Bangladesh Economy: News & Updates
- Thread starter Raquib
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Observing AWAMY mindset of keeping money idle in bank for sometime while economy needed urgent (Infect as quick as Chinese) but dynamic stimulus, I became suspicious and my mind was telling me that RAWAMY LEAGUERS were up to their grand tricks again (Like emptying country through 'Crashing stock market' in 96 or selling every 'nut & Bolt' of Pakistani's left industries to Marwari from 72-75). It didn't take too long for them to get creative and come up with around $6 Billion energy uplifting scheme. Didnt it sound as sensational as buying MIg-29s and ULSHAN Frigate, in which they stole hundreds of crores? Time was ripe for them to steal thousands of crores by now. And why do they have to be fearful when 'Media, academics and military' are in their hands (Special Coverage: | AlterNet)
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TopCat
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You contradict yourself in every other post. In one post you want no spending, in another post you want spending then no military again come back to having military etc. etc.
If AL goes for anything good or bad, you will come up with excuses to deny that. Just pathetic.
There is an old proverb, "Aap Bhala To Jagat Bhala." It is easy to find many million faults in any govt of the world. Some are real, but then some are pure imagination and some are just gossip. I have found the PDF not to be a gossip forum like another forum run by an 18 year old Bangali kid.
Everyone in that forum competes with each other to spread gossips so as it becomes a kind of GEEBAT. It is against the spirit of Islam to say GEEBAT at every opportunity. PDF members should not degrade this forum and their respective countries by spreading unnecessary gossips.
Everyone in that forum competes with each other to spread gossips so as it becomes a kind of GEEBAT. It is against the spirit of Islam to say GEEBAT at every opportunity. PDF members should not degrade this forum and their respective countries by spreading unnecessary gossips.
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TopCat
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Country's BoP situation 'healthy' in last fiscal despite meltdown
Siddique Islam
The country's overall balance of payments (BoP) situation continued to maintain a healthy trend in the last fiscal in spite of the global meltdown, officials said Thursday.
The current account balance also recorded a surplus in the fiscal 2008-09 (FY09), thanks to robust growth of inward remittances, they added.
"We expect that the existing trend of current account balance along with the overall balance of payments will continue more or less in the first half of the current fiscal," Director General of the Bangladesh Institute of Development Studies (BIDS) Mustafa K Mujeri told the FE.
He also said the country's overall import may pick up in the second half of the fiscal 2009-10 due to increasing trend of prices of major commodities in the international markets.
For the first time, the country's overall trade deficit fell by $24 million to $4.708 billion in FY09 from $4.731 billion of the previous fiscal, mainly due to the decreased prices of major importable commodities including fuel oil and food in the global market.
"The country's overall trade deficit reduced slightly in FY09 mainly due to easing of import pressure on the economy," Mujeri, also former chief economist of the central bank, said, adding that export earnings, which were good, contributed to minimise the trade gap.
In FY09, export earnings stood at $15.583 billion against the import payments of $20.291 billion, the BB's data showed.
The current account balance recorded a surplus of US$2.536 billion in the FY 09 against the surplus of $680 million of the previous fiscal due to larger current transfers of $10.226 billion, according to the central bank statistics, released Thursday.
"Higher flow of inward remittances along with lower trade deficit has contributed to achieve a huge surplus position of the current account balance in FY09," he added.
Bangladesh received remittances worth $9.689 billion during the last fiscal against $7.915 billion in the 2007-08 fiscal. The amount is 22.41 per cent higher than that of the previous fiscal.
The country's overall balance showed a surplus of $2.058 billion during the last fiscal against the surplus of $331million in the previous fiscal, mainly due to surplus in current account balance of $2.536 million, the central bank said.
"The large surplus in balance of payments will help minimise the country's risks, which is considered by the foreign investors," a BB senior official told the FE.
The healthy position in the balance of payment also helps to maintain a stable exchange rate of the local currency against the US dollar in the foreign exchange market, the central bank officials said.
"The surplus balance of payments, if the present trend continues, will also act as a back-up support for the overall economy," another BB official said.
