WTO and Bangladesh December 13, 2009
Posted by bdoza in BANGLADESH, ECONOMY.Tags: Doha Deal, WTO
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Commerce Minister of Bangladesh Col (Retd) Faruk Khan after coming back from WTO Ministerial meeting at Geneva expressed his frustation over the outcome.
The theme of the meeting was ‘The WTO minsterial meeting, trading System and Current Financial Environment’.
Bangladesh demanded a duty-free & Quota free (DFQF) market access by 2010. Bangladesh also demanded no LDC should pay higher duties than any non-LDC members by the decision on the Disproportionately Affected Countries(DAC), Daily Star reports .
The Doha Round of talks have foundered amid disagreements between developed and developing countries over the level of cuts to agriculture subsidies and industrial products tariffs, another report adds.
Many countries including Brazil were not pleased at the role of USA. Ministers from the Cairns Group of 19 agricultural exporting countries said they were dismayed by the lack of progress in ending the Doha stalemate. Daily Star reports.
An ordinary citizen
Link: WTO -Home page
South Asian Union by 2030- Yunus new vision December 11, 2009
Posted by bdoza in BANGLADESH, ECONOMY, POLITICS, Yunus.Tags: India, South Asian Union, Yunus
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Nobel Laureate Dr. Muhammad Yunus in Hiren Mukharjee Memorial Speech in the Indian Parliament expressed his vison for a South Asian Union by the year 2030. He drew the picture of a common flag alongside the national flag of the member countries, a common currency and a large area of common domestic and foriegn policies for the union. The idea is the reflection of the political and economic success of the European countries after forming the EU.
His vision of South Asian Union is his new idea after projection his idea of social business on which he is now working in Bangladesh on a number of projects with some major companies of the world like Danone, VVeolia, Intel, Adidas, BASF and Otto.
At this moment the idea of South Asia Union is a difficult proposition as there are multiple conflicting issues exist among the South Asain countries and there are also distrust and religious and political differences among the nations.
Still the idea of Dr. Yunus will be pondered upon in future by both public and politicians alike of this area.
An ordinary citizen
Link: Full Text of the speech
Bangladesh in Human Development Report 2009 October 5, 2009
Posted by bdoza in BANGLADESH, ECONOMY, GOVERNANCE.Tags: HUman Development Report 2009
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UNDP has just published Human Development Report 2009.
The state of Bangladesh is presented in the country factsheet
An ordinary citizen
World Economic Forum publishes World Competitive Report -2009-10 September 10, 2009
Posted by bdoza in BANGLADESH, ECONOMY, International Affairs.Tags: World Competitive Report 2009-2010, World Economic Forum
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World Economic Forum publishes world competitive report 2009-10
An ordinary citizen
A Pinak Ranjan and his few comments July 24, 2009
Posted by bdoza in BANGLADESH, Diplomacy., ECONOMY, ENVIRONMENT, Flood.Tags: India, Pinak Ranjan Chakravarty, Tipaimukh Dam
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Pinak Ranjan Chakravarty, the Indian High Commissioner has made some comments in the last few months which has stirred the people and politics in Bangladesh to an unexpected level.
His comment on transit
>”transit is an economic issue, not a political issue”
first got immediate reaction from different sectors.
State Minister for Foriegn Affairs of the new Government Mahmud Hasan later tried to defend his comment saying that ’some people unnecessarily link transit with politics’.
On June 21, 2009 Pinak Ranjan lamblasted the water experts of Bangladesh by saying
‘’some ‘so-called water experts’ are making comments without considering issues relating to the flow of the Ganges water’… ‘Clearly, the question of Bangladesh not getting its due share of water under this treaty is an empty slogan’. He also added, “Unfortunately, criticism of India and India-phobia has become an instrument for deriving political mileage for a particular section whose antecedents are well-known’. On Timaimukh he said,’There has been a lot of agitation on the issue of Tipaimukh Dam. It is a hydroelectric multipupose project to produce eecricity only. It will also, to some extent, help in flood control. The project has no component of irrigation and involves no diversion of water for irrigation purposes. The feasibility and design of Tipaimukh has been studied and examined threadbare by various experts over the last 40 years and India provided all details on the proposed project to Bangladesh’
He was speaking at a seminar on ‘South Asian Connectivity: Bangladesh Perspective’ at Pan Pacific Sonargaon in Dhaka.
