The government has reviser the tax-revenue-collection target upward by Tk 540 billion to meet a growing need for internal resources to manage budget deficit.

Debt service has become a major headache for the government as loans taken from foreign and domestic sources have reached an optimum level.

Debt-servicing amounts hit a record Tk 1.35 trillion in the past fiscal year (FY25), in a quantum leap from Tk 320 billion in FY2016. Domestic borrowings account for 88 per cent of total debt repayments, finance ministry data show.

Following this, the Ministry of Finance (MoF) has instructed the National Board of Revenue (NBR) to mobilise Tk 5.54 trillion in taxes, up from the targeted Tk 4.99 trillion in the current fiscal year's budget.

Economists say the government's fiscal space has shrunk to an alarming level for mounting debt-servicing pressure.

Talking to The Financial Express on Monday, Finance Adviser of the interim government Dr Salehuddin Ahmed said the main reason for this revision is the shrinking fiscal space, which the government cannot manage by borrowing.

"We have no alternatives but to focus on domestic revenue mobilisation," he says.

The government has observed revenue-mobilisation growth picking up in the past few months, so both tax and non-tax revenues have to rise, he notes to corroborate the move.

Government's bank borrowing for domestic financing has put private-sector credits under pressure.

Bangladesh Bank Governor Dr Ahsan H Mansur, on Sunday, told the FE that the government is taking more than Tk 1.0 trillion from banks to meet expenses, which has shrunk private-sector credits.

"Mobilisation of higher revenue is now imperative to reduce such dependence on banks," he said.

Dr Abdur Razzaque, Chairman of Research and Policy Integration for Development (RAPID), says there are no alternatives to increasing domestic revenue mobilisation. And it is possible with existing resources and manpower.

"The government needs to formalize the informal sector, bringing a large untaxed sector under the tax net," he says to show the way.

The margin of fiscal space is extremely low now, which has also been indicated by the International Monetary Fund (IMF) as a downgrade to a moderate rating from low risk, he points out.

"The government is a bit shaky about taking budget support from development partners, fearing an aggravated debt burden," he notes.

Debt servicing by the government is almost equivalent to the amount collected as domestic revenue, so the government cannot spend if revenue mobilisation is not increased.

"I think this government wants to leave some pragmatic signals for the next government on which sector it must concentrate," he adds.

The upward revision comes as a surprise to the NBR high-ups, who found the previous target ambitious.

Three wings of revenue board-income tax, VAT, and customs-have distributed their increased targets to the tax zones, customs houses, and VAT offices with instructions for intensifying efforts.

A senior official of the NBR says already the taxmen are apprehending a Tk 600-billion shortfall in its previous target of Tk 4.99 trillion. Now, the revenue-collection shortfall would hover above Tk 1.0 trillion by year-end.

"What significant changes in tax-revenue mobilisation have been made to expect a quantum jump in collection?" he asks.

Automation of tax-return submission, as well as the expansion of tax departments in recent years, would need time to pay off, he says.

In the first quarter, the NBR was lagging behind its target by Tk 170 billion.

On October 26, the MoF issued a directive that no additional allocations would be considered under any circumstances and asked ministries and divisions to cut back on less-essential expenses to stay within limits.

Also, the interim government backtracked on its move to implement a national pay scale in its tenure due to budget constraints.

Bangladesh Bank (BB) plans to bring all financial institutions, including banks, mobile financial service (MFS) providers, insurance companies, and other relevant entities, under an interoperable transaction system by July 2027.

Under this system, cash-outs will no longer be required, BB Governor Ahsan H Mansur said today at an event at the Westin Dhaka, organised by BB.

At the event, BB signed an agreement with the Gates Foundation's Mojaloop—an open-source software platform for financial service companies, government regulators, and others—to establish the interoperable transaction platform virtually.

The Mojaloop-based platform will be named the Inclusive Instant Payment System (IIPS).

Mansur said digitisation is essential for ensuring transparency in financial transactions, adding that the interoperable transaction system is crucial to achieving this.

"There is no alternative to moving towards this system in the future. It will enhance transparency, reduce corruption, and increase revenue collection," he added.

Canada and India have agreed to restart stalled talks for a new trade deal, the Indian government said on Sunday, after discussions between the two countries paused following a diplomatic spat two years ago.

Prime Minister Mark Carney met with India's Prime Minister Narendra Modi for a bilateral discussion on the sidelines of the G20 summit in Johannesburg, South Africa.

"The leaders agreed to begin negotiations on a high-ambition Comprehensive Economic Partnership Agreement (CEPA), aimed at doubling bilateral trade to USD 50 billion by 2030," the statement from India's Prime Minister's Office said.

"Prime Minister @narendramodi and I met at the G20 Summit today, and launched negotiations for a trade deal that could more than double our trade to more than (C) $70 billion," Carney said in a post on X. "India is the world's fifth largest economy, and that means big new opportunities for Canadian workers and businesses."

Both sides reaffirmed their longstanding civil nuclear cooperation and noted the ongoing discussions on expanding collaboration, including through long-term uranium supply arrangements, it added.

The restart of talks highlights thawing relations between the two countries as Carney pushes to expand trade ties beyond the US, its biggest trading partner.

Carney has vowed to double Canada's non-US exports over the next decade.

Canada paused negotiations for a broad trade pact in 2023 after relations soured when Ottawa accused the Indian government of involvement in the killing of a Canadian Sikh separatist. New Delhi has denied involvement.

Despite the diplomatic row, trade between Canada and India has grown but trade experts say it is quite small relative to the size of India's economy.

Two-way goods and services trade touched about C$31 billion ($21.98 billion) in 2024, largely in Canada's favor due to its C$16 billion in services exports. In contrast, Canada's total bilateral trade with China was almost four times bigger in 2024.

Relations between Canada and India began to improve following Modi's meeting with Carney on the sidelines of the G7 summit in June.

Earlier on Sunday, Carney said he considers India a reliable trading partner, although he acknowledged there could be some "source of friction."

He said Canada and India have a strong commercial relationship and he would be keen to scale that up.

"What we're looking to do is to put that (commercial relationship) on a sound footing through a potential trade agreement between the two countries, which gives protections to our businesses, protections to Indian businesses, a clear set of rules, dispute mechanisms, and others, and build on those opportunities."

Carney also met with Brazilian President Luiz Inácio Lula da Silva at the G20 summit and the leaders agreed to intensify negotiations on a Canada-Mercosur free trade agreement. Mercosur includes Brazil, Argentina, Paraguay and Uruguay.

European Union ministers are set to urge top US trade officials on Monday to apply more of the (7 July) EU-US trade deal, such as by cutting US tariffs on EU steel and removing them for EU goods such as wine and spirits.

US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer will meet EU ministers responsible for trade on their first trips to Brussels since taking office.

The EU ministers plan to discuss pressing trade issues, including Chinese rare earth and chip exports restrictions, and host Lutnick and Greer for 90 minutes over lunch.

Under the end-(7 July) deal, the United States set 15% tariffs on most EU goods, while the European Union agreed to remove many of its duties on US imports.

That may only happen in (March or April), given it requires approval from the European Parliament and EU governments, which EU diplomats say has exasperated Washington.