However, the flow of net foreign direct investment (FDI) rose to $941 million in the last fiscal from $905 million of the previous fiscal, the BB officials confirmed.
On the other hand, the flow of portfolio investment recorded a deficit of $159 million in FY09 against $134 million one year back due to the ongoing global financial crisis, they added.
Siddique Islam
The country's overall balance of payments (BoP) situation continued to maintain a healthy trend in the last fiscal in spite of the global meltdown, officials said Thursday.
The current account balance also recorded a surplus in the fiscal 2008-09 (FY09), thanks to robust growth of inward remittances, they added.
"We expect that the existing trend of current account balance along with the overall balance of payments will continue more or less in the first half of the current fiscal," Director General of the Bangladesh Institute of Development Studies (BIDS) Mustafa K Mujeri told the FE.
He also said the country's overall import may pick up in the second half of the fiscal 2009-10 due to increasing trend of prices of major commodities in the international markets.
For the first time, the country's overall trade deficit fell by $24 million to $4.708 billion in FY09 from $4.731 billion of the previous fiscal, mainly due to the decreased prices of major importable commodities including fuel oil and food in the global market.
"The country's overall trade deficit reduced slightly in FY09 mainly due to easing of import pressure on the economy," Mujeri, also former chief economist of the central bank, said, adding that export earnings, which were good, contributed to minimise the trade gap.
In FY09, export earnings stood at $15.583 billion against the import payments of $20.291 billion, the BB's data showed.
The current account balance recorded a surplus of US$2.536 billion in the FY 09 against the surplus of $680 million of the previous fiscal due to larger current transfers of $10.226 billion, according to the central bank statistics, released Thursday.
"Higher flow of inward remittances along with lower trade deficit has contributed to achieve a huge surplus position of the current account balance in FY09," he added.
Bangladesh received remittances worth $9.689 billion during the last fiscal against $7.915 billion in the 2007-08 fiscal. The amount is 22.41 per cent higher than that of the previous fiscal.
The country's overall balance showed a surplus of $2.058 billion during the last fiscal against the surplus of $331million in the previous fiscal, mainly due to surplus in current account balance of $2.536 million, the central bank said.
"The large surplus in balance of payments will help minimise the country's risks, which is considered by the foreign investors," a BB senior official told the FE.
The healthy position in the balance of payment also helps to maintain a stable exchange rate of the local currency against the US dollar in the foreign exchange market, the central bank officials said.
"The surplus balance of payments, if the present trend continues, will also act as a back-up support for the overall economy," another BB official said.
However, the flow of net foreign direct investment (FDI) rose to $941 million in the last fiscal from $905 million of the previous fiscal, the BB officials confirmed.
On the other hand, the flow of portfolio investment recorded a deficit of $159 million in FY09 against $134 million one year back due to the ongoing global financial crisis, they added.
Al-zakir
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Chinese firm to invest $ 25.52m Comilla EPZBSS, Dhaka 
Bangladesh Textile & Fiber Industry Limited, a Chinese company, will set up a fiber and non-woven fabric manufacturing industry in Comilla Export Processing Zone.
This 100 percent foreign owned company will invest US$ 25.52 million in setting up their unit and produce different types of fiber and non-woven fabric.
The company will also create employment opportunity for 895 Bangladeshi workers including 21 foreign nationals.
An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and Bangladesh Textile & Fiber Industry Limited on BEPZA Complex, Dhaka on THursday.
M Mahbub Ul Alam, Member (Engineering) of BEPZA and Zhang Fang, chairman of Bangladesh Textile & Fiber Industry Limited signed the agreement on behalf of their respective organization.
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leading news
Bangladesh Textile & Fiber Industry Limited, a Chinese company, will set up a fiber and non-woven fabric manufacturing industry in Comilla Export Processing Zone.
This 100 percent foreign owned company will invest US$ 25.52 million in setting up their unit and produce different types of fiber and non-woven fabric.
The company will also create employment opportunity for 895 Bangladeshi workers including 21 foreign nationals.
An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and Bangladesh Textile & Fiber Industry Limited on BEPZA Complex, Dhaka on THursday.
