Adani Power Jharkhand Limited has warned Bangladesh that it will cut electricity supply if outstanding dues of nearly $850 million are not settled by November 7. The company has already halved its power output, leading to a shortfall of over 1,600 megawatts, due to unpaid bills. Despite the Bangladesh Power Development Board making weekly payments, the total charges have exceeded payments, resulting in accumulating debts.
Bangladesh's central bank chief has condemned the unprecedented theft of nearly $17 billion from banks, orchestrated by businessmen linked to former Prime Minister Sheikh Hasina, often under duress. Following Hasina's fall, the new leadership aims to reform the banking sector and recover stolen funds, highlighting systemic corruption and mismanagement that led to repeated bank bailouts. The S. Alam Group, a major player in this scandal, is accused of exploiting political connections to siphon off vast sums, leaving the banking system in disarray.
Bangladesh's central bank has raised the key policy rate for the fifth time in 2024, increasing it by 50 basis points to 10% to combat persistent inflation, which reached 9.9% in September. The move aims to implement a contractionary monetary policy amid ongoing political instability and rising food prices. Additionally, the standing lending facility rate was raised to 11.50%, while the standing deposit facility rate increased to 8.50%.
The World Bank is eager to support Bangladesh's interim government in its economic reform agenda, focusing on areas like banking, taxation, and anti-corruption. Vice President Martin Raiser expressed excitement about the reforms and highlighted the need for increased foreign direct investment. Chief Adviser Professor Muhammad Yunus emphasized a commitment to tackling corruption and enhancing labor reforms to boost investor confidence.
World Bank Vice President Martin Raiser concluded his visit to Bangladesh, pledging support for reforms aimed at achieving inclusive and sustainable growth. The World Bank's $2.3 billion program will enhance economic resilience, aid flood recovery, and support the Rohingya population. Raiser emphasized the need for improved governance and job creation for the 2 million youth entering the job market annually.
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