The New Nation - Internet Edition

Pakistan gets $7.6 billion loan package from IMF

AP, Islamabad

Pakistan, the front-line state in the battle against Islamist terrorism, has won final approval for a $7.6 billion loan from the International Monetary Fund to help stave off a possible economic meltdown.

The IMF said a first installment of $3.1 billion will be transferred immediately to the nuclear-armed country, which is battling surging violence by Taliban and al-Qaida-linked militants and is increasingly seen in the West as key to stabilizing neighboring Afghanistan.

The IMF said the Pakistani economy had been badly hit by the worsening security situation, higher oil and food import prices and the global financial and credit crisis.

"By providing large financial support to Pakistan, the IMF is sending a strong signal to the donor community about the country's improved macroeconomic prospects," said IMF acting Chairman Takatoshi Kato in a statement released after the decision Monday in Washington, where the fund is based.

Pakistan's young government had been reluctant to go to the IMF but had little choice after close allies - the United States, China and Saudi Arabia - turned down pleas for significant bilateral aid.

In mid-November, the IMF announced it had reached a preliminary agreement on the deal.

Opposition and nationalist lawmakers have criticized the government for turning to the fund, saying the IMF will impose austerity measures that will hurt ordinary Pakistanis, two-thirds of whom live on $2 dollar a day or less.

"This IMF loan the government is getting is in fact poison, and the nation has been forced to drink it," said Javed Hashmi, a senior figure in the main opposition party, told reporters.

The loan removes the most pressing risk facing the country - that it would not be able to repay dollar-denominated government bonds due to mature early next year, said Muzammil Aslam, an economist at the Pakistani securities firm KASB.

Aslam and other economists said Pakistan's government had already made some tough decisions, such as hiking the prices of fuel and electricity.

Many Pakistani economists and commentators argued that the country had no choice but to turn to the IMF. They say it is now critical that the money is well spent - always a worry in corruption-prone and chaotic Pakistan.

The IMF said in return for the money Pakistan had agreed to phase out energy subsidies, boost taxes and implement other money saving reforms. It said the World Bank would put in place a "comprehensive" social security net to shield the poor from any cuts.

In an interview with The Associated Press earlier this month, President Asif Ali Zardari said the loan was "a difficult pill, but one has to take medicine to get better,"

The loan will immediately boost Pakistan's foreign currency reserves, which have seen a rapid decline that has seen the value of the rupee fall some 20 percent since March, and enable it to pay off foreign-denominated debt due to mature soon.

EBL holds training on Anti Money Laundering

NATION BUSINESS REPORT

Eastern Bank Ltd (EBL) organised a day-long training on Anti Money Laundering for its employees at Chittagong recently. All Sales and Service Managers and other officials of Eastern Bank Ltd, Chittagong region participated in the session.

General Manager of Bangladesh Bank, Chittagong Office, SK Sur Chowdhury conducted the session. EBL Deputy Managing Director Muklesur Rahman, Area Head, Corporate Banking M. Fakhrul Alam, Head of Operations Mahbubul Alam Tayiab and other high officials were present at the programme.

Seminar on 'Publishing Papers in International Journals' held at SEU

School of Business Studies of Southeast University arranged a Seminar on 'Publishing Papers in International Journals' on November 23, 2008 in the Conference Room of SEU in the city. Professor Dr Abu N. M. Wahid, Editor, the Journal of Developing Areas and Professor, Department of Economics and Finance, Tennessee State University, USA, presented the keynote paper.

Also present was Professor Dr Shajahan Khan, Professor, Department of Statistics and Mathematical Sciences, University of Southern Queensland, Australia.

Prof Dr M Shamsher Ali, Vice-Chancellor of Southeast University was the chief guest at the seminar, while Professor Abu Ahmed, Pro-Vice Chancellor, SEU was the special guest. The seminar was presided over by Professor Dr Syed Masud Husain, Dean, School of Business Studies.

Dr Wahid, in his keynote speech, gave some tips and suggestions to the Faculty Members of SEU as to how to publish papers in internationally reputed journals.

He said that the faculty could be more productive if he/she pursued research and went for publications.

Prof Dr M Shamsher Ali reminded the faculty that Southeast University would give appropriate reward to faculty members who would be successful in publishing academic papers in internationally reputed journals.