The comment drew immediate reaction from experts, politicians and people alike. It is assumed that Bangladesh has got little documents on Timaimukh dam from India. That’s why the present government asked India to supply all the documents when the controversy started to get heat.
Foreign Minister Dipu Moni said afterwards that Indian High Commissioner Pinak Ranjan Chakravarty might have violated diplomatic norms through his comments on controversial Tipaimukh dam and Bangladeshi water experts.
But LGRD and Cooperatives Minister Syed Ashraful Islam a day after contradicted with the comment of Foreign Minister saying that he personally thinks that Indian High Commissioner Pinak Ranjan Chakravarty had not flouted diplomatic norms through his comment on Tipaimukh dam.
His latest comment at a conference on ‘Bangladesh-India Economic Relations’ in the city lately also drew criticism
”around 25000 of the Bangladeshis who entered India with legal visa each year never did return to Bangladesh”.
At last the Government of Bangladesh had to come up with the statement to refute the allegation raised by Pinak Ranjan as ‘ his observation does not match with the information avaialble with the government’.
People of Bangladesh always want a peaceful and friendly relation with India. Abdul Kalam, eminent Scientist and former President of India in his recent visit to Bangladesh assured that India will not do anything that will harm Bangladesh.
A comment of an speaker in a talk show may have some truth when he says that India will never prosper by keeping Bangladesh poor, her prosperity will always be at stake if Bangladesh remain poor because of her policy and planning.
Whether Pinak is doing diplomatically good thing by provoking anti-Indian and anti-Tipaimukh sentiment-is beyond the scope of an ordinary citizen, but otherwise he is a man of good composure and of fine linguistic ability.
An ordinary citizen
Bangladesh Budget 2009-10 and Public-Private Partnership July 17, 2009
Posted by bdoza in BANGLADESH, Budget, ECONOMY.Tags: Bangladesh Budget 2009-10, PPP, Public Private Partnership
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Public-Public Partnership is a concept added to the Bangladesh Budget more formally in this financial year.
In the Budget it is said that we need to take our economy to the higher trajectory of growth to take the people of this country out of the vicious cycle of
poverty. What is needed to meet this objective is a paradigm shift to bring qualitative change in the investment strategy.
Mr. MA Muhith, the Finance Minister states that in the Election Manifesto, the growth of GDP has been set at 8 percent to be achieved by the year 2013 and at 10 percent by the year 2017, which would be sustained until 2021. As a vehicle to attain this higher
growth, investment in infrastructure development, especially, power and energy, ports, communication, supply of drinking water and waste management, education and health will be given highest priority. A huge investment is required to achieve this target. In addition to the existing public and private investment programmes, an investment of US$ 28 billion will be required by FY 2013-14 to achieve the projected growth as per the preliminary estimates.
The Budget argues that the government alone cannot provide such huge amount of resources. It would be difficult to maintain macroeconomic stability if the government has to finance such huge investment by borrowing from domestic sources. Again, it will not be
possible to obtain such funds as concessionary loans from the development partners. Our past experience suggests that it has been difficult to ensure economic use of public resources and the quality of service delivery when Government is involved in infrastructure development and maintenance as its involvement is not determined through a competitive market process. At the same time, direct involvement of the government in project execution process takes away the focus from its basic obligation to provide social and other important
services.
Since the implementation and funding of any infrastructure development projects is a long drawn process, the investment risk is much higher and at the same time, the investment is not, in many cases, commercially viable. It is therefore, difficult to attract private investment in all projects in this sector.
In this context the Government is going to take special initiatives to involve the private sector under Public Private Partnership (PPP) to meet the probable investment gap in infrastructure development and maintenance, alongside the government’s investment. FM believe that successful application of PPP
concept will open up the door for increased flow of investment from both local and foreign investors. This will accelerate economic growth. He asserted that PPP in Bangladesh commenced after the adoption of IPP Policy in 1996.
Around 50 initiatives in telecommunication, land port and other physical infrastructure projects have been successful. There has been remarkable progress in PPP sector in FY 1998-99 when initiatives were taken to build two mega power plants at Haripur and Meghnaghat with private sector involvement
for the first time. The two projects were implemented successfully and helped in mitigating power crisis. I would like to mention that the existing PPP framework and the institutions associated with PPP should be more transparent and should also be strengthened to
ensure the success of the PPP sector. At the same time it is essential to ensure the participation of the government in PPP projects.
Budget states that the present government is committed to take timely measurers to attract private investment in the country through PPP. Therefore, Finance Minister proposes to create three new ‘expenditure heads’ in the FY 2009-10 budget to facilitate new projects under PPP.
