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Bailout, Stimulus Package and US Economy March 25, 2009

Posted by bdoza in BANGLADESH, ECONOMY, IMF.
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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

World food crisis, World Bank/IMF & Bangladesh April 20, 2008

Posted by bdoza in AGRICULTURE, BANGLADESH, ECONOMY, IMF, World Bank.
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The world is passing through a critical food crisis which has not affect the world for many decades. Already social uncertainty, political unrest and riots start off in many developing countries. [...]

World Bank has warned that the present crisis will deepen and will create further deterioration in law and order situation in those countries. But the pity is that the warning from the World Bank came when the situation is already exposed. World Bank has failed miserably in forecasting the situation earlier and more significantly to suggest measures to offset the crisis early. (more…)

IMF retreats from signing PSI in Bangladesh September 19, 2007

Posted by bdoza in BANGLADESH, ECONOMY, IMF.
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IMF agreed with the Bangladesh Government stance of not signing PSI and said that it is not the right time to sigh the PSI.

 

IMF mission is on a visit to Bangladesh to discuss the PSI but amid the growing opposition from the Business community and Economist Bangladesh Bank Governor Mr. Salehuddin Ahmed said that there was discussion with IMF, but not necessarily we are going to accept their demands.We shall see what is good for us.

The Government has indicated that they are not interested in signing the deal now. The mission chief Thomas Rumbaugh also agreed that it is not the best time to sign the agreement. (more…)

‘Say NO to IMF’ September 17, 2007

Posted by bdoza in BANGLADESH, ECONOMY, GOVERNANCE, IMF.
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In a round table discussion on 15th September 2007 in the capital it is opined that there is no need of support from organizations like IMF; rather it is now time to say NO to these organizations.

They also said that there is no need to sign Policy Support Instrument(PSI) with IMF. They also urged the Government to disclose the different aspects of PSI to the public. (more…)

Jute Industries: Golden fibre shouldn’t be faded August 18, 2007

Posted by bdoza in AGRICULTURE, BANGLADESH, ECONOMY, GOVERNANCE, IMF, INDUSTRY.
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jute-1.jpg

 

Some statistics in Jute sector:

From 77 Jute Industries in 70’s, now it is 14 in the Government sector. The no of labourers came down fom 250,000 to 45000, no of looms from 26000 to 8000, production of jute came to half.

Last year, Jute sector lost 421 crore of taka. Out of this, 30 crore is for labourers, 140 crore for the delay in the purchase of raw jute, 130 crore for lack of electricity.

In private sector, 56 industries are there; almost all are in bad shape. Looms are 11 thousand 700 in no. Last year only 3400 looms were productive. Only one and a half lac ton jute was produced in the last year though the target was 3 lac ton. 13 thousand permanent and 18 thousand temporary laborer work in the Private Jute mills.

But in private sector 65 twin and spinning mills are making profit. Here 36 thousand labourers are working.

(more…)

‘IMF shouldn’t dictate the economic management of Bangladesh’ August 3, 2007

Posted by bdoza in BANGLADESH, ECONOMY, IMF, INDUSTRY.
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The business leaders of Bangladesh has said that IMF should not dictate the economic management of Bangladesh. They said in a joint statement that the agencies are trying to impose conditions and dictate terms in every detail of economic management of a sovereign country.

They were expressing their reaction to the suggestion put forward by the IMF to increase the price of gas, electricity and the petrol at the same time. They said that the increase in the price of the energy sector will increase cost of production and will increase the price of the essentials. In turn it will increase the suffering of the people and decrease the growth of the economy in our country. (more…)

CPD, IMF and monetary policy of Bangladesh Bank July 18, 2007

Posted by bdoza in BANGLADESH, ECONOMY, IMF.
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Recently, Mr. Dhebapriya Bhattacharjee, Executive Director, CPD (Center for policy dialogue ) reacted strongly against monetary policy that is declared by the Bangladesh Bank and possible increase in the price of oil, gas and electricity.

He said that the policy adopted by BB is dictate by IMF and it is a visible shift from the unified national consensus policy . He said that it will increase the inflation and increase the price of the essentials beyond the reach of the common people.

In response to , Finance adviser said that the increase of the price in the energy sector will have little effect on the prices of the food. He said that we cannot increase subsidy of the oil and other sectors for an unlimited period time as the price of the oil is now highest in the international market. (more…)

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