BD, India to further boost ties during Hasinas visit

Bangladesh and India would demonstrate a new political commitment at the meeting of their prime ministers to further strengthen the friendly relations between the two countries.

To cementing  the ties,  Prime Minister Sheikh Hasina is scheduled to leave Dhaka for New Delhi today to pay a two-day state visit at the invitation of her Indian counterpart Narendra Modi, which is unprecedented as it would be her second visited  to India in less than 15 days.

However, this will be the first visit by any head of government to India after the BJP-led coalition formed government for the third consecutive time.

"From Bangladesh side , the visit is too important as Bangladesh will seeks more "financial management" support from India this time," a senior official said.

 Prime Minister Sheikh Hasina will seek Delhis support to unclog payments for a Russian-backed nuclear power plant, as Moscow has been barred from much of the international banking system and Dhaka is struggling with declining foreign exchange reserves.

Sheikh Hasina will also seek cooperation from India to exchange Taka-Rupee against dollar in doing business due to dwindling foreign exchange reserves and dollar crisis.

Trade between the two close South Asian neighbours exceeded $ 14 billion , sources said.

"Bangladesh will have to pay foreign debt of about $12 billion by December. Its a huge pressure on reserve so if India accepts Taka both in public and private sectors import-export, then Bangladesh may get some relief here, so this time Bangladesh Bank governor has been included in the PMs entourage, " a Foreign Ministry official said.
This time Bangladesh will seek support from India to allow Bangladesh to repay its import bills within 180 days, it will help us to ease the pressure on our foreign exchange reserves, he added.

Moodys Investors Service and S&P Global  downgraded Bangladeshs credit rating, requiring the country to pay higher interest rates  in getting foreign loans. Last year Bangladesh received about $15 billion as loan, although six months of a year has gone but Bangladesh did not get any big loan offer from any source. As a result, the debt repayment pressure has also increased compared to the last financial year.

Diplomatic sources said no significant announcement of any new decision, signing of agreements and memorandum and opening of any project is likely during her visit.

The source said that over 10 agreements and MoUs are likely to be signed and renewed during Sheikh Hasinas visit.

At least 14 agreements and MoUs are expected to be signed by the two sides during her visit.

Agreements and MoUs are expected to be signed on energy, connectivity, economy and on other areas of cooperation.

Comprehensive Economic Partnership Agreement (CEPA ) is expected to be signed  during the visit for more balanced trade between the two countries.

Since 2010 India has been providing Bangladesh economic assistance under a credit agreement. The implementation of the line of credit totally around $750 crore has been moving at a slow pace. Talks have been held over the past few years between the two countries to speed up implement of the agreement. For quite some time officials of the two countries have been working on a new agreement to speed up the line of credit. However, this agreement is not likely to be signed this time. The matter of this outline agreement may be included in the joint statement to be issued by the two sides.

A press release issued by the Prime Ministers Press Wing on Thursday said that during the visit both the two prime ministers will have  tête-à-tête (one to one meeting) followed by delegation level talks.

During the visit two sides are expected to  sign several agreements and Memorandum of Understandings (MoUs) to boost bilateral ties.

The two sides are also expected to discuss trade pact. Over the past decade, numerous cross-border initiatives have been launched under a robust regional partnership plan.

This visit will be Sheikh Hasinas second to New Delhi in less than 15 days, as she attended to Modis swearing-in ceremony on June 9, on his invitation.

A flight of Biman Bangladesh Airlines is scheduled to leave Hazrat Shahjalal International Airport carrying Prime Minister Sheikh Hasina and her entourage at about 2 pm today, according to the release of the Prime Ministers Press Wing.

 The flight will land at Palam Airport, New Delhi at about 4 pm (Delhi time).

 In the evening, Minister of External Affairs of India Dr S Jaishankar will call on the Prime Minister at her place of residence.

On Saturday morning, the red carpet will be rolled out at Rashtrapati Bhavan (Presidents House of India) to ceremonially receive Prime Minister Sheikh Hasina by her Indian counterpart when National Anthems of Bangladesh and India will be played. She will also inspect the Guard of Honour.

After that, she will go to Raj Ghat to pay tribute to  the Indian Father of the Nation Mahatma Gandhi by placing wreaths at his Samadhi. She will also sign the visitors book there.

Later on the same day, Sheikh Hasina will go to Hyderabad House to hold a one-to-one talks with Prime Minister Narendra Modi to be followed by delegation level talks.

The two Prime Ministers will witness the signing  of MoUs and agreements. After that, they make press statements. Then they will attend a Banquet Luncheon to be hosted by  Prime Minister of India in honour of  Prime Minister of Bangladesh at Hyderabad House.

In the afternoon, Prime Minister Sheikh Hasina will call on the Vice President of India Jagdeep Dhankhar at his Secretariat.

In the evening, Sheikh Hasina will call on the President of India Droupadi Murmu at Rashtrapati Bhavan.

At 6 pm (Delhi time), Sheikh Hasina is expected to leave New Delhi by Biman Bangladesh Airlines and will land in Dhaka at about 9 pm.