18 JDS fellows return from Japan

STAFF REPORTER

Japanese Ambassador Masayuki Inoue welcomed the 18 JDS returned fellows at his residence who have completed Master Courses in Japanese universities under the 5th and 6th batch Japanese Development Scholarship (JDS).

Mr Inoue said, "We expect a great deal from them for the development of their own country through making the best use of knowledge and experience acquired in Japan."

One of the returnee said, "I am sure that my knowledge that I learned in Japan will contribute in socio-economic development in Bangladesh in the near future."

On the same day, 18 fellows made a presentation on their studies and reported their experience in Japan. JDS Operating Committee Members from Economic Relations Division, Ministry of Establishment, Ministry of Education, Ministry of Planning, Embassy of Japan, JICA and JICE were present on the occasion.

This programme aims to offer opportunities to young Bangladeshi people to study at universities and other higher educational institutes in Japan with a view to promoting development in Bangladesh as well as strengthening friendly and cooperative relations between the two countries. It targets, young government officials who are expected to play leadership roles in Bangladesh in the 21st century. With this return, 109 fellows have so far returned, and at present 38 JDS fellows are studying in Japan.

IBBL holds workshop on 'Functions and Operations of SME Service Centres'

The closing ceremony of workshop on 'Functions and Operations of Small and Medium Enterprises (SME) Service Centres' organised by Islami Bank Training and Research Academy (IBTRA) was held on November 23 last at the Board Room of Islami Bank Tower in the city.

Prof Abu Nasser Muhammad Abduz Zaher, Chairman, Board of Directors of Islami Bank Bangladesh Limited was present at the function as the chief guest.

Presided over by M Fariduddin Ahmad, Managing Director of the bank the function was attended, among others, by Mohammad Abdul Mannan, Deputy Managing Director and Head of Investment Wing, Md Habibur Rahman, Deputy Managing Director and Head of International Banking Wing and top executives of the bank.

Prof Abu Nasser Muhammad Abduz Zaher in his speech said the service of Islamic banking is going to be reached widely to the doorsteps of the common people through these SME centers.

He urged the SME center operators to inspire the common people and make them understand that it is possible to earn Halal wage through business by presenting the beauty of Islamic Economy and Banking.

He said unemployment problem is increasing day by day. We have to create jobs available by investing among the young and innovative entrepreneurs. This upliftment is possible through small and medium investment.

He said, "We have to give priority to the Mufassil and rural areas for the extension of the small and medium enterprises.

We have to make investment for the change of fate of the village people and to make them self-reliant. We have to enrich the national economy by strengthening the financial base of the village people."

He said Islami Bank is developing fast. This is the blessing of Allah. He added that Islami Bank is getting huge success every year in deposit, investment and profit. We have to be more sincere and uplift the standard our service to continue this speed. He urged all to be more industrious and sincere to achieve the goal.

He said Islami Bank is now a reality. Banking activities are being carried out with the aim of the development of the country. The service of the Bank is open for all irrespective of religion, colour and creed.

The aim of the Bank is to present Islami Bank through it's service in such a way that mass people can realise that Islamic Bank is 'My Bank'. And it is the Bank of general people.

Managing Director M. Fariduddin Ahmad said the concerned officials have to be more sincere to select correct investment clients so that the Small and Medium Enterprises develop in the country in true sense. He emphasized on hundred percent Shariah compliance and to continue the effort to gain the goal of Islamic Economy.

DBH rated top scale 'AAA'

Delta Brac Housing Finance Corporation Ltd (DBH) was rated 'AAA' (triple A), top of the rating scale for long term and ST-1 for short term for the third consecutive year.

Hamidul Huq, managing director of Credit Rating Agency of Bangladesh (CRAB), handed over the Credit Rating Report to QM Shariful Ala, managing director of DBH, at a function here Monday, said a press release.

The rating report said the highest credit quality rating reflects DBH' s strong market position in the housing finance industry along with its sound asset quality and conservative provisioning policy, well diversified resource base and ability to maintain steady track record of profitability in a strong competitive market environment.

The report was made based on qualitative and quantitative analysis of financials and other information of DBH for FY 2007-08. The report was later approved by an independent Rating Committee (RC) of CRAB comprised of country's eminent experts from financial sector, including academicians, bankers and economists.

While receiving the report Shariful Ala said "The top rating would encourage us to continue our efforts to promote home ownership in the country." Senior officials of DBH and CRAB were present at the function.

