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Incentive spending on remittance may go up
Overall expenses for subsidy, incentive and cash loan to fall
The government may increase its allocation for incentive expenses for remittance in the next fiscal year as it looks to retain the surge of the flow of the cheapest source of foreign currencies for Bangladesh.
It had earmarked Tk 3,060 crore in the original budget of the fiscal year of 2020-21 to pay incentives to the beneficiaries of remittance. The allocation has been raised by 47.06 per cent to Tk 4,500 crore in the revised budget.
The government now plans to set aside Tk 4,000 crore for the next fiscal year to help the economy absorb the shock stemming from the coronavirus pandemic.
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No shortage of sugar in Ramadan
Govt officials say steps have been taken to build stock for additional demand
Bangladesh Sugar and Food Industries Corporation currently has 44,000 tonnes of sugar in stock that can be supplied to the markets through dealers and open sales, an official said. Photo: Star/file Star Business Report Star Business Report
The government has taken steps to meet the additional demand for sugar and ensure unadulterated products during the upcoming fasting month of Ramadan, according to officials. Currently, we have 44,000 tonnes of sugar in stock that can be supplied to the markets through dealers and open sales, said Md Arifur Rahman Apu, chairman of the Bangladesh Sugar and Food Industries Corporation (BSFIC).
Sugarcane farmers suffer massive losses
Late harvest worsens quality, brings down sugar yield rate
Sugarcane is seen being tossed into a turner for processing at Joypurhat Sugar Mil. Yields were low for the current season due to a late harvest, leading to a dip in mills’ recovery rates. Collected
Sugarcane growers based in six catchment areas have suffered heavy losses this year as the total weight of the crops shrivelled because of a late harvest, bringing down sugar yield.
The sugar yield or recovery rate of most mills was below 5.20 per cent, except for the North Bengal Sugar Mills in Natore.