But while insisting the process is on course, the 27-nation bloc is also pointing to agreed items on which it wants to see progress, chief among them steel and aluminium.

The United States has a 50% tariff on the metals and since mid-(August) has applied this to the metal content in 407 "derivative" products such as motorcycles and refrigerators. More derivatives may be added next month.

EU diplomats say that such actions, along with the prospect of new tariffs on trucks, critical minerals, planes and wind turbines, threaten to hollow out the (7 July) accord.

"We're at a delicate moment," one EU diplomat said. "The US is looking for reasons to criticise the EU as we are trying to get them to work on steel and other unresolved matters."

The bloc additionally wants a broader range of its products subject only to low pre-Trump duties. These could include wine and spirits, olives and pasta.

The EU is also ready to discuss areas of possible regulatory cooperation, such as covering cars, the bloc's proposed purchases of US energy and joint efforts on economic security, particularly in response to Chinese export controls.

The Investment Corporation of Bangladesh (ICB) gets a Tk10-billion in interest-bearing government loan to invest in stocks to resuscitate bearish bourses of the country, sources say.

It's seen as a significant move as the decision comes just days after reports surfaced regarding the Finance Ministry's hesitation to funnel further funds for loan repayments, marking a policy turn to save the state-run investment agency.

For financing, the Financial Institutions Division (FID) of the finance ministry on November 20 issued a sanction order.

The FID has given a set of conditions to ensure discipline and transparent utilisation of the lent money.

The loan carries 5.0-percent interest, significantly lower than the 12+percent rates charged on commercial loans currently choking the entity.

Repayment time is 10 years in 6-month installments with a one-year grace period.

The accrued interest amount during the grace period has to be paid with the first installment.

As per the conditions binding the credit, the allocated funds must be spent on the approved purpose.

The loan agreement takes effect from the date of disbursement of the allocated funds.

According to the order, the allocated funds will be reconciled with the audited accounts of the ICB. The investment corporation has to submit an audited report by a chartered accountant firm to the FID within the next 3 months.

The state entity has to go by all government financial rules and regulations during the spending of the money.

"The ICB must pay to the FID if there are any previous dues with the division," the order reads.

This intervention comes at a moment of existential peril for the ICB. As reported earlier this month, the corporation suffered a record loss of Tk 12.13 billion in the fiscal year (FY) 2024-25, an official document shows.

Contacted, a senior officer of the FID said the root of the crisis "lies in a vicious debt trap".

He points out that the corporation has been borrowing at high commercial rates (up to 12-13 per cent) to invest in a bearish stock market where returns have been negative.

Currently, most of ICB's total income is consumed exclusively by interest payments on its existing debts. "They are essentially borrowing to pay off borrowings," the official says.

A high official of the finance division informs that this approval was fast-tracked following a closed-door meeting with the ICB officials.

Prof Abu Ahmed, Chairman of the Investment Corporation of Bangladesh, told the FE that they sought Tk 20 billion from the government to mitigate its liquidity crisis and ensure stability on the stock market.

However, the government provided Tk 10 billion as loans. "We have already started injecting the fund into the market, particularly in fundamentally strong stocks, from the fund," says the academic-turned ICB chairman.

Another closed-end mutual fund - Vanguard AML BD Finance Mutual Fund One - is going to be liquidated next month after a majority of its unitholders voted against its conversion into an open-ended fund upon maturity.

The fund's trustee - Bangladesh General Insurance Company (BGIC) - at a recent meeting proposed the conversion after the end of the fund's tenure on December 23 this year, but most unitholders decided that the fund should rather be wound up.

Mir Ariful Islam, managing director of Sandhani Asset Management, said redemption would allow unitholders to recover their investments at the current net asset value (NAV), a relief for them, especially when units were trading at heavy discounts in the secondary market.

Following the news, the unit price of the fund rose 2.9 per cent over the previous session to Tk 7.1 on Sunday on the Dhaka Stock Exchange, still trading at a 29 per cent discount on the face value of Tk 10.

The fund has reported a net asset value (NAV) of Tk 8.75 per unit on the basis of the current market prices of underlying assets, as of November 20 this year, whereas the face value is Tk 10 per unit.

Investors who put money in the pooled fund in 2016 and have held on to their holdings until redemption will have insignificant returns on investment.

The fund distributed 2 per cent to 15 per cent cash dividends between 2016 and 2023. The net asset value per unit is Tk 8.75 at present, which is 12.5 per cent lower than the face value.

Considering the dividend income and NAV, a unitholder's average annual return comes to around 5.28 per cent until 2023, much lower than inflation during the period.

This is going to be the second instance in a decade that investors of a close-ended pooled fund will redeem their units upon maturity. Earlier, Asian Tiger Sandhani Life Growth Fund was liquidated in March this year as the securities regulator had rejected the time extension appeal.

Asset managers say unitholders who purchased units at discounted prices would benefit.

As per the latest amended mutual fund rules, close-ended funds must be redeemed on maturity - no tenure extension is allowed, a corrective move to change course from past mistakes.

However, such funds may be converted into open-ended funds if three-fourths of unitholders, based on the percentage of ownership, give approval.

Currently, there are 37 close-ended mutual funds on the stock exchanges. Of them, 34 are trading below the face value of Tk 10 per unit, with 24 among those trading below Tk 5 per unit.

Meanwhile, another close-ended fund - SEML Lecture Equity Management Fund, overseen by Strategic Equity Management - will also complete 10 years on December 23 this year.

However, 93 per cent of the unitholders at a recent meeting voted in favour of the fund's conversion into an open-ended fund.

The initial fund size was Tk 500 million, and the current net asset value stood at Tk 485 million. Trading in the fund units has remained suspended since October 30 this year, and the last closing price was Tk 7.4 per unit.

Bangladesh Thai Aluminium Limited, popularly known as BD Thai, witnessed a significant 70% decline in revenue, which resulted in wider losses in the 2024–25 fiscal year.

Due to the losses, the engineering sector firm has decided not to declare any dividend for its shareholders for FY25.

With the announcement of a significant loss for last fiscal year, the company has now been incurring losses for three consecutive fiscal years since FY2022–23.

Its seven-year data from FY20 to FY25 shows that the latest loss is the highest in the period. Last year, despite a Tk10.81 crore loss, the company still paid a 0.25% cash dividend to shareholders.

According to its financial statements for the year ended June 2025, BD Thai's revenue dropped to Tk18 crore — a 70% decline from Tk60.28 crore in the previous fiscal year.

The company's losses widened to Tk25.71 crore, with a loss per share of Tk2.01. In the previous year, its loss per share stood at Tk0.85.

Despite the drop in revenue and wider losses, BD Thai's share price rose by 6.93% to Tk10.80 each on the Dhaka Stock Exchange (DSE) today.

Its net asset value (NAV) per share fell to Tk28.60 at the end of June 2025, compared to Tk30.56 a year earlier.

Its net operating cash flow per share also remained negative at Tk1.32, against Tk0.96 negative in FY24.

The company's annual general meeting is scheduled for 30 December through a hybrid format — combining physical and online participation.

The record date for determining shareholders has been fixed for 14 December.