The first expenditure head will be named as PPP Technical Assistance to cover expenditure related to pre-feasibility studies and other preparatory work before asking the private sector to submit their bids for PPP projects. Relevant agencies will be able to receive necessary funds quickly from this head to prepare PPP
project documents and to appoint PPP consultants. He proposes to allocate Tk. 100 crore for this sector in FY 2009-10.
He also proposes to allocate Tk. 300 crore as Viability Gap Funding as subsidy or seed money to attract private initiatives for the construction of power
plants, hospitals, schools, roads and
highways which are non-profitable but essential for public services.
Budget also allocates Tk. 2,100 crore in the PPP budget to accelerate the process of investment through PPP. This allocation will be used for setting up an Infrastructure Investment Fund. Depending on the type of projects, the Government will provide equity
or loan to the private investors to ensure
Government’s participation. Different financial incentives will be extended from this Fund to encourage investments. We are presenting for the first time a position paper on invigorating investment initiative through PPP.
He added that the challenge before us, is to set up an institution for preparation and implementation of PPP budget which will ensure innovative ways, independent operation and accountability of planning and budget
process of the private sector. We trust that
this body will be able to provide incentives to PPP initiatives in different sectors and expedite project approval process. He hopes that this institution will follow the best practices of modern management philosophy of both public and private sectors.
According to the plan, PPP budget management will
be fully operational by September next.[Source:Bangladesh Budget 2009-10]
An ordinary citizen
Post Script:
19/7/09
In a recent discussion, Professor Anu Ahmed, an Economist of Jahangir Nagar University told that the concept of PPP is an extention of colonialism in modern times. Through PPP multinational companies will be allowed to hold the ownership of the our highways, factoreis, shipyards, seaports etc and through this we shall be subjected to the policy and programmes dicctated by them.
Some other views:
Focus on ADP out, PPP in- Zahid Hussain
PPP initiatives needs to be backed by appropriate policies- speakers at a discussion
Bangladesh Budget 2009-10 and Digital Bangladesh June 23, 2009
Posted by bdoza in BANGLADESH, Budget, ECONOMY.Tags: Bangladesh Budget 2009-10, Budget, Digital Bangladesh
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Vision was projected in the introduction of the Budget Speech to develop Bangladesh as Digital Bangladesh by 2021 in line with forcast of the Prime Minister’s declaration in the party manifesto.
For this, Budget attached priority for building necessary infrastructure for Digital Bangladesh. In order to realise the vision of building Digital Bagladesh , Budget asked ICT facillities to those who are living in rural areas. To this end, the Government like to ensure internet connectivity and opportunities for the best use of information and communication technology. It has a
plan to bring the least advantaged communities under the coverage of telephone and internet connectivity by extending its network and reducing the charges. The Government is on the way in bringing all Upazilas within internet coverage in the next five years.
In order to have secured connectivity with the information super highway there is an initiative to
connect Bangladesh with the Second
Submarine Cable Network. It is said that comissioning of digital exchange at Upazilla and growth centres has largely been completed. The remaining ones will be
commissioned in the next year. To facilitate internet connectivity across the country, laying of fibre
optical line will be completed in the next year. At the same time, an access network will be built covering 23
districts including 6 divisional headquarters.
FM pleased to inform that the teledensity in the
country has increased to 32 per hundred from 28 per hundred in the last year. While the internet user density has increased from 3 per hundred to 4 per hundred.
It is said that digital information echnology is widely used in the processing and compilation of budget and
accounts related data and information. It is good that Integrated Budgeting and Accounting System (iBAS) was introduced in FY 2007-08 and with this it is now ensured generation of timely and accurate reports. Currently, 58 District Accounts Offices including the Divisional Accounts Offices are connected through a Wide Area Network. Financial data and information are being sent directly to the capital from remote accounting locations through this system. It is said that in future, this information technology will be expanded further to cover all Upazilas across the country. This process will make public spending and use of resources more transparent and will ensure accountability.
The Budget acknowledged that there is a need to encourage science and technology education to keep pace with global and technological advances. In
order to build digital Bangladesh, the Government want to develop a ICT-skill work force. The Government, therefore, committed to introduce compulsory computer and technical education at secondary and primary levels by 2013 and 2021 respectively.
