Double digit growth in 4yrs: Kamal

Staff Correspondent | Published: 00:00, Mar 26,2019 | Updated: 23:20, Mar 25,2019

 
 

Growth rate of the country’s gross domestic product would reach double digit in next four years, said finance minister AHM Mustafa Kamal.
He made the projection while addressing the annual conference of Sonali Bank held at Diploma Engineers Institute auditorium in Dhaka on Monday.
Kamal also reiterated that the country’s GDP growth rate would be 8.13 per cent in the current fiscal year of 2018-2019 with annual earnings per capita of $1,909.
With the significant improvement in economic growth, Bangladesh’s economy would become the 30th largest by the year 2030, exceeding countries like Malaysia and Australia, the finance minister said.
When Kamal asked Sonali Bank officials whether they took any bribe or not, the officials replied that they did not take any bribe.
Kamal said, ‘We would like to believe in your honesty.’
Then the minister invited all the Sonali Bank officials who were present in the auditorium to recite verses of the Quran.
He also instructed top officials of Sonali Bank to visit branches and to audit vaults as such visit would make the officials cautious if there was any intention of malpractice among them.
Bangladesh Bank governor Fazle Kabir mentioned that Sonali Bank had made some progress in the year of 2018.
He, however, said that Sonali Bank had huge amount of provision shortfall along with significant amount of write-offs.
He also mentioned that Sonali Bank had failed to attain satisfactory improvement in containing classified loans.
‘We know loans worth more than Tk 2,000 crore were rescheduled by Sonali Bank, but the classified loans in the bank has remained above 30 per cent of its total loans,’ he said.
Of the classified loan amount, 90 per cent were classified as bad, said Kabir, adding, ‘We have lot more works to be done.’
The BB governor suggested that the officials of Sonali Bank emphasise loan recovery based on discussions with the clients instead of filing cases at the very beginning stage.
Urging to ensure culture of best corporate governance in the bank, he asked the board of director to fulfil their duties duly.
Financial Institutions Division secretary Md Ashadul Islam, Sonali Bank chairman Md Ashraful Moqbul, its managing director and chief executive officer Md Obayed Ullah Al Masud were present, among others, at the event.

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