M Mahbub Ul Alam, Member (Engineering) of BEPZA and Zhang Fang, chairman of Bangladesh Textile & Fiber Industry Limited signed the agreement on behalf of their respective organization.
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leading news
You simply can't stop being a hookworm, can you? By observing your childish ego and quality of posts, I've been avoiding to response you but you seem like to come over my head again and again.
In the above post, I've clearly stated that BD needed fast but dynamic stimulus. Do you understand that spending $6 Billion in one area out of $8.00 Billion reserve (Life line) doesn't fall in dynamism? It only makes people suspicious, especially when they see rulers discreteness or continuity in spending without logic and rational. And it doesn't get any worse when fascist robbers like RAWAMY leaguers are in power. So, learn how to keep things in perspective before accusing me for contradicting myself.
I think, you have completely misunderstood how the allocations for any sector are made. It is not true that the govt will use $6billion from our foreign exchange reserves of $8 billion to develop the power sector.
Whatever may be the budget for power sector, it is not to be spent in one year, but in several years. The allocation money comes from the yearly budget and not from the reserve. For the immediate few years, the govt allotment for this sector is Tk41,000 crore. How it is possible to build factories without spending money?
Even the govt (2001-2006) had to spend Tk13,500 crore just to erect KHAMBAs, although not a single MW of electricity was added to the national grid. You see, BD is such a country where even power-less KHAMBAs also eat up many thousand crores of Takas. It may also be that the KHAMBAs erected by KOKKO have eaten up all the electricity.
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Govt floats tender for 17 fast-track diesel, furnace oil power plants next week
Govt floats tender for 17 fast-track diesel, furnace oil power plants next week
M Azizur Rahman
The government will invite bids next week for installation of 17 diesel and furnace oil-run plants to generate 1330 megawatts of electricity on a fast-track basis aimed at easeing power crunch, officials said.
"We have finalised tender documents. We are going to invite bids by September 10 next," chairman of the state-owned Power Development Board (PDB) ASM Alamgir Kabir told the FE Saturday.
He said the PDB officials are on a 'war-footing' to end the days of load-shedding and working hard to meet the tender flotation deadline set by the power ministry.
The fast-track liquid fuel-based power generation move comes as natural gas, the country's long-used electricity generating fuel, is drying up fast with coal not an option for short term solution.
The 17 diesel and furnace oil run plants are part of the government's massive plan to kill off power shortfall within the next five years by investing around Tk 410 billion.
Private sector entrepreneurs, both local and foreigners, would be invited to install the projects within the next two years. They have to sell their entire production to the PDB.
The power ministry has already interacted with the prospective private entrepreneurs with local companies Summit Power, Beximco Group, Hosaf Group and GBB and a number of foreign entrepreneurs responding enthusiastically.
Of the planned 17 power plants, eight would be set up on rental basis, while the remaining nine plants would be public-sector projects.
The rental plants having the generation capacity of 530 mw would be installed by the private enetrepreneurs on build-own-operate (BOO) basis.
"We expect that the diesel-fired power plants would start generating electricity within four months after we award contracts to bid winners," said the PDB chairman.
The PDB has fixed November 30 as the deadline to award contracts for rental plants and December 31 for public projects.
Kabir said the PDB has already acquired land for setting up the proposed power plants.
The rental plants to be set up on emergency basis are Bheramara 100mw, Noapara 100mw, Katakhali 50mw, Thakurgaon 50mw, Syedpur 50 mw, Sarishabari 30mw, Barisal 50mwand Madanganj 100mw.
While the public sector power plants are Katakhali 100mw, Ghorasal 200mw, Bera 50mw, Gopalganj 100mw, Faridpur 50mw, Nawgaon 50mw, Dohazari 100mw, Baghabari 50mwand Khulna 100mw.
The country has long been experiencing severe power outages under pressure from its burgeoning economy, which has been growing at an annual rate of around six percent over the last five years.
The power shortfall is especially acute in the hot summer months of April to October.
Years of under-investment mean that the state-owned power plants have generated only around 3.500 megawatts of electricity a day against the peak hour demand for over 5,500 megawatts and the demand is growing by 500 megawatts a year due to rapid industrialisation.
The World Bank and the Asian Development Bank say the acute power shortfall has been a big drag on the country's bid to attain double-digit growth.
The Awami League government has pledged to increase electricity generation to 5,000 mw by 2011 and to 7,000 mw by 2013.
Govt floats tender for 17 fast-track diesel, furnace oil power plants next week
M Azizur Rahman
The government will invite bids next week for installation of 17 diesel and furnace oil-run plants to generate 1330 megawatts of electricity on a fast-track basis aimed at easeing power crunch, officials said.
"We have finalised tender documents. We are going to invite bids by September 10 next," chairman of the state-owned Power Development Board (PDB) ASM Alamgir Kabir told the FE Saturday.
He said the PDB officials are on a 'war-footing' to end the days of load-shedding and working hard to meet the tender flotation deadline set by the power ministry.
The fast-track liquid fuel-based power generation move comes as natural gas, the country's long-used electricity generating fuel, is drying up fast with coal not an option for short term solution.
The 17 diesel and furnace oil run plants are part of the government's massive plan to kill off power shortfall within the next five years by investing around Tk 410 billion.
Private sector entrepreneurs, both local and foreigners, would be invited to install the projects within the next two years. They have to sell their entire production to the PDB.
The power ministry has already interacted with the prospective private entrepreneurs with local companies Summit Power, Beximco Group, Hosaf Group and GBB and a number of foreign entrepreneurs responding enthusiastically.
Of the planned 17 power plants, eight would be set up on rental basis, while the remaining nine plants would be public-sector projects.
The rental plants having the generation capacity of 530 mw would be installed by the private enetrepreneurs on build-own-operate (BOO) basis.
"We expect that the diesel-fired power plants would start generating electricity within four months after we award contracts to bid winners," said the PDB chairman.
The PDB has fixed November 30 as the deadline to award contracts for rental plants and December 31 for public projects.
Kabir said the PDB has already acquired land for setting up the proposed power plants.
The rental plants to be set up on emergency basis are Bheramara 100mw, Noapara 100mw, Katakhali 50mw, Thakurgaon 50mw, Syedpur 50 mw, Sarishabari 30mw, Barisal 50mwand Madanganj 100mw.
While the public sector power plants are Katakhali 100mw, Ghorasal 200mw, Bera 50mw, Gopalganj 100mw, Faridpur 50mw, Nawgaon 50mw, Dohazari 100mw, Baghabari 50mwand Khulna 100mw.
The country has long been experiencing severe power outages under pressure from its burgeoning economy, which has been growing at an annual rate of around six percent over the last five years.
The power shortfall is especially acute in the hot summer months of April to October.
Years of under-investment mean that the state-owned power plants have generated only around 3.500 megawatts of electricity a day against the peak hour demand for over 5,500 megawatts and the demand is growing by 500 megawatts a year due to rapid industrialisation.
The World Bank and the Asian Development Bank say the acute power shortfall has been a big drag on the country's bid to attain double-digit growth.
The Awami League government has pledged to increase electricity generation to 5,000 mw by 2011 and to 7,000 mw by 2013.
Well said but the comparison here is not Aap with Tuom. It's rather meeting evil forces with proportionate ones, which are completely legal in any jurisdiction. Today, I hear Mr. Bahauddin paper's urging other not to carry on any more blame game. Well, Eastwatch you should preach Mr. Bahauddin, Matiur and Mahfuzur 'Aap Bhala to Dunia Bhala', not me. I've declared war against those traitors, Mo fos that have ruined my beloved motherland simply because of being brought to my conscience. As long as it is cheri-stole, fight will go on.