The concerned ministries are now working on a detailed work plan on the ICT Policy of the Government. The Government wants to transform to e-governance by 2014 and initiate e-commerce by 2012. Bangladesh Computer Association and Bangladesh Association for Software Information Services (BASIS) has been associated for preparing a specific work plan. The Government plans to introduce computerized system in every government office during its term of office and target a benchmark of 4000 computer engineers and scientists graduating each year from the last year of their tenure.
To render better and efficient services to the people
traditional file-based administrative work in the public sector needs to be transformed into e-government/digital government. The
national ICT Road Map is being worked out to achieve this goal. Top priority is given for exporting computer software and developing IT-skilled human resources in the service sector. The Government will
enhance incentives for software industries and also promote the use of indigenous software in government and non-government sectors.
Beyond these, enhancement of opportunities for basic
research relating to science and technology will be one of the most important activities in this area, Budget says.The Government is preparing a comprehensive programme for helping reputed researchers to undertake their research work and scholarly work in science. The Government has doubled the allocation made on research work in mathematics, life-science and physical science. It is said the allocation for this sector will increase further.
Finance Minister proposes to allocate Tk. 100 crore to meet the emergency expenditure in the ICT sector. He also proposes to enhance the amount of the existing Equity Entrepreneurship Fund relating to ICTpromotion
from Tk. 100 crore to Tk. 200 crore.
To introduce automated system of tax collection on modern technology in order to build Digital Bangladesh, it is proposed to provide facilities for 1) submitting online return for income tax 11) for easy availabilty of computers and laptops 111) development of software industry
Budget also proposes to withdraw Vat on the internet service used in educational institutions to keep the service within the reach of students and also to signify commitment towards building Digital Bangladesh.
Budget also said to create separate ICT wing in NBR along with the ICT Commissurate towards building Digital Bangladesh.
Budget hopes that this steps will turn the vision of PM for Digital Bangladesh into reality.
The ordinary citizen/s will wait to see how far the commitments expressed in the budget are materialised and see the light of the day.
An ordinary citizen
Views on Bangladesh Budget 2009-10 June 12, 2009
Posted by bdoza in BANGLADESH, Budget, ECONOMY.Tags: Bangladesh budget, Bangladesh Budget 2009-10
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Following are the views of different individuals and organisations on the Bangladesh Budget 2009-10:
A Cartoonist look at the whitening of black money in Prothom Alo
Mix of progress and protection: Daily Star
Social Safely Net further expanded
Mixed reactions among chambers, trade bodies-Daily Star
Noab denounces duty on the newsprint
ADP goal lofty- Mirza Azizul Hoque
Whetening of black money is a political compromise-Muhith
The first cut is the deepest -Daily Star
Success depends on efficient tax collection(bn) -Mahbub Hussain
Budget implementation -major challenge: Muhith
Money -whitening scope sparks debate
An ordinary citizen
Post Script:
Whitening of black money will weaken the tax collection system(bn)-Ahsan H Mansur
‘Kill and come back’(bn) -Anisul Hoq on whitening of black money
Import duty on newspaper-Daily Star editorial
Import duty from Newsprint should be wiped out-Prothom Alo Editorial
Budget proposal misunderstood- Muhith on whitening of black money
Budget ignores ant-poverty efforts
Whitening black money: Scope breach of UN Convention- World Bank
Bangladesh Budget 2009-10 Proposed June 11, 2009
Posted by bdoza in BANGLADESH, Budget, ECONOMY.Tags: Bangladesh Budget 2009-10
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Finance Minister AMA Muhith presented the National Budget for 2009-10 in the parliament , the first of the AL-led new government after the general election of 29th December, 2008.
National Budget for 2009-10:
Budget at a glance
Full Version in English
Full version in Bangla
News link:
Daily Star
Prothom Alo
bdnews24.com
An ordinary citizen
Post Script:
30 June, 2009: Budget passed in Parliament with minor adjustment
Advance Income Tax, NBR and Language of threat June 10, 2009
Posted by bdoza in BANGLADESH, ECONOMY, Income Tax.Tags: NBR
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In the last few days we have come across a notice from the NBR in different dailies to submit 4th quarter of Advance Income Tax for the year for the financial year 2008-09.
In the notice the authority asked the taxpayers to submit the tax by 15th of June, 2009 in advance for the 4th quarter along with the payment of the earlier quarters if not paid already.
In the notice, it is threatened that if the tax is not paid in the defined time, the taxpayers will be fined the same amount of money they are to pay as taxes according to the Income Tax Ordinance of 1984, clause 125 and will have to pay interest at the rate of 10% according to the clause 73.
