US military operation seized Venezuelan leader Nicolas Maduro, whose country has the world's biggest proven crude reserves.

Increased volumes of Venezuelan oil entering the market would add to oversupply concerns and put further pressure on oil prices, which have fallen in recent months. In morning trade in Asia, Brent Crude was down 0.21 percent at $60.62 per barrel while West Texas Intermediate was off 0.35 percent at $57.12, both off earlier lows.

US forces attacked Caracas in the early hours of Saturday, bombing military targets and spiriting away Maduro and his wife to face federal narcotrafficking charges in New York.

US President Donald Trump has said that the United States will now "run" Venezuela and send US companies to fix its badly dilapidated oil infrastructure.

After years of under-investment and sanctions, Venezuela currently pumps around one million barrels per day, down from around 3.5 mb/d in 1999.

But analysts say that alongside other major questions about Venezuela's future, substantially lifting its oil production will not be easy or quick.

"Any recovery in production would require substantial investment given the crumbling infrastructure resulting from years of mismanagement and underinvestment," UBS analyst Giovanni Staunovo told AFP.

Investing today also holds little appeal: oil prices are weighed down by a supply glut and fell in 2025 despite significant growth headwinds like Trump's tariff war and the ongoing conflict in Ukraine.

The world's 500 richest individuals added a record $2.2 trillion to their wealth in 2025, according to the Bloomberg Billionaires Index, with just eight billionaires accounting for about a quarter of the total increase.

The surge lifted their combined net worth to $11.9 trillion, driven by former US president Donald Trump's 2024 election victory and strong gains in cryptocurrencies, equities and metals.

About a quarter of the total gains went to eight billionaires, including Elon Musk, Jeff Bezos, Oracle chair Larry Ellison, and Alphabet co-founder Larry Page. In 2024, wealth accumulation was even more concentrated, with the same eight individuals responsible for 43% of total gains among the world's richest 500.

Ellison's wealth rose by $57.7 billion in 2025, taking his net worth to $249.8 billion. Elon Musk saw the largest increase, with his fortune jumping $190.3 billion to $622.7 billion. Australian billionaire Gina Rinehart nearly tripled her wealth, from $12.6 billion to $37.7 billion, largely due to her investments in rare-earth metals.

Some billionaires, however, saw their fortunes shrink. Philippine tycoon Manuel Villar lost $12.6 billion, reducing his net worth to $10 billion, after shares of his property firm Golden MV Holdings Inc plunged 80% following the end of a six-month trading suspension.

According to Oxfam, the $2.2 trillion increase in wealth among the world's richest 500 would have been sufficient to lift 3.8 billion people out of poverty.

"Inequality is a deliberate policy choice," said Amitabh Behar, Oxfam's international executive director. "Despite record wealth at the top, public wealth is stagnating or even declining, while debt distress continues to grow."

Bangladesh Bank Governor Ahsan H Mansur has announced that nine non-bank financial institutions (NBFIs) will be declared "non-viable" within this week, as part of a broader effort to restore discipline and stability in the financial sector.

Responding to questions from journalists at a press briefing at the central bank headquarters in Dhaka today (5 January), he also said independent auditors will be appointed to assess the true financial condition of the institutions identified as non-viable.

"The objective is to determine the actual size of their liabilities or negative net worth – whether it is Tk100 crore or Tk10,000 crore – so that decisions can be based on accurate data," he said.

BB board clears path for NBFI liquidation, process begins in 2 weeks

Earlier, on 30 November, the Bangladesh Bank board gave preliminary approval to liquidate the nine NBFIs. These include People's Leasing and Financial Services, International Leasing and Financial Services, Aviva Finance, FAS Finance and Investment, Fareast Finance and Investment, Bangladesh Industrial Finance Company (BIFC), Premier Leasing and Finance, GSP Finance Company, and Prime Finance and Investment Limited.

According to the central bank's data, these institutions suffer from severe loan defaults, with non-performing loan ratios ranging from 70% to as high as 99%.

The governor expressed optimism that private-sector depositors of these institutions would receive repayment of their principal amounts during the month of Ramadan. However, he cautioned that shareholders were unlikely to recover their invested capital.

To protect ordinary depositors, the government plans to use a special fund to facilitate repayments, he added.

Asked about other weak banks in the sector, Mansur said the central bank's Bank Resolution Department was actively working on recovery plans. He noted that Islami Bank Bangladesh and United Commercial Bank (UCB) had already managed to restore solvency.

Other vulnerable banks are being provided with a clearly defined action plan, described as a "pathway to success," to help them meet depositor obligations, he said.

The governor added that resolving the remaining weak banks could require an additional Tk20,000 crore.

Responding to questions about loan defaulters contesting elections, Mansur said the central bank is bound to comply with stay orders issued by courts.

He clarified that eligibility of loan defaulters to participate in elections falls under the jurisdiction of the government and the judiciary, leaving no scope for direct intervention by the central bank.

The Asian Development Bank (ADB) committed $2.57 billion in new sovereign financing to Bangladesh in 2025, more than doubling its $1.18 billion commitment in 2024.

The 2025 lending programme prioritises investments in energy, transport, banking reforms, urban services, climate resilience, small and medium-sized enterprises, and livelihood support in Cox's Bazar.

The portfolio reflects a balanced sectoral spread, with a strong focus on infrastructure development and institutional reforms, according to a press release.

ADB sovereign financing refers to loans, grants, or guarantees provided by the Manila-based lender directly to a national government or to a government-backed entity, with the sovereign (the state) ultimately responsible for repayment.

"We proudly reaffirm our commitment to supporting Bangladesh's priorities during this significant transition period," said ADB Country Director Hoe Yun Jeong.

He added that the 2025 commitments underscored ADB's enduring partnership with Bangladesh, with close collaboration involving the Economic Relations Division and other government agencies to advance economic diversification, infrastructure, services, and human development.

Of the $2.57 billion committed across ten projects, about 35 percent was allocated to transport infrastructure, followed by finance at 23 percent and public sector management and governance at 16 percent.

Energy projects accounted for 11 percent, water and urban development 9 percent, and human and social development 6 percent.

Major approvals included the $688 million South Asia Subregional Economic Cooperation Chattogram-Dohazari Railway Project, aimed at upgrading a critical rail corridor and enabling direct train services from Dhaka to Cox's Bazar.

Other key commitments were the $500 million Stabilising and Reforming the Banking Sector Program, Subprogram 1, and the $400 million Climate-Resilient Inclusive Development Program, Subprogram 2.

ADB said implementation improved in 2025 through enhanced project readiness and portfolio management. Non-sovereign financing supported private-sector investments in textiles, renewable energy, trade finance, food security, microfinance, and public–private partnerships.

Joint efforts with development partners also mobilised $720 million in cofinancing.

As of December 31, 2025, ADB's cumulative sovereign and non-sovereign commitments to Bangladesh exceeded $42 billion, with an active sovereign portfolio of 48 projects valued at $10.8 billion.