Bangladesh cuts school and office hours to save power
August 23, 2022, 11:58 am

Bangladesh cuts school and office hours to save power

Dhaka formerly known as Dacca, is the capital and largest city of Bangladesh, as well as the world's largest Bengali-speaking city - Photo. Pixabay

Bangladesh will close schools for one more day each week and reduce office hours to ease an electricity shortage, a government official says, the BBC reported.

Last month, the South Asian nation started daily two-hour power cuts.

Protesters have taken to the streets in recent weeks after the government raised petrol prices by more than 50%.

The war in Ukraine has driven up the cost of importing fuel and taken a toll on Bangladesh's economy and foreign currency reserves.

On Monday (August 22), Bangladesh Cabinet Secretary Khandker Anwarul Islam said that schools - which were previously only closed on Fridays - would now also be shut on Saturdays.

Under normal circumstances, schools in Bangladesh are open for six days a week - Monday, Tuesday, Wednesday, Thursday, Saturday and Sunday.

Bangladeshi women have been struggling to establish their rights in family, society and in the state - Text. World Vision International/Photo. Pixabay

Meanwhile, government offices and banks will have their opening hours cut to seven hours a day, instead of eight hours. However, private offices will be allowed to set their own operating hours, Mr Islam said.

He added that the government would continue to provide power to villages, including in the early hours of the morning when crops are irrigated.

Bangladesh has more women than men as population grows to 165 million

Many parts of Bangladesh are known to go without electricity for more than two hours a day.

The country generates most of its electricity from natural gas, some of which it imports.

Officials have shut down all of the country's diesel-driven power plants, which account for around 6% of Bangladesh's electricity generation, because of the rising cost of fuel imports.

Earlier this month, petrol prices were raised by more than 50%, with the cost of the fuel rising from 86 taka a litre (90 US cents, 76p) to 130 taka.

Six die in lightning strikes in Bangladesh amid heavy rainfall

At the same time the price of diesel and kerosene went up by more than 40%.

In July, Bangladesh became the third South Asian nation to seek a loan from the International Monetary Fund (IMF), after Sri Lanka and Pakistan.

While the size of the potential loan has not yet been decided, talks are expected to begin after the World Bank and IMF Spring meetings in October.

Bangladesh's foreign currency reserves have dwindled to around $40bn (£34bn) or four and a half months of typical government spending.

In recent years, the $416bn economy has been lauded as one of the fastest-growing in the world.

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.