Rafiqul Islam, Nizam Uddin Ahmed elected BIA chairman, vice-chairman

AKM Rafiqul Islam, FCA has been unanimously elected as Chairman and Nizam Uddin Ahmed as Vice-Chairman of the Bangladesh Insurance Association for the year 2009-2010 recently.

Mr Islam is the Founder Managing Director of Pragati Insurance Limited and sits in the Board of Pragati Life Insurance Limited as a Sponsor Director. He is a Fellow of the Institute of Chartered Accountants of Bangladesh and is a Cost Management Accountant from the UK. He is an alumnae of the PATC of Bangladesh as well of the Manila-based Insurance Institute for Asia and Pacific. He is associated with the Bangladesh Insurance Association since its inception. He is a Director of FBCCI and former Vice-Chairman of MCCI. He is the past President of the Institute of Chartered Accountants of Bangladesh and a former Chairman of the Board of Trustees of the Independent University, Bangladesh (IUB).

Mr. Islam has participated in many seminars and symposiums on insurance and reinsurance in his insurance career since 1965. He is associated with many social and education organizations.

Nizam Uddin Ahmed, Former member of the National Parliament, is the Chairman of Meghna Life Insurance, Karnaphuli Insurance, Nizam Hashina welfare foundation and Editor, weekly Mukti Bani.

Mr. Nizam has participated is many seminar and symposiums on insurance and reinsurance. He is associated with many social and cultural organizations.

Others 13 members of the Executive Committee as follows-

Nasir A Choudhury, Managing Director, Green Delta Insurance, Tofazzal Hossain, Chairman, Executive Committee, Islami Insurance Bangladesh, M Tajul Islam, Chairman, Executive Committee, Fareast Islami Life, AK Azizul Huq Chaudhuri, Managing Director, Bangladesh General Insurance, AKM Iftekhar Ahmad, Managing Director, Eastern Insurance, AKM Sarwardy Chowdhury, Managing Director, Federal Insurance, Shah Abul Kashem, Managing Director, Asia Pacific General Insurance, Mr. Das Deba Prashad, Managing Director, Delta Life Insurance, Ahasanul Islam, Managing Director, Sandhani Life Insurance, Kazi Md Mortuza Ali, Managing Director, Prime Islami Life Insurance, Ln Mahmudun Nabi, Managing Director, Desh General Insurance, AK Momtaz Khan, Managing Director, Islami Commercial Insurance and KAM Ferdous, Managing Director, Dhaka Insurance Ltd.

DBBL opens 60th branch at Bandura

NATION BUSINESS REPORT

Dutch-Bangla Bank Limited has opened its 60th branch at Bandura, Nawabganj in Dhaka (Sezan Multi Shopping Mall, Bandura Bazar, Nawabganj) on November 24 last.

The opening ceremony started with a milad mahfil seeking blessings of the Almighty Allah for successful operation of the bank. Like other branches, this Branch also provides truly on-line banking facilities to the clients from the very begging of the day.

The branch was inaugurated by Md Yeasin Ali, Managing Director of the bank. Mr. Ali also opened an ATM booth at the branch premises to facilitate day-night 24 hours banking services by drawing money through DBBL Nexus Debit Card.

In his speech at the opening ceremony, Mr Ali said that since its inception, DBBL extended financial support to the businessmen and industrialists for the development of industry, socio-economic structure as well as for the development of economic growth of the country. The bank always tries to provide innovative and latest technology based banking services to its clientele and we are giving emphasize for financing to the small and medium sectors of the rural economy, he added. Mr. Ali also mentioned that DBBL also reached remittances to the beneficiaries of the Bangladeshi expatriates living aboard in very short time. Local elites, business personalities, bankers, educationists and local journalists were present in the inaugural ceremony. While exchanging views, the distinguished guests opined that, Dutch-Bangla Bank Limited is not only rendering present-day customers need banking services but also the Bank spends a significant portion of its annual profit for the betterment of distressed and under-privileged people of the country.

CSE closes lower yesterday

UNB, Chittagong

Trading at Chittagong Stock Exchange (CSE) closed lower on Tuesday with the losers dominating the gainers.

The CSE All Share Price Index (CASPI) decreased by 1.86 percent to close at 8125.96 points. The CSE-30 Index also shed 1.97 percent to close at 7192.71 points. A total of 115 issues were traded today. Of them, 13 gained, 97 declined and five remained unchanged. Some 2,103,696 shares and debentures worth Tk 25.02 crore changed hands yesterday.