It is common practice that the taxpayers submit their taxes at the end of the financial year usually by the next September, sometimes the time is extended depending on the political situation and natural calamities.
Giving advance payment of taxes should be taken as a good gesture on the part of the citizens and NBR should think how to reward this good citizens.
NBR should in no way talk in the language of threat for failure of advance payment of taxes. If there is any laws and regulations for threat in the Ordinance that should be changed as the language represent the colonial mentality of the pre-liberation era that cannot differentiate between good and bad deeds of the citizens.
The ordinary citizen opines that for payment of advance taxes, not the language of threat but language of appreciation from NBR should be extended.
An ordinary citizen
BNP should join the parliamentary sessions June 6, 2009
Posted by bdoza in BANGLADESH, ECONOMY, POLITICS.Tags: BNP, Budget session, Parliament
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The Budget session is started. On the 11th of June the Finance Minister MA Muhith will place the first budget of the new government to the nation. The FM declared that the budget will be a big one surpassing 1 lakh crore of Taka with big share for ADB, though many experts caution the government against the big budget.
The Budget session may also discuss the some national vital issues like Transit, Timaimukh,BDR Report etc.
BNP is still not in a decision to join the session on the plea that the government is not allocationg enough seats in the front row. If BNP take it too sensitively , they will miss the Budget session.
But the ordinary citizens want them to be in the Budget session. For the people it is important that the budget would be critically screened and the national issues will be discussed in detail for which the presence of opposion is manditory.
If BNP does not attend the sesion, it will be looser more than the government party and people will be deprived from a lively session.
BNP should avoid the old tactics and try to understand the changed attitudes and aspirations of people where parties will be judged on the positive contribution of the parties in strengthening the democracy and the country.
People will understand the state of the opposition but at the same time they expect the oppostion to be vibrant in the parliament.
An ordinary citizen
Postscript:
18/10/09
BNP also skipped the session during the Ramazan on the same plea.
BNP is avoiding the present session also despite the repeated plea from the Speaker.
Who would escape a class for days together- not necessary a good student, a bad student would always search excuse to avoid his lessons.
BNP plea has turned into a lame excuse and only exposing its weakness as a party and its lack of commitment in parliamentary practice. Their members of parliament will remain backbenchers not only physically but also in quality of parliamentary debate.
BNP is not only in frustration, it is frustrating the people. The days of negative politics is over. The people will judge you on the degree of positive contribution you made to the country and for the democracy.
G-20 and Bangladesh April 20, 2009
Posted by bdoza in BANGLADESH, ECONOMY.Tags: G-20, world economic crisis
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On 2nd April, 2009, the 20 most industrialised and emerging nation met together at London to address the world economic recession and to find the way out of the recession. It was the first major summit for Obama after he has taken oath as the President of the largest economy of the world of USA.
Though there was dissent among the participating countries and a fear that French President Sarkozy may walk out of the summit, but no such dramatic event happened despite the media’s speculation.
The summmit declared a joint communique at the end citing measure to combat the world economic crisis.
Many critics says that it is dialouge among the rich where the poor has no saying though the summit alloted an amount of money for the deveoping countries, it is not enough to improve the situation of those countries. Bangladesh could be the missing voice of the developing countries in the summit.
Bangladesh will get a share if it wants to from that portion which will be distibuted through IMF and World Bank. G-20 suggested to strengthen the IMF and World Bank though the present economic crisis may be a failure of these bodies. Are the devoping countries are falling into into the trap of greater vicious cycle in future?
Should Bangladesh go for its own crisis to get loan from IMF? Experts opined that it will be better for Bangladesh initially to depend on its own resources.
An ordinary citizen
Links:
G-20 in Wikipedia
London Summit Communique
Final Report of G-20 working group
London Summit 2009
……………………………
Recession in G-20 and Bangladesh
G-20 and missing voice of Bnagladesh
Bangladesh announces stimulus package for economic recession April 20, 2009
Posted by bdoza in BANGLADESH, ECONOMY, GOVERNANCE.Tags: economic recession, world economic crisis
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Finance Minister MA Muhith has declared the long awaiting stimulus package to combat economic recession in Bangladesh.
Daily Star
Prothom Alo
Finance Minster said that the package is not all. Government is also giving tax rebit and banks will give more credit support to the businesses.
