Tk 113.10m from Universal Pension Scheme invested in treasury bonds

Finance Minister AHM Mustafa Kamal said on Sunday the repeated wars have caused a reduction in the country's foreign exchange reserves.
"There are wars after wars…how can we manage?" he told journalists at his office, marking the occasion of investing a portion of money from the universal pension scheme in the government's treasury bonds.
Replying to a query as to why Bangladesh's economy failed to recover as the Sri Lankan economy did from a vulnerable situation, the minister gave credit to the tourism sector of Sri Lanka.
"Sri Lanka has an advantage…that is its tourism sector. We don't have anything like that now," he said.
However, he said Bangladesh will also be able to earn a good amount from the tourism sector as Cox's Bazar is getting developed.
Mr Kamal said Bangladesh still has a forex reserve worth US$ 20-22 billion. The International Monetary Fund (IMF) and the World Bank have praised Bangladesh as the economy is advancing in the right direction, he said.
He said Bangladesh is not an isolated country. "We are also connected with others. We can't run our economy alone," he said, pointing fingers towards the complications arising from the ongoing wars.
The minister acknowledged that the higher commodity prices were causing hardship for common people, saying: "We've to reduce the rate of inflation and commodity prices. And, we are trying to do so."
He mentioned that the introduction of interest rates at 6.0 per cent and 9.0 per cent was a 'very effective measure'. "Had we not introduced the rates, the small, medium, and even the large industries may have been destroyed in the meantime."
He added that the non-performing loans could have increased a lot unless the lower rates of interest were introduced.
On the release of the second tranche of the IMF's loan, the minister said most of the conditions of the IMF were met and the instalment will be released on time.
The minister said 15,000 people have so far deposited subscription fees to the universal pension scheme. Of the total sum, Tk 113.10 million has been invested in 10-year treasury bonds.
Terming the pension scheme a very time-befitting initiative, he said people will benefit from the programme when they are in need of money.
Speaking at the event, Finance Division Secretary Dr Md Khairuzzaman Mozumder said the number of subscribers of 'Probash' scheme is comparatively lower than the other ones.
He sought cooperation of the media outlets for increased publicity so that the non-resident Bangladeshis come forward and subscribe to the scheme.
Pension Scheme Authority Chairman Kabirul Ezdani Khan also spoke on the occasion.

syful-islam@outlook.com