BD Thai began operations in 1979 as a pioneer in manufacturing aluminum profiles for doors, windows, and curtain walls in Bangladesh. It was listed on the stock exchanges in 1991.

The Bangladesh Bank has extended the deadline for rescheduling classified loans – taken by borrowers whose businesses were harmed by factors beyond their control during the Sheikh Hasina administration – allowing them to restructure their loans for 10 years with only a 2% down payment.

According to a new circular issued yesterday by the Banking Regulation and Policy Department, the deadline has been pushed to 30 November, instead of the previously announced 30 June.

The central bank has also extended the timeframe for special loan restructuring, which was earlier limited to June this year. Under the new circular, the deadline has been extended to 31 December.

Exit facility eased

The Bangladesh Bank has introduced major changes to the exit facility, offering significant relief to borrowers.

Under the previous rule, even if an exit period of four years was approved, the borrower remained classified during the entire exit period. The borrower could repay the dues in instalments or in a lump sum at any point during those four years, but their loan status did not improve until full repayment.

However, Bangladesh Bank has now changed this rule.

Now, once a borrower opts for the exit facility, their loan status will be upgraded, similar to what happens after a rescheduling. This means the borrower will no longer remain on the defaulters' list.

However, the central bank has tightened repayment discipline.

The new circular notes that earlier, many borrowers who opted for exit facilities would repay the entire amount in a single payment after four years. That will no longer be allowed.

Under the new rules, the borrower must repay in quarterly instalments, and the annual repayment must not fall below 20% of the outstanding amount. If the borrower fails to pay the instalment for any three-month period, they will again be marked as a defaulter.

The circular also states that although borrowers under the new exit scheme cannot receive new funded loans, they will still be eligible for non-funded facilities, such as opening Letters of Credit (LCs).

Speaking to TBS yesterday, Md Touhidul Alam Khan, managing director and CEO of NRBC Bank, welcomed the Bangladesh Bank initiative, saying, "I believe this effort will contribute significantly to reducing non-performing loans in the banking sector. Importantly, regular customers will also have the opportunity to restructure their loans under this circular."

"Banks can leverage this circular to enhance banker–customer relationships and develop exit plans that benefit both parties. Overall, this is a commendable initiative by Bangladesh Bank that promotes financial health and stability," he added.

Pakistan has proposed creating a formal maritime cooperation framework with Bangladesh to expand collaboration in shipping, ports and maritime safety, according to an official statement and people familiar with recent discussions.

"Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry has proposed the establishment of a formal cooperation framework between the Pakistan National Shipping Corporation (PNSC) and the Bangladesh Shipping Corporation (BSC) to deepen maritime collaboration between the two countries," the maritime ministry said in a statement. The proposal was conveyed during talks in London with Brig. Gen. (Retd.) Dr. M. Sakhawat Hussain, Bangladesh's adviser for shipping.

The ministry said both countries are significant maritime states and members of the Developing-8, yet have had limited structured cooperation between their national shipping lines. The proposed framework aims to broaden that relationship, says Arab News PK.

"The proposal ... envisions a comprehensive partnership encompassing joint container and bulk shipping services, technical training programs, cooperation on maritime safety and seafarer development, reciprocal port-call facilitation, and strengthened diplomatic and technical engagement at senior levels," the statement said.

Chaudhry also proposed launching a Pakistan–Bangladesh Maritime Dialogue, which would serve as a formal platform for regular discussions on port development, sector reforms, the blue economy, fisheries and emerging maritime issues.

Pakistan reiterated its earlier offer to make Karachi Port Trust (KPT) facilities available for Bangladeshi cargo. Officials have cited improving capacity, modernization efforts and reduced turnaround times at KPT as indicators of Pakistan's readiness to support wider regional shipping flows.

The ministry said Pakistan intends to strengthen coordination with Bangladesh in international maritime bodies. "Pakistan will positively support Bangladesh's request for support in the IMO Category C elections," Chaudhry said in the statement. Islamabad is also seeking reciprocal backing and deeper cooperation at the International Maritime Organization, the International Labour Organization and regional maritime groupings on seafarer-related issues.

Officials expect that closer coordination would help both countries expand regional trade routes, shape global maritime policy discussions and advance shared interests in shipping, port development and seafarer welfare.

Bangladesh Bank has taken a major policy step to expand the country's export channels by allowing shipments under a Business-to-Business-to-Consumer (B2B2C) framework.

The central bank issued a foreign exchange circular today (24 November), enabling exporters to sell goods to global consumers through internationally recognised online platforms and marketplaces.

Under the new circular, Authorised Dealer (AD) banks may now facilitate exports from Bangladesh where the overseas consignee is not the final buyer but acts as an intermediary – such as a global platform, marketplace, or third-party warehouse.

To execute exports under this framework, exporters shall provide AD banks with documented proof of their registration on globally recognised online platforms or warehouses. As traditional sales contracts are typically absent in B2B2C structures, exporters may declare the value of shipments based on proforma invoices. AD banks are allowed to accept shipping documents prepared in the name of the consignee providing warehousing or other facilitating services.

In terms of proceeds realisation, ADs may receive export payments through normal banking channels, including payments routed via legitimate international payment service operators. Since export receipts under platform-based sales may cover multiple shipments, the central bank has relaxed the requirement for one-to-one payment matching. ADs may settle receipts using the First-in, First-out (FIFO) method, allowing earlier shipments to be adjusted first.

Industry insiders believe the move will ease cross-border e-commerce operations, strengthen Bangladesh's footprint in global online marketplaces and provide small and medium exporters with wider market access. The new framework is expected to support diversified export growth by integrating Bangladeshi products more effectively into global digital retail channels.

Jewellers have inflated the price of gold by Tk2,612 to Tk2,09,520 per bhori (11.664 grammes) as the price of pure gold has increased in the local market.

The Standing Committee on Pricing and Price Monitoring of the Bangladesh Jeweller’s Association (BAJUS) made the decision at a meeting held on Wednesday.

On 20 October, the price of gold reached an all-time high in the country at Tk2,17,382 per bhori.

As per the new decision, the price of 22-carat gold will now be Tk17,963 per gramme, and 21-carat Tk17,147 per gramme, read a press release signed by the committee chairman, Masudur Rahman.

The price of 18-carat gold has been fixed at Tk14,697 a gramme, while that of traditional gold at Tk12,225 per gramme.

New tariffs would come into effect on Thursday, read the release.

Prices of silver, however, have remained unchanged.

The price of 22-carat silver is now Tk364 per gramme, 21-carat Tk347, 18-carat Tk298, and traditional one is Tk223 per gramme.

Buyers will also have to pay an additional 5% VAT set by the government, along with a minimum 6% making charge fixed by BAJUS. The making charge may vary depending on design and quality, the release added.

Energypac Power Generation PLC, once a prominent player in the country's power and energy sector, is now grappling with a severe financial crisis, with the company sinking into negative retained earnings.

A persistent accumulation of losses, totaling Tk306 crore since the 2022-23 fiscal year, has eroded the company's financial health, resulting in negative retained earnings of Tk53.73 crore.

The deterioration was further highlighted in the first quarter of FY26 (July–September), when revenue plunged 35% to Tk60.57 crore, culminating in a net loss of Tk58.60 crore for the quarter.

