The Ministry of Finance recently released the economic performance of state-owned and state-controlled enterprises for the first quarter of 2024, showing positive growth in total operating income and profits.
According to the report, the total operating income of state-owned enterprises in the country increased by 3.2% year-on-year, reaching 19,811.18 billion yuan from January to March. Furthermore, the total profit of these enterprises saw a 2.8% year-on-year increase, totaling 1.07576 billion yuan for the same period.
In addition, taxes and fees payable by state-owned enterprises also showed a 0.9% year-on-year increase, totaling 1.60306 billion yuan. The asset-liability ratio of these enterprises at the end of March was reported at 65.0%, which is a slight increase of 0.3 percentage points.
This data provides insight into the financial health of state-owned enterprises in the current economic climate. The Ministry of Finance’s announcement highlights the resilience and growth of these companies despite external challenges.
As always, readers are advised to conduct their own research and due diligence before making any investment decisions based on this information.
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Bangladesh is not reaping the benefits of falling inflation: CPD
– 2024-05-06 07:11:06
Although inflation has fallen in other countries in the world, Bangladesh is not getting its benefits. Secondly, domestic and foreign debt is now 42 percent. Due to which the exchange rate is depreciating. Apart from this, the country has never defaulted on foreign loans. Now that belief is also cracking. And the third is the slowness of growth. Uncontrolled inflation is directly affecting people’s living standards.
The speakers said these things in a policy dialogue titled ‘New Government, National Budget and People’s Expectations’ in collaboration with Bangladesh, a civic platform for the implementation of the SDGs, organized by the Center for Policy Dialogue (CPD) at a hotel in Gulshan on Sunday (April 5).
The dialogue is being implemented within the framework of the ongoing Public Financial Management program in cooperation with the European Union.
Fellow of the CPD and convener of the civic platform. Debapriya Bhattacharya will present the main report in the dialogue.
Deputy Leader of Opposition and former Minister Anisul Islam Mahmud, President of the Parliamentary Standing Committee on Planning Ministry and former Planning Minister MA Mannan and Member of Parliament AK Azad, Core Member of Citizen Platform and Executive Director of Mass Literacy Campaign Rasheda K Chowdhury, CPD Fellow Professor Mostafizur Rahman were present at the event. was present
Dr. Debapriya Bhattacharya said that there is a very complicated political and socio-economic situation. The situation in Bhuraj is also complicated. Keeping the budget in mind, we have taken social and ground views. There is a triad of problems in the economy. Among which the major problem is high inflation. The economy is still hyperinflationary. This is true for rural or urban and food and non-food products.
He said the first problem is uncontrolled inflation, which is hurting people’s living standards. Second is the debt situation. The government borrows twice as much money from domestic sources as it borrows from foreign sources. Its debt situation bears a different indication. The third problem is the recent slowdown in the trend of growth. With this, tax collection is shrinking. Inflation in the country is still around 10.10, which is reducing people’s purchasing power. Inflation has a direct impact on the consumption, education and health of the backward people. Child marriage is increasing due to these reasons. In the current situation where inflation is decreasing in the world, but that benefit is not being given to Bangladesh.
Dr. Debapriya Bhattacharya also said that 37 percent of GDP is government debt and private sector debt is 5 percent. 42 percent of the total is debt. As a result, there is pressure on the exchange rate. Currency is depreciating. I used to say that Bangladesh has never defaulted on foreign debt, but in the current situation, the government is unable to pay the debt. The amount of which is at least 5 percent. And the GDP rate is 4 percent, but above the target of 7 percent. To achieve that, the GDP rate should be above 10 percent in the remaining period. Its implementation is impossible. Because investable assets have decreased, on the other hand private sector or foreign investment is not coming.
Referring to the summary of the research, Debapriya said, people have emphasized on three things. First is decent employment, second is quality education and last is social security. Inclusive social system by reducing discrimination of backward people came at number four. Budget should be sensitive to backward people, they should be given importance. The issue of environment and climate should be given importance. I say whatever the budget, its implementation should be proper. To whom two rupees should go, let it go to him.
Parliament has a standing committee on budget, let them meet. Such a meeting was not seen in the previous Parliament. Apart from this, the finance minister has to present the economic situation to the parliament every three months. He also commented that this has not been seen before.
Bangladesh is not reaping the benefits of falling inflation: CPD – 2024-05-06 07:11:06
Commercial banking financing increased 6.4% in March: BdeM
Mexico City. In March 2024, the balance of financing granted by commercial banks stood at 9 trillion 676 billion pesos, which meant an increase of 6.4 percent compared to the same month in 2023, the Bank of Mexico (BdeM) reported this Tuesday. ).
According to the Monetary Aggregates report of the central bank, of the components of this indicator, the financing granted to the private sector, which constitutes 66 percent of the total, was 6 trillion 350 billion pesos, an annual increase of 5.6 percent.
For its part, financing to the federal public sector, which represents 25 percent of the total financing granted by commercial banks, stood at 2 trillion 461 billion pesos, which implied a positive variation of 11.3 percent.
The balance of financing to states and municipalities, with a 4 percent share of the financing granted by commercial banks, stood at 361 billion pesos, which translated into a decrease of 3.0 percent.
Finally, the balance of financing to other sectors, which includes financing to IPAB and Fonadin, and which makes up 5 percent of the total, stood at 503 billion pesos, an expansion of 0.2 percent.
Meanwhile, the balance of the current credit portfolio of commercial banks to the private sector in March 2024 was 6 trillion 113 billion pesos, presenting an increase of 5.7 percent.
Of the previous balance, one trillion 442 billion pesos were allocated to consumer credit, which implied a positive rate of 11.2 percent.
The balance of housing credit was one trillion 341 billion pesos and grew 3.8 percent annually. For its part, credit to non-financial companies and individuals with business activity had a balance of 3 trillion 147 billion pesos, increasing 2.6 percent.
Finally, the balance of credit granted to non-banking financial intermediaries stood at 182 billion pesos, an increase of 44.2 percent.
#Commercial #banking #financing #increased #March #BdeM
– 2024-05-06 06:38:51
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