The package was appraciated by the economists but to business lesders it falls short of expectations, specially the garments sector feels that it was neglected in the package.
The Daily Star in its editorial urges the goverment to reach the target sector in time. An Star Analysis says it is a wise first recession step.
Stimulus package also puzzles the leather industry.
Primary Textile Sector also urge the government to extend the incentive to the textile industries.
MA Muhith,Minister for Finance said that necessary modifications will be made to relieve the grivances and said spinners will be included in the package.
Recession is already creeped into Bangladesh and now it is time to see how effectively the package could help in combating the recession.
An ordinary citizen
Increasing bunden on AL-led government April 10, 2009
Posted by bdoza in BANGLADESH, ECONOMY, EDUCATION, GOVERNANCE, POLITICS.Tags: AL, AL-led Government
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AL led coalition win the last parliamentary election with 3/4th majority and formed the government. People has very high hopes as they were impressed by the commitment AL has given in its manifesto with a vision for 2021 and Digital Bangladesh.
AL had formed the government mostly with new faces leaving aside the veterans like Tofael Ahmed, Suranjit Sangupta, Amir Hussain Amu and Abdur Razzak who had link with the reform process in the party during the regime of the caretaker government. The step was appreciated as bold and courageous by many they thought the new faces without record of corruption would boost the image of the government but the alieniation of the senior leaders may increase the burden on the government.
Just only after one and half month in the Government, PM Hasina had to face the BDR mutiny where about 70 army officers were killed in a most tragic way, though controlled by the government in the coldest possible way without further bloodshed but created a rift between the Army and the the present government.
After the new government takes over the power, its student wing started to take control of the university campuses and residential halls. They had to overcome the resistance from other parties and had to face intra party feuds which is still parsisting and throws a challenge for the new government to maintain peace and continuity of education in the academic institutions.
The Government has declared the trial of anti-liberation forces as their priority as they have declared it in their manifesto. Government is takings steps to appoint prosecutors, set the courts and select the lawyers. They have also sought the UN support though Shahriar Kabir, the Secretary of the GDNK was against the association. UN Country Coordnator Ms Reneta said that mistakes were made in many countries in trial of war criminals. Bangladesh shouldn’t make those mistakes.
Mass transfer and putting as OSD in the sectariat and in the governemnt services created a sort of panic and frustration among the emplyees.
The government has taken decision to cancel the lease of Begum Khaleda Zia’s cantonment house which provoked criticism by many and protests by the BNP leaders and activists. They have threatened to wage country-wide agitation if the decision is not reversed.
Anti-Corruption Commission refused to respond to the call of Committee on Public undertakings on the ground that it is unconstitutional and a controversy arises out of it. Lack of strong legal and constitutional ground may tarnish the image of the Government in fighting corruption which is already affected due to resignation of Lt. General(Rt) Mashhud Choudhury as the Chairman of the ACC.
Though Bangladesh could avoid the immediate the effect of the world economic recession, the world economic bodies and experts hunch that it would be affected in the this year with fall in exports and remittance and a lower GDP.
The government has dissolved Local Government Commission and passed the Law for Upazilla Parishad modified from its original spirit curtailing the power of the upazilla chairmen and subjecting them to the authority of the local MPs. This has created resentment in among the upazilla chairmen and frustration among the proponents of the strong local governments in Bangladesh. The upazilla chairmen threaten to wage movement and take legal action against the proceeding in he high court.
The Finace Minister MA Muhith acknowledged that the government would not be able to fulfill its commitment in power sector by 3 years which would be extended to 5 years.
The best achievement so far the Government could made is in lowering the price of essentials which is acclaimed by the common people.
(An observation by an ordinary citizen)
Bailout, Stimulus Package and US Economy March 25, 2009
Posted by bdoza in BANGLADESH, ECONOMY, IMF.Tags: Bailout, Stimulus package, US economy, USA, world economic crisis
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US economy is feeling the pain of economic recession for the last few years. But the crisis surfaced at the end of Bush Administration when both Obama and MaCaine were at the height of their campaign. Both of them attended the special meeting of President Bush with the congress and Senate leaders where consensus for bailing out the financial institutions were made by extending support of 900b $.
This bail out proposal was later passed reduced by congress and the senate amid confusion and criticism from the ordinary citizens. To common people it is not clear then and still now why tax payers’ money would be expended for rescuing the companies who failed for their own reasons. Logic came in favour of bail out that the rescueing of the companies will save the jobs of the common people.