OK, I stand corrected and thank you for rectifying me but even if $6B is spread over 5 years of supposed AWAMY rule, still it comes out $1.20 Billion a year, which is an astronomical figure and by far it would exceed BNP's TK13,000 (around) and bastard MUA's imaginary TK 20,000 CRORE. It seems like criminal RAWAMY leaguers figured out that after paying around TK10,000 crore as salary and remuneration, they wouldn't have anything left over but to erect some more KHAMBAS by JOY and his Malu cronies thus they needed over TK 40,000 CRORE to show some works. Good mathematical homework, indeed. BTW, BNP led GOB erected only some KHAMBAS and didn't add any extra megawatt was another blatant lie of yours, MUAs, RAWAMY bastards, Shuhil mo fos etc though. Electricity wasn't eaten up by KOKO's KHAMBAs but RWAMY employees that went hibernation for first three years and woke up from the fourth year as their planned scheme.
Do you know how suppliers credit works? Before making comments I suggest you reasearch on it and find out how that can exhaust currency reserve. That's what previous Awami govt did and are trying to do this time around.
As for Khamba fiction, show us the proof of how much money was spent in it and who was involved. Otherwise you stand as another awami propaganda mouth piece.
I am a half-educated man, but I have enough common sense to know how a national budget works, so do not worry. Who told you that the govt has asked $6billion from the BB? Do your own study first. And check all the related news in all the newspapers throughout the last few years to know about the KHAMBA stories created by that KOKKO.
How many kW of electricity was added by the govt at that time. Why someone should support all those CHURIDARY by the political people? Isn't it very strange that when you are not holding any proof of the past CHURIDARI, you are forecasting future CHURIDARI. Are you writing a Ramayan before Ram is born?
It is not a political Party Forum. So, I would like people to be neutral in their assessment of political people. Nobody in BD should be allowed to steal people's money. Come with logic next time and do not try to stand on and talk from a political stage. Also learn how a budget works before lecturing others. Why are you talking about suppliers' credit when it is budget matter. What is the relevancy?
Are you like all those Hindus who would defame a girl if she does not want to sleep with him? Your style makes me laugh. I am not that big to swim in an ocean, but also not that small to swim in a small bucket like you. Do not try that AL trick again on me, it will not work.
TopCat
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If government need to pay $6 billion for the electricity, then so be it. We need power to get our economy moving. $6 billion in the vault of BB means nothing to the economy if we dont use them.
Most of the power projects are BOO or BOT. And big investment is also coming through PPP. So investors have to bring money from overseas which in turn will increase our foreign currency reserve, forget reducing.
Most of the power projects are BOO or BOT. And big investment is also coming through PPP. So investors have to bring money from overseas which in turn will increase our foreign currency reserve, forget reducing.
Your answer for Suppliers' Credit is given below. Learn and then let us know your extent of learning.
Suppliers' credit:
A financing arrangement under which an exporter extends credit to a foreign importer to finance his purchase. Usually the importer pays a portion of the contract value in cash and issues a Promissory note or accepts a draft as evidence of his obligation to pay the balance over a period of time. The exporter thus accepts a deferred payment from the importer, and may be able to obtain cash payment by discounting or selling the draft or promissory notes created with his bank.
Supplier Credit Financing:
A trade financing arrangement by which a bank or an ECA directly extends a loan to the exporter, often collateralized by the exporters pledge of his export receivables. The bank or ECA may also purchase or discount the exporters receivables with full, limited or no recourse against the supplier.
TopCat
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Malaysian Agate to invest $3bn in power, workers
Dhaka, Aug 30 (bdnews24.com)—A major Malaysian business group has offered to invest $3 billion in power generation and manpower training in Bangladesh.
A 13-member business delegation of Malaysian Agate Group, led by its managing director Sultan Abdul Quadir, met with commerce minister Faruk Khan, a commerce ministry statement said on Sunday.
Malaysian Agate's proposals include setting up a 1000-megawatt coal fuelled power plant, establishing nursing training centres and other training for skilled manpower export.
The group also expressed its interest to export 15 tonnes of palm oil to Bangladesh.
The minister said Bangladesh has the manpower while Malaysia has the land, so the two friendly countries can add pace to development of both countries by making use of these resources, said the statement.
Bangladesh's Walton Hi-Tech Industries recently signed a deal with Agate to export refrigerators and motorcycles to Malaysia.
Dhaka, Aug 30 (bdnews24.com)—A major Malaysian business group has offered to invest