Macro

3rd Loan Tranche: IMF team to focus on four key areas

During its visit to Dhaka, the International Monetary Fund's review mission will focus on Bangladesh's foreign exchange
reserves, inflation rate, banking sector, and revenue reforms. The 10-member IMF mission is scheduled to reach Dhaka today,
and from tomorrow, it will begin to hold meetings with the finance division, Bangladesh Bank, the National Board of Revenue,
and other government bodies.
https://www.thedailystar.net/business/economy/news/3rd-loan-tranche-imf-team-focus-four-key-areas-3593216

ADP execution picks up pace after slow start

The Annual Development Programme (ADP) showed signs of improvement last month after a sluggish performance for most of
the current fiscal year, officials said on Monday. Government agencies and ministries had implemented 42.30 per cent of the
Tk2.756 trillion ADP during the July-March period of FY2023-24, according to officials.This is compared to 41.65 per cent
achieved in the same period of FY2023. The ADP execution rate up to February (July-February) this year was the lowest in 14
years.
https://today.thefinancialexpress.com.bd/last-page/adp-execution-picks-up-pace-after-slow-start-1713809528

Govt revenue misses Q3 target, yearend outlook also down

Government's revenue authority faces an uphill task of collecting Tk 1.50 trillion in the last quarter of the current fiscal to reach
even its revised target, as the tax receipt so far shows shortfalls. Revenue officials could find it a tough chase to collect Tk 500
billion on average each month in April, May and June from the existing tax base, an FE analysis says. Until March 2024, the
National Board of Revenue (NBR) had collected 63.36 per cent of its revised target for the entire year.
https://today.thefinancialexpress.com.bd/first-page/govt-revenue-misses-q3-target-yearend-outlook-also-down-1713809109

Govt's debt servicing for foreign loans surges 49%

Bangladesh's foreign debt servicing surged by 49 percent, driven by spiralling interest payments, which crossed the $1 billion
mark for the first time. In the July-March period of fiscal year 2023-24, the government paid $1.05 billion in interest, which is
117 percent higher than the $485 million it paid during the same period a year ago.
https://www.thedailystar.net/business/economy/news/govts-debt-servicing-foreign-loans-surges-49-3593081

Tax receipts rise 15% in July-March, close to IMF target

Tax collection by the National Board of Revenue (NBR) rose 15 percent in the first nine months of the current fiscal year (FY),
which is expected to help the government meet the condition set by the International Monetary Fund (IMF) for its $4.7 billion
loan. Bolstered by rising value-added tax (VAT) collection and increased income tax receipts, the tax administrator logged Tk
259,866 crore in total revenue in the July-March period of the current fiscal year, according to the NBR's provisional estimates.
https://www.thedailystar.net/business/economy/news/tax-receipts-rise-15-july-march-close-imf-target-3593091

Govt may lower corporate tax to encourage compliance

The government may reduce the corporate tax rate in fiscal 2024-25 in a bid to encourage compliance and boost collection,
according to officials of the finance ministry. As such, the National Board of Revenue (NBR) will likely propose reducing the tax
on corporate profits by 2.5 percentage points for both listed and non-listed companies.
https://www.thedailystar.net/business/economy/news/govt-may-lower-corporate-tax-encourage-compliance-3592241

Startup investments drop 70% in Jan-Mar, receives only $6.7m in funding

Investments in Bangladeshi startups dropped 70% quarter on quarter (QoQ) to about $6.7 million in the January to March period
as the global funding winter continues. The drop is even bigger compared to the same period last year—82%. However, total
funding was slightly better than what the local startups secured in the July-September quarter last year, according to a LightCastle
compilation of the disclosed deals.
https://www.tbsnews.net/economy/startup-investments-drop-70-jan-mar-receives-only-67m-funding-834226

Stock
Internet usage, video streaming help Robi gain 154pc higher profit
Robi Axiata posted an impressive 154 per cent year-on-year growth in profit to Tk 1.06 billion for January-March of FY24,
supported by a robust revenue growth and a significant decrease in forex loss. The second largest telecom operator registered
more than 7 per cent revenue growth year-on-year to Tk 25.16 billion in the three months through March, while the data revenue
shot up by 25.7 per cent indicating strong data-led growth momentum.
https://today.thefinancialexpress.com.bd/stock-corporate/internet-usage-video-streaming-help-robi-gain-154pc-higher-profit-
1713807391