The immediate impact was felt on the Dhaka Stock Exchange (DSE), where investor sentiment soured, driving the company's share price down 7.95% to close at Tk16.20 on Sunday.

This current trading price represents a staggering erosion of value for shareholders, standing far below the initial public offering (IPO) price.

Energypac listed on the Dhaka bourse in 2021, issuing shares at Tk35 to eligible investors under the book-building method, while general public investors received shares at Tk31.

Market analysts say the stock has lost more than half its value since debut.

The company reported its net asset value (NAV) per share with revaluation at Tk29.86 at the end of September 2025, marking a 9% decline compared to the previous fiscal year.

In its price-sensitive information statement, Energypac attributed the deepening losses primarily to a sharp increase in finance charges, exacerbated by rising interest rates.

The company noted that temporary negative retained earnings and the declining NAV are outcomes of industry-wide revenue erosion, escalating finance costs, and legacy debt obligations.

However, management offered a glimmer of hope, citing a recently secured 10-year restructured financing facility from Bangladesh Bank, which includes a two-year grace period.

The facility is expected to ease debt-servicing pressure, potentially restoring retained earnings and enhancing NAV.

According to the unaudited report, the company's total term loan burden stood at Tk1,327 crore as of September 2025, with Mercantile Bank, Bank Asia, and Eastern Bank as major lenders.

To manage liquidity and operational needs, the board has turned to asset liquidation. The board recently approved the sale of 16.50 decimals of land in Tejgaon Industrial Area to sister concern Energypac Fashion Limited for approximately Tk33 crore, following an earlier sale of 597 decimals for Tk19 crore.

A review of historical performance shows a drastic shift. Revenue peaked at Tk2,033 crore in FY22 but collapsed to Tk800 crore in FY23, then shrank to Tk280 crore in FY24 before a slight rise to Tk308 crore in FY25.

Profitability has also evaporated; after posting Tk39 crore in FY21 and Tk9.70 crore in FY22, losses surged to Tk45 crore in FY23 and ballooned to Tk105 crore in FY25.

Currently, Energypac generates revenue from liquefied petroleum gas (LPG) under the G-Gas brand, building materials, JAC-branded motor vehicles, and its power and energy division.

However, much of the revenue erosion stems from strategic restructuring. Until FY23, the company earned substantial revenue from three power plants – Energypac Power Venture Limited, Energypac Power Venture Ctg Limited, and EPV Thakurgaon Limited – which were later transferred to Sonargaon Leather and Rexin Cloth Industries Limited, also owned by the company's directors.

A senior officer, speaking anonymously, said this transfer was the main cause of the revenue fall. "The company's core legacy business of assembling and selling transformers has slowed due to declining government demand."

Simultaneously, a sharp drop in private investment in the power sector has hurt power equipment sales, he said.

Consequently, Energypac declared no dividend for FY24 and recommended a modest 2% cash dividend for public shareholders for FY25, reflecting constrained cash flow.

On 25 September, the Dhaka bourse downgraded Energypac Power to the Z category from B as it failed to disburse at least 80% of its declared 5% cash dividend for FY23.

After distribution on 29 September, the DSE returned the firm to the B category.

Of total shares, sponsors and directors hold 54.14%, institutional investors 16.51%, and the remaining 29.35% is held by public shareholders.

The “Western Marine Shipyard Limited (WMShL),” a Chattogram-based shipbuilder renowned for exporting world-class vessels, is set to export three more landing crafts to its buyer in the United Arab Emirates (UAE).

With this latest delivery, the shipbuilder’s total exports will reach 39 vessels valued at over $140 million. However, the country’s vast shipbuilding potential remains largely unrealised because of multiple obstacles, including insufficient funding.

The “Marwan Shipping” which first imported a vessel from the WMShL in 2017, placed a fresh order in 2023.

The order includes four landing crafts, two tugboats and two oil tankers. With the latest three, six of the eight vessels will be delivered.

A handover ceremony for the three landing crafts will be held on a vessel near the yard of WMShL in Patiya upazila in the district today.

United Arab Emirates (UAE) Ambassador Abdulla Ali Abdulla Khaseif Alhmoudi is expected to attend the event as the chief guest while Ministry of Commerce Additional Secretary and FBCCI Administrator Abdur Rahman Khan and the buyer Marwan Shipping & Tr Co LLC Managing Director Ahmed Mohamed Hussain Al Marzooqi will attend as special guests.

WMShL General Manager (GM–Finance and Accounts) Abul Mansur said they received orders for eight vessels worth $8.5 million from Marwan Shipping in 2023.

“Construction of the remaining two vessels for that buyer and eight others for local clients is currently underway at the yard,” he said.

Abul Mansur said the three landing crafts – Maya, SMS Emy and Muna – were built under the classification of Bureau Veritas. Each vessel is 69 metres long and equipped with modern technology as per the buyer’s specifications.

The WMShL, one of the only two Bangladeshi firms exporting ships, has exported vessels to 11 countries since it began international deliveries in 2010, he added.

Notably, vessel export from Bangladesh resumed after five years through delivery of the landing craft “Rayan” in January this year, overcoming global setbacks that affected the industry following an order shortfall, the COVID-19 pandemic, and the subsequent Russia–Ukraine war.

Little realisation of immense potential

Despite having immense potential in shipbuilding, Bangladesh has not been able to secure even one per cent of the global market of $200 billion over the decades of manufacturing vessels.

Industry insiders noted that demand for new vessels has been rising sharply since ageing fleets have struggled to comply with modern technologies and international regulations.

Shipbuilders across the world are now racing to capitalise on this renewed demand, but, Bangladesh continues to lag behind due to lack of funding and policy support, they said.

Against this backdrop, entrepreneurs have emphasised a low-cost long-term special fund at a 4.5% interest rate, policy amendments to facilitate ease of doing business and the introduction of a one-stop service for smooth export and import procedures.

Although the existing shipbuilders primarily served domestic needs for decades, the industry drew attention when Ananda Shipyard and Slipways Limited in Dhaka exported an ocean-going vessel to Denmark in 2008. The WMShL became the second ship exporter in 2010.

WMShL has developed over 150 vessels, including tugboats, passenger vessels, fishing vessels, multipurpose vessels, cargo vessels, and Ro-Ro vessels for different clients including the Chattogram Port Authority and BIWTC.

Its Managing Director (MD) Captain Sohail Hasan told the Daily Sun that the previous government announced a low-cost special fund offering the shipbuilding industry an interest rate of 4.5%.

“However, none of the entrepreneurs could access the fund due to complex terms and conditions. We have requested the present government to grant the fund like our global competitors such as Singapore, Korea, Vietnam and India,” he stated.

“The country could earn only $200 million from exporting over 50 vessels in seventeen years,” he said.

“We have the capacity to build all types of ships. But, we are unable to realise the potential due to lack of funding. With proper financing and land allocation, we can even build larger container vessels with modern technologies, making the country self-sufficient in shipbuilding,” Sohail said.

Edited by Mohammad

Mamunur Rashid

Though I spent my banking life with foreign banks, I was mostly half-hearted about knowing the courtroom performance of local lawyers. Many were seen arriving without having done enough homework before defending their clients.