After Obama came to Power, as a part of economic plan, he declared the Stimulus Package for the growth of the economy by supporting home owners, Small business, education,transportation and infrastructure, medical support, art etc.
The plans faced criticism when AIG distributed a major portion of its money as bonuses to the executives. Public rage was so much that the congress formed a special Committee for hearing the explanation from the CEO of AIG.
Is the economy is improving after all these measures. Not likely. Not only US, the Europe, Japan and China are also feeling the pangs.
In a recent statement IMF told that the developing countries, though their economy will be affected but the growth rate will be less affected than the developed nations.
To ordinary citizen, the perplexing question is why US economy vis a vis the world economy is collasping? Is is a normal phenomon or a mere cycle of depression which hit in 30, in 50 and now? or Is it a failure of capitalism itself? Is the concept of capitalism on the wane like the communism? and a new world order is necessary?
The governents are busy with the remedy and the it looks that measures are temporary and superficial and will not cure the illess of the of the system itself. But very few people are actually looking into the fault of the system and analysing the permanent way out of the complexity.
An ordinary citizen
Parallel thoughts:
The end of Capitalism? by Mirza Azizul Islam, Former Adviser of the last Caretaker Government
Global economic crisis, World Bank and Bangladesh November 29, 2008
Posted by bdoza in BANGLADESH, ECONOMY, GOVERNANCE.Tags: World Bank, world economic crisis
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World Bank in a recent press briefing in Dhaka projected that GDP growth in Bangladesh might come down to 4.8% in the current fiscal year from the Government projected 6.5% as readymade garments and remittence inflow will suffer due to global financial crisis.
Mirza Aziz, Finance and Planning Adviser, rejected the the idea and hopes that it might cross 6% and expressed wonder on what basis the world bank officials made the prediction.
Bangladesh Bank Governor Salehuddin Ahmed also dismissed the idea and said,’World Bank projection is grossly an underestimation and is not based on critical analysis.’ He urged for ‘ not to rely on numbers alone’ but ‘to make value judgment.’
On the growth of exports, remittence and agricultural output and ease of inflation, BB Governor opined that the economic fundamentals are stable in Bangladesh. He said that export grew by 42.39% in the first 3 months of of the fiscal year while the remittence inflow were about $ 3 billion from July to October in the current fiscal year.
Apex Body of Garments Exporters BGMEA President said, ‘World Bank prediction is whimsical and unrealistic’. He opined ‘the ongoing global economic recession will rather create opportunites for Bangladesh RMG sector and export will not decline as Bank predicted’. He said,’the comment is irresponsiblle’ as ‘ such comment will make the buyers and bankers nervous in taking business decision, which will ultimately create negative impact on the industry’.
BGMEA urged the present & future governments to avoid the World bank fund in formulating next budget.
An ordinary citizen
Social business to create a world without poverty October 15, 2008
Posted by bdoza in BANGLADESH, ECONOMY, GOVERNANCE.Tags: a world witout poverty, poverty, social business
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Dr. Muhammad Yunus proposes a new concept-social business after his microfinance is accepted and practiced in more than 100 countries and by 100m people. By social business he means a new kind of business where the investors will invest their money in businesses but will take no dividends.The money will be recycled in the business to create jobs for the poor and to create more opportunities for them.
Muhammad Yunus believes charity can not bring the maximum benefit to the society. He thinks charity is of one time use. In social business the money will be multiplied and reused for the benefit of the society.
But why a man would go for the business which will not earn him profit? He says human being are two dimensional- one of his self always thinks for the good of him but the other self also thinks good of the others.
This other self will turn him to social business.
To make that his idea of social business is not mere a theory, he ventured with Danone to form a company -Grameen-Danone Food Products in Bangladesh to produce yogurt in small packages for consumption by the poor children to improve their nutrition.The total backup and forward linkages were set up in such a way that the benefit
goes specifically to the poor. I made a visit by myself to the plant at Bogra and was simply impressed by it. The second project of Yunus is with The Green Childrena USA based teenagers band that started an Eye Hospital in Bangladesh on the concept of social business.
Dr. Yunus hopes that one day separate share markets will be developed for the social businesses and only social businesses and enterprises will be enlisted there.
Yunus compiled all his ideas of social business in the book by the name ‘Creating a World Without Poverty-Social Business and Future of Capitalism’.
He virtually has given a new direction for the capitalism in the future. He hopes that in the near future the poverty will be eliminated and the only place where one will get the opportunity to see poverty is the museum.