Bangladesh banking is now at a critical juncture. With non-performing loans (NPLs) rising sharply, the question is whether stronger legal action by banks can help reverse the trend. The burden of bad loans is far heavier than in many other countries. The NPL ratio reached more than 20 percent of total loans by December 2024. More alarmingly, that ratio rose to 24 percent by March 2025 and even higher in June 2025. In state-owned commercial banks, the figure peaked at 43 percent in the second quarter of fiscal 2025.
By contrast, in Asia more broadly, the average NPL ratio is much lower. For example, banks in India reported a gross bad-loan ratio of around 2.3 percent in March 2025. In China, the ratio stood at just 1.56 percent at the end of June 2024. These comparisons underline the scale of the challenge. If other countries maintain NPLs in the 1-3 percent range, then Bangladesh, at 20-25 percent, is operating with a huge volume of distressed loans.

If government reforms alone are not sufficient, then banks must ask themselves what more they can do. Litigation and recovery processes emerge as essential parts of the solution. When borrowers stop servicing loans, steps such as court filings, asset seizures and legal enforcement become necessary. Bangladesh now has specialised money loan courts under the Money Loan Court Act 2003, along with directives by the central bank requiring banks to build stronger legal divisions. But having a court system is one thing; using it effectively is another.

When a bank spots early signs of a troubled loan, swift escalation to its legal team matters. If the legal division lacks qualified staff or monitoring systems, cases may drag. Delay means that defaults deepen, collateral values may decline, and recoveries shrink. In contrast, when a bank legal team and its panel lawyers coordinate seamlessly, reviewing in depth, filing early, tracking hearings and executing judgments, the cost of delay drops and bad loans start to shrink. International research shows that high NPLs hurt bank assets and income growth.

The regulator has prescribed specific standards. Banks must appoint chief legal officers with law degrees and experience. At least one-third of legal department staff must hold legal qualifications and banking experience. Panel lawyers must be enrolled advocates with an active practice. These requirements aim to strengthen the legal machinery inside banks. Yet structural challenges persist, including delays in filing, weak coordination between internal teams and outside counsel, overloaded courts and the increasing classification of loans under newer, stricter regulations. For example, the classification period is being reduced to three months from March 2025.

What does this mean for the banking sector? A high NPL level restricts banks' ability to lend. The Bangladesh Bank has noted that the bad loan surge is limiting banks' credit capacity. If banks are saddled with large unrecovered loans, then they must set aside more provisions, profitability suffers, capital buffers are eroded, and economic growth slows. For this reason, litigation must be treated not as a one-off measure but as part of the overall risk-management structure: monitor early, escalate quickly, litigate efficiently, recover assets and redeploy capital into new lending.

Litigation can reduce default loans, but only if banks strengthen their legal divisions, embed recovery procedures into their operations, coordinate with courts and lawyers, and act with speed and precision. Government and regulatory reforms may set the stage, but banks are the ones who must use it. If internal legal strength aligns with external legal infrastructure, then the tide of defaults can be stemmed and the economy can breathe easier. What is needed now is decisive commitment from bank boards and senior management, a clear push to invest in legal capabilities, enforce accountability and prioritise rapid recovery.

State-owned Janata Bank has moved to auction six Beximco Limited factories, despite the government's efforts to revive the struggling company through an international lease agreement.

Within a day of the board meeting on 20 November, the bank issued public notices to auction 193 decimals of land and all structures on it at Beximco Industrial Park, which had been mortgaged as collateral for loans on three of the factories.

Notices for the other three factories are expected to be published soon, according to bank sources.

The 20 November board meeting was initially scheduled for 18 November. The original agenda focused on approving a draft agreement between Beximco, Janata Bank, and Japanese firm Revival, which had expressed interest in leasing the factories. The meeting was postponed, and the agenda was changed to include auctioning Beximco's mortgaged assets to recover outstanding loans.

$20m lifeline to reopen 15 Beximco mills by December under global partnership

When contacted for comment, Janata Bank MD and CEO Md Mazibur Rahman did not answer the call. He later replied via WhatsApp but declined to comment, saying he was busy in a meeting and would speak later but he did not receive subsequent calls.

However, a senior labour ministry official told TBS that during various meetings, Janata Bank's MD opposed leasing and favoured auctioning the factories. Reports also suggest that a government adviser and a secretary supported the auction over reopening.

On 21 November, the bank placed advertisements in several newspapers announcing the auction of all outstanding loans, including interest, for International Knitwear & Apparel Limited's Unit-1 and Unit-2, Urban Fashions Limited, and Apollo Apparels Limited. Interested buyers can submit bids until 7 December.

What's in the auction notice

According to Janata Bank's notice, it had extended loans of Tk543.7 crore to International Knitwear & Apparel Limited's Unit-1 and Unit-2, which now total Tk1,754.7 crore with interest. Urban Fashions owes Tk252.45 crore, now Tk724.26 crore with interest, and Apollo Apparels owes Tk251.26 crore, now Tk816.4 crore.

Deal next week to revive Beximco Textiles

In total, the three factories – including machinery, inventory, 193 decimals of land at Beximco Industrial Park in Kashimpur, Gazipur, and all structures – are being auctioned.

Additionally, immovable assets mortgaged against loans to Crescent Fashions and Design Limited (Tk1,397 crore), Assess Fashion (Tk1,135 crore), and Bangladesh Export Import Company (Tk1,316 crore) will also be auctioned.

Govt efforts to revive

The labour ministry has been trying to reopen Beximco's internationally certified textile factories to preserve thousands of jobs and maintain export earnings. The ministry has held several meetings with the Finance Division, Bangladesh Bank, Janata Bank, and other lenders to facilitate this.

Beximco Group faces auction of mortgaged assets over Tk409cr loan default

In May, Japanese company Revival Project Limited submitted an Expression of Interest (EOI) to the government to lease the factories. Beximco Limited provided a Letter of Comfort in support. Subsequently, the government initiated plans to reopen the factories.

On 22 July, the labour ministry convened its first meeting with the Finance Division, Bangladesh Bank, and Janata Bank to discuss reopening Beximco's textile units. Several follow-up meetings were held, and the decision to operate the factories under the Companies Act was endorsed.

An 11-member advisory committee, formed in November 2024 to review labour and business conditions in Beximco Industrial Park, supported Revival's proposal.

The committee was chaired by Labour and Employment Adviser Brigadier General (retd) M Sakhawat Hossain. Another five-member advisory panel, formed on 30 June to accelerate business, trade, industrial, port, and revenue collection activities, also endorsed reopening the factories.

Govt to clear Beximco workers' dues by selling mortgaged shares

Bangladesh Bank reportedly held several meetings on the matter, indicating that Beximco could lease the factories. Accordingly, Revival is preparing to lease the units and plans an initial working capital investment of $20 million, with a long-term goal of up to $100 million.

US-based Ecomillie is expected to finance the project. Beximco has repeatedly stated that its foreign buyers are awaiting the restart of production.

Beximco projects Tk380cr profit by Dec 2026 amid revival plan

The draft agreement specified that Revival would operate Beximco's factories and take a 1.5%-2.5% commission from export earnings. The remaining income, after operational costs, would repay Janata Bank and other lenders. Beximco would receive no funds directly.

On 8 October, Revival, Beximco, and Janata Bank drafted a contract, scheduled for board approval on 18 November. The board meeting was postponed to 20 November, and the agenda was altered to include auctioning the factories and mortgaged assets.

The largest US soybean sales to China in more than two years this week could be just the beginning of an accelerated buying program by Beijing after the world's top importer shunned US supplies for months due to a trade war with Washington.
Even if purchases fall short of the 12 million metric tons that US Treasury Secretary Scott Bessent announced, the uptick in sales has buoyed crop prices.
That triggered a flurry of sales by farmers who were holding their crop hoping for such an uptick. Some Chinese traders also cashed in after booking long positions when prices slumped, but any American farmers who sold their crop before the Chinese purchase deal was announced did not benefit.

It remained unclear how quickly China would reach the target that US officials said Beijing has agreed to. The confirmed purchases of nearly 1.6 million metric tons in three days sent US prices sharply higher to a steep premium over shipments from rival exporter Brazil. That has made US soybeans uncompetitive for other importers like Turkey and Vietnam.
It also creates a problem for Beijing, which does not now need more beans after major purchases of South American crops. China must empty some of its national reserves to make space for the US shipments.

Bessent and Agriculture Secretary Brooke Rollins said China had agreed to buy 12 million tons by the end of this year after President Donald Trump met in October with Chinese President Xi Jinping in South Korea.

Last week, Trump said the purchases would take place before spring. Beijing has not officially confirmed the volume commitment, but Bessent said the deal could be inked by late next week.

In past years China has accounted for 50 percent to 60 percent of all US soybean exports, so timing of the purchases is likely to steer soybean prices at least until an official agreement is signed.

"Do I believe China will take 12 million metric tons? I do," said Dan Basse, president of consultancy AgResource Co. "Do I think China will take 12 million tons by the end of the year? Not a chance."

The US Department of Agriculture has confirmed 1.584 million tons in sales to China over three days this week, the largest single-week tally since early November 2023, according to USDA data. Traders and analysts said total sales may be closer to 2 million to 3 million tons after a minimal volume was sold ahead of the Trump-Xi summit with other recent purchases below the USDA's daily reporting threshold.

CBOT soybean futures rallied to their highest point since June 2024 on news of the sales, and the benchmark price was up nearly 12 percent from mid-October ahead of the meeting in South Korea.

This US price rally coincided with a drop in costs for Brazilian soybeans, widening the US premium to Brazil to around 50 cents per bushel for January shipments, or more than $1.1 million per 60,000-ton cargo. The premium for US shipments in February was as high as $1.10 per bushel, according to traders.

A surge in futures open interest during the rally suggested that Chinese importers were among those taking long positions in the market, betting prices would rise. The positions locked in lower prices before they booked physical sales. Futures have retreated as Chinese traders liquidated those long positions, traders said.

"They have actually bought the futures a long time ago, likely when January beans were around $10 a bushel and prior to Xi meeting with Trump and announcing the trade deal. So they have been long the futures this entire time and are now announcing cash purchases, which means they are actually selling their long futures, which in turn is putting pressure against the January soybean futures," said Brian Hoops, analyst with Midwest Market Solutions.

Timely data from the Commodity Futures Trading Commission showing trader positions in the futures market was not available due to the recent US government shutdown.

A backlog of data, opens new tab will be released piecemeal over the next several weeks. Traders will remain in the dark about current positions in markets through January 23, when the CFTC will be fully caught up on its reports. The data release takes time because the CFTC must do a significant amount of manual work and analysis to make sure the reports are accurate, spokesperson Taylor Foy said.

US farmers, who struggled with low prices for most of the summer and into the fall harvest, accelerated sales of their 2025 soybean harvest during the rally. Growers are estimated to have sold about 30 percent to 40 percent of their harvest so far, based on interviews with six farmers and analysts. These levels would be at or below normal sales in mid-November.

"In some places, the basis is still pretty wide and maybe the farmer is still hoping that the rally may continue," said Tanner Ehmke, analyst with farm lender CoBank. The basis is the difference between futures prices and the local cash market price, reflecting supply and demand at a particular location.

"There may be some apprehension about selling if farmers are expecting still an ad hoc payment," Ehmke said, referring to proposed farmer aid payments that have yet to be finalised.

The Trump administration was expected to announce up to $15 billion in aid payments to farmers hurt by low prices and trade disputes, but the government shutdown delayed that plan. Details about the bailout package would be announced "soon," Agriculture Secretary Rollins said on Wednesday.

After avoiding sales for much of the season due to low prices, Illinois farmer and commodities analyst Sherman Newlin booked some soybean sales as prices began rising. Those sales, booked before the market peaked this week, were below his cost of production.

"We hated to sell, but it's cash flow. We've got a lot of stuff to pay for this time of year," he said.

Spot cash soybean bids at Archer-Daniels-Midland's massive processing plant in Decatur, Illinois, a benchmark for the top soy producing state, were $11.23 per bushel on Thursday afternoon. That was at or above the average estimated break-even price for highly productive farmland in central Illinois from $10.87 to $11.23 per bushel, according to University of Illinois economists, and up from $10.42 per bushel a month ago.

The Dhaka Stock Exchange (DSE) began the new trading week today (23 November) on a positive note, with all major indices advancing significantly, although overall turnover saw a noticeable decline.

DSEX, the benchmark index of the Dhaka bourse, advanced by 47 points, buoyed by gains in large-cap and several blue-chip stocks. According to DSE data, nearly 65% of traded issues saw price increases as investors remained largely active on the buying side.

Turnover, a key indicator of market participation, dropped by 13% to Tk386 crore. Despite the lower turnover, market capitalisation rose by Tk2,597 crore to Tk6.84 lakh crore.

Trading opened with selling pressure, briefly pushing the indices into negative territory. However, within 16 minutes, the market rebounded as buying interest strengthened. After continued fluctuations throughout the session, the indices saw a sharp rise after 1:10pm, with DSEX closing 46 points higher.

Other indices also closed higher, as the DSE Shariah Index (DSES) surged by 9.41 points to 1,027, while the DS30, the blue-chip index, advanced by 5.48 points to 1,883.

Al-Arafah Islami Bank topped the list of positive index contributors, followed by National Bank, Square Pharmaceuticals, Pubali Bank, and IFIC Bank.

In contrast, Kohinoor Chemicals dragged the index the most, followed by Islami Bank, BRAC Bank, Shahjalal Islami Bank, and Renata.

A total of 381 securities were traded yesterday. Among them, 250 issues advanced – including 135 from the A category, 56 from the B category, and 58 from the Z category.

Of the 35 mutual funds, only five gained, 23 declined, and seven remained unchanged. Three corporate bonds were traded, with prices of two advancing and one declining.

Fas Finance topped the gainers' chart as its share price jumped by 10.09% to Tk1.2 each, followed by Pragati Life Insurance (9.97% to Tk156.6), Sunlife Insurance (9.95% to Tk51.9), and Intech Limited (9.95% to Tk25.4).

Meanwhile, Kohinoor Chemicals led the losers, falling by 9.90% to Tk505.1 each, followed by Energypac (down by 7.95% to Tk16.2), RSRM Steel (down by 6.78% to Tk5.5), Meghna Cement Mills (down by 5.17% to Tk27.5), and Anlima Yarn (down by 4.78% to Tk18).
Last week, stocks gained in four of the five trading sessions, adding a total of 166 points to the DSEX, with only one session ending lower due to selling pressure.

The average turnover for the week also increased by 12.19% to Tk397 crore.

Despite mounting pressure from businesses, economists, and political parties to seek a deferral for Least Developed Country (LDC) exit, the interim government is moving ahead with the graduation next November, even though the latest country report cautions that Bangladesh's development journey remains exposed to significant vulnerabilities.

In its Bangladesh Annual Country Report 2025, submitted to the UN Committee for Development Policy (UN-CDP) in November, the government reaffirmed that the country continues to meet all three criteria for LDC graduation.

"Despite various challenges, Bangladesh maintains satisfactory scores in September 2025 in all three LDC graduation criteria," says the government.

The report paints a picture of an economy striving to move up the development ladder while battling a perfect storm of domestic upheavals and global disruptions – from the Ukraine war and Red Sea shipping crisis to last year's student uprising and the shock of reciprocal tariffs imposed by the United States.

Faced with these pressures, the government has shifted focus towards restoring macroeconomic stability and keeping the Sustainable Development Goals (SDGs) on track. But the report suggests that the scale of vulnerabilities is widening, not shrinking.

"Despite multiple shocks over the past four years, Bangladesh continues to meet all the graduation criteria, as reaffirmed by the 2025 UN-CDP Report. The country, therefore, remains on track to officially leave the LDC category on 24 November 2026, upon completion of the five-year preparatory period that began in 2021," reads the report.

Earlier, in response to the demands of businessmen, local experts, including UNCDP member and economist Debapriya Bhattacharya, advised the government by highlighting information about the postponement of LDC graduation by several countries, saying that if the chief adviser were to write a letter to the United Nations requesting the postponement of LDC graduation, it could be effective.

Apart from writing straight to UN-CDP or UN General Assembly for a deferment of graduation timeline, Bangladesh could also avail of a new window offered under the Enhanced Monitoring Mechanism (EMM) to explain its position if it really seeks to delay its LDC exit, Debapripya, distinguished fellow of the Centre for Policy Dialogue (CPD), had said in September amid growing demands from the business community for seeking a delay in LDC graduation so that they can prepare better.

He had suggested that if the country is really serious and feels there are "unanticipated" and "unmanageable" development which demands more time for preparation, that should be reflected in the country report.

However, the government seems not to be requesting a deferment.

The latest country report reaffirmed that Bangladesh met all the criteria – GNI per capita, human assets index and economic and environmental vulnerability index, though it also listed the major challenges and fragilities of the economy to move forward.

The government believes that, even if Bangladesh applies for the postponement of LDC graduation, since the country has already met the three criteria, it will not secure the consent of member states in the United Nations General Assembly to delay the process. Consequently, by applying for a postponement, Bangladesh does not wish to suffer unnecessary "humiliation."

Anisuzzaman Chowdhury, special assistant to the chief adviser responsible for overseeing LDC graduation matters, told TBS: "The businessmen are talking about postponement, and some political parties are also supporting it without understanding the issue. But when much weaker countries than us are having their LDC graduation, why would we apply for a postponement?"

Stating that "LDC graduation is a political decision of the government," he added, "Why would the government apply to the United Nations for postponing the LDC exit? Is there any need to apply and face humiliation at the United Nations? Because, to postpone the graduation, it must be passed in the United Nations General Assembly, which will not be possible to secure."

The country report gives an account of a period of prolonged macroeconomic stress as the economy was captured by oligarchs, giving rise to a kleptocratic regime during the past 15 years of autocratic rule.

The interim government, formed after the 2024 July uprising, took a raft of measures – pegged exchange rate, market-based interest rate and rationalising public expenditures – to restore macroeconomic stability and public confidence.

Concurring reforms in the revenue and banking sectors started giving dividends – by mid-2025, the economy showed early signs of recovery with GDP growth picking up, inflation easing and foreign exchange reserves improving, says the report submitted by the finance ministry's Economic Relations Division.

"Looking ahead, the government emphasizes economic diversification, institutional reforms, and sustainable growth, positioning Bangladesh to manage its LDC graduation and progress toward the Sustainable Development Goals (SDGs)," it says.

The report finds Bangladesh's position firmer compared to countries including Indonesia and Sri Lanka, which saw regime change through mass uprising. As a sign of growing investor confidence, the report referred to a significant 12.5% surge in the Dhaka Stock Exchange (DSE) index in July, ranking third after Vietnam's and Thailand's stock markets.

However, the DSE index declined since then, ranking among the worst performers in September and October among peers, before showing signs of a rebound in November.

To ensure a sustainable LDC graduation, the government has formulated and is implementing a Smooth Transition Strategy (STS)

Rising debt, US tariff: Tough path ahead

The quarterly GDP growth data for the first three quarters of FY25 indicate that Bangladesh's economy is gradually recovering from the mid-year slowdown caused primarily by political instability and reduced economic activity, it says.

Inflation, though remained persistently elevated, was relatively stable in recent months, while rising unemployment among the educated labour force remains a particular area of concern, it says, highlighting the lack of job security and the persistent mismatch between labour market needs and the skills produced by the education system.

It cites the persisting revenue shortfall reflecting challenges such as slow growth and a sluggish investment situation, and states measures to raise additional revenue equivalent to 0.5% of GDP in the upcoming fiscal year. The report mentions the interim government's initiative to re-evaluate large infrastructure projects which proliferated in the previous years.

Though categorized as "low-risk" country still, IMF's recent staff mission indicated that Bangladesh's risk category might be elevated from 'low' to 'medium' owing to evolving domestic scenarios, the report warns.

"It is safe to assume that with approximately 3 months of remittance inflow, the country will be able to repay all its external liabilities for the whole year, even during the peak (in FY27)," the country report says, with a cautious note that Bangladesh is entering a new level of debt management with access to long-term concession loans is gradually shrinking.

With a huge non-performing loan build-up during the previous regime, the banking sector is in a fragile state despite the interim government's reform measures such as reconstruction of bank boards, enactment of bank resolution ordinance and steps to merge five Shariah-based banks. "NPLs continue to pose a major concern, reflecting weaknesses in credit risk management and governance across several banks," the report says.

Energy shortage, coupled with reliance on imported fuel and inadequate investment in renewable sources, remains a concern, affecting domestic industry, it says.

Additionally, it fears, US reciprocal tariffs are likely to have a direct impact on world trade and Bangladesh's export performance and competitiveness in the US market. Although Bangladesh has been able to negotiate lower reciprocal tariffs with the US, "reciprocal tariff will bring additional impediment to smooth graduation," the country report says, citing decline in Bangladesh's exports to both US and EU in August and September.

Stating that the government has taken various initiatives, including port and NBR reforms, and easing the business environment ahead of the LDC graduation, Anisuzzaman said: "If we apply for a postponement of the graduation, then these reforms will not be possible to implement due to the bureaucrats.

Regarding the submission of Bangladesh's country report to the UN-CDP, he said: "This is a regular report. If the CDP has any questions based on this report, it will let us know, and we will provide clarification. Based on that, in the third week of next February, during the CDP meeting, the agency will announce its decision – whether they are satisfied or dissatisfied with our preparations – after an impartial verification."

Regarding the separate assessment being conducted through the UN in response to the demands of the businessmen, Anisuzzaman said, "The CDP will also analyse the UN report. However, the businessmen have made different, individual demands to the UN; they did not present a coordinated demand. Some have asked for a postponement of three years, while others have requested five years."

To ensure a sustainable LDC graduation, the government has formulated and is implementing a Smooth Transition Strategy (STS). The interim government has formed a high-level expert committee to monitor the implementation of this strategy. The preparation activities for the graduation are being kept under close observation at the highest level of government.

Professor Mustafizur Rahman, distinguished fellow at CPD, told this newspaper, "The report that the government has sent, mentioning the information that Bangladesh has fulfilled the three conditions for LDC graduation, is very reasonable. This is because, even if there are questions regarding the objectivity of our statistics, the government cannot hide the current state of the economy and provide false information."

He said that even though Bangladesh has fulfilled the three criteria for LDC graduation, there are challenges for sustainable graduation and in implementing the Smooth Transition Strategy (STS). "Due to the Mass Uprising in July-August of last year and the upcoming election, there are weaknesses in the preparation for implementing the 157 deliverables existing in the STS. Therefore, securing an additional three years for graduation would be positive for Bangladesh. Countries including Samoa and Angola have postponed their LDC graduation."

Prof Mustafiz said that investment in Bangladesh has decreased, and there is high inflation. There is also political uncertainty centred on the election. "Although some partner countries will provide preferential market access even after graduation, a commitment from the WTO regarding the waiver of TRIPS conditions following LDC graduation has not yet been received. However, even if we apply for the postponement of LDC graduation, we must certainly continue to prepare."

Regarding whether the UN would approve an application from Bangladesh to postpone its LDC graduation, he stated, "That decision will be made at the General Assembly. Before that, the CDP will give its opinion on the matter. The CDP's formal meeting will be held in the third week of next February. At that time, our attention will turn towards the election and the elected government."

Prof Mustafiz also mentioned that if Bangladesh is interested, the government can apply to postpone the LDC graduation at any time before the United Nations General Assembly.

When asked if the government's high-level committee for STS implementation had recommended that the government postpone the LDC graduation, he replied, "This committee has no mandate to make recommendations to the government on this matter. The committee's mandate is to monitor the implementation of the STS. Even so, if the government had sought the committee's opinion on this matter, I would have informed them. But the government is making the decision itself."

Square Hospitals has reported Tk687 crore in revenue for the fiscal year 2024-25, with its profit surging by 34% to Tk62.65 crore compared to the previous year.

The financial results were disclosed in Square Pharmaceuticals' recently published FY25 annual report as the hospital is an associate of the pharma giant.

However, despite the robust growth, Square Hospitals did not declare any dividends for the year. Instead, it plans to focus on expansion, upgrading, and replacing existing equipment with modern ones, according to the annual report.

The 400-bed hospital serves as a major contributor to private healthcare services in the country. Its outpatient department can accommodate up to 2,500 patients daily, while its inpatient department has a capacity of 500 patients.

Square Pharmaceuticals, the country's leading drug manufacturer, holds a 49.94% stake in Square Hospitals, having invested Tk21 crore in the hospital to acquire 1.99 lakh shares of Tk1,000 each with a premium of Tk55.07.

Square Pharma

Square Pharmaceuticals has announced a Tk650 crore investment plan to expand its operations and product line, alongside declaring the highest dividend in its corporate history – a 120% cash payout for the 2024-25 fiscal year.

The board of Square Pharma has approved an investment of Tk650 crore to be used for balancing, modernisation, rehabilitation, and expansion, the purchase of capital machinery, and land acquisition. The company aims to boost its manufacturing capacity and introduce a new range of medicines, including biological and specialised treatments for cancer and chronic diseases.

Since the outbreak of Covid-19 in 2020, Square Pharma has already invested around Tk2,000 crore in land, machinery, and BMRE projects to meet the increasing domestic and global demand for pharmaceuticals.

Square Pharmaceuticals reported a 15% rise in consolidated net profit to Tk2,397 crore for FY25, driven by strong performances from its subsidiaries and associates. The company's consolidated earnings per share (EPS) stood at Tk27.04, while its net asset value (NAV) per share was Tk157.88 and net operating cash flow per share (NOCFPS) was Tk19.52.

These consolidated figures include contributions from its foreign subsidiary, Square Pharmaceuticals Kenya EPZ Ltd, its local subsidiary Square Lifesciences Ltd, and three associate companies – Square Textiles, Square Fashions, and Square Hospitals.

However, the company's standalone profit declined by 5% to Tk1,474 crore.

In the first quarter of FY26, its consolidated revenue grew by 22% to Tk2,159 crore and the consolidated net profit jumped by 22% to Tk740 crore.

Bhutan is interested in transforming its current preferential trade agreement (PTA) with Bangladesh into a free trade agreement (FTA) to expand bilateral trade.
Visiting Bhutanese Prime Minister Dasho Tshering Tobgay expressed this interest at a meeting with Bangladeshi Commerce Adviser Sk Bashir Uddin at a hotel in Dhaka today.
Bangladesh signed its only PTA with Bhutan back in 2020.

Today, Tobgay expressed gratitude for allocating a special economic zone for Bhutan in Kurigram, where several activities have already been undertaken, according to a statement from the commerce ministry.
The prime minister also said the Bhutanese government has taken the initiative to develop the Biodiversity City in Gelephu.

This proposed city is being built to preserve Bhutan's rich biodiversity, where advanced and sustainable infrastructure will be developed in harmony with nature.

Mentioning that a large quantity of construction materials will be required for the development of Gelephu city, he expressed interest in importing these materials from Bangladesh.
He further stated that the Bhutanese government is also interested in importing medicines, ceramic products, readymade garments and electronic items from Bangladesh.

Inviting Bangladeshi tourists to enjoy Bhutan's natural beauty, the prime minister said that while the Bhutanese government has set a Sustainable Development Fee (SDF) of $100 per night for tourists from most countries, for tourists from Bangladesh and other South Asian countries the fee is only $15.

He also urged the government to take steps to encourage Bangladeshis to take advantage of this opportunity to visit Bhutan.

Bhutan's bilateral relations with Bangladesh are excellent and increased trade will add a new dimension to the existing relationship between the two countries.

Bangladesh's commerce adviser also expressed gratitude, recalling that Bhutan was the first country to recognise Bangladesh after its independence in 1971.

Expanding trade with Bhutan would strengthen bilateral relations even further, said Bashir Uddin.

Regarding the signing of the FTA, the adviser said the trade deal would be given due consideration at the upcoming Bangladesh–Bhutan secretary-level meeting.

The commerce adviser also said he emphasised the importance of increased business visits and greater exchange of experience between business communities of the two countries.

He said Bangladesh now produces world-class medicines, ceramic products, readymade garments and construction materials.

He called upon the Bhutanese government to take advantage of the opportunity to increase trade by importing these products.