He also believes that technology will help to alleviate the poverty to large extent. The Grameen solar system that earned international fame also brought light to thousands of houses in the villages of Bangladesh. Family of Grameen is also thought to be a sort of social business.
We hope that the social business will gradually be more accepted and spread all over the world and the dream of Muhammad Yunus of a poverty free world would come true.
An ordinary citizen
Where is the vision for 2020 for Bangladesh? October 5, 2008
Posted by bdoza in BANGLADESH, ECONOMY, EDUCATION, GOVERNANCE, POLITICS, TECHNOLOGY.Tags: mid-income country, vision 2020
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I was reading the book ‘India 2020 -A vision for the new millennium’ written by Abdul Kalam, father of Indian Space science and former President of India and Y S Ranjan way back in 1998. In this book they sat the vision for India to be achieved by 2020.
The book is actually based on the findings of Technology Information, Forecasting & Assessment Council (TIFAC). About 500 experts of industry,academia,laboratories and government administration were deeply involved in the excercise. Experts and socially aware persons were also participated. about 500 people contributed indirectly through responses to questionnaires and other inputs.
They asserted that ‘a developed India by 2020 or even earlier is not a dream’. After 10 years of the publication of the book India is firmly advancing to that goal.
In the book the authors explore different sectors of the Indian economy and discusses the potentiality, progress and plan to achieve the goal of every sector including food, agriculture & processing, materials including as titanium, aluminum etc, Chemicals including petrolium products, drugs, agrochemicals, textile, manufacturing computer, software, engineering, electronics, transport agents, services covering health, tourism, cultural activities , strategic industries -defense supplies, space programs,nuclear program, Prithvi missile system , Countrywide infrastructure etc.
Chief Adviser Dr. Fakhruddin Ali Ahmed in the early months of his government said that they will publish a guideline for vision 2020 or 2030 for Bangladesh but so far we have not seen any of such publication at the end of his tenure and we have not seen any exercise of the intellectuals or experts in this regard throughout the past months.
It is said that Bangladesh would become a mid-income country by 2020. But where is the vision? Where is the detail analysis of the situation, identification of the problems, defining the strategies? Where is the enthusiasm, cohesion of aspirations and unification of political and social forces?
An ordinary citizen
Nuclear power plant: Bangladesh in search of alternative energy source October 4, 2008
Posted by bdoza in BANGLADESH, ECONOMY, GOVERNANCE, POLITICS, TECHNOLOGY.Tags: nuclear energy, nuclear power
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In the recent visit to China, Chief Adviser to the Caretaker Government has signed an agreement with the Chinese Government for nuclear power plant. Though Daily Star made the information the headline, but it didn’t describe it in details.
Bangladesh has only a nuclear power plant in Rooppur but it could not the see the light of the day since 1961 when the idea was first conceived.[Banglapedia] The inadequacy of the power supply from the indigenous primary sources was felt since then and attempts were made in 1966, 1969, 1972, 1978, 1986 and 1998 to initiate the project. But due to financial and technical constraint, the project couldn’t see the face of the light.
Nuclear energy is now sought in many countries as an alternative source of energy. It is because the conventional sources of energy such as oil,gas, hydroelectricity, coal are exhausting. The alternative sources are nuclear energy and solar energy. Solar energy would be costly to produce in large scale. So nuclear energy is the sought after alternative. In the ongoing presidential race in USA Obama also is advocating for developing alternative energies.
USA is now producing 20% its electricity from nuclear energy.There was 109 power reactor in USA and about 400 in the world. By now, the number is increased many fold. Among our small neighbors, Malaysia and Vietnam started developing their power plant. Within years, they will go into generating nuclear energy.
Nuclear energy is virtually inexhaustible and will be available for hundreds of years. A large plant can generate millions Kw of energy. A major advantage of nuclear energy that it has no carbon emission.
Why Bangladesh couldn’t even start a plant within so many years of independence? Is it mere the lack foresight of the political leaders or commitment on the part of the governments or lack of sponsor to bear the huge cost of the plant or it is part of national and international conspiracy to keep the country always in energy deficit and always in poverty?
An ordinary citizen
Post script:
Dr. Anwar Hussain, former Chairman of Bangladesh Atomic Energy Commission writes in Daily Star on the ‘Urgency of the nuclear power in Bangladesh’[DS]
A CPD discussion meeting urged the Govertment to go immediately for nuclear power plant[DS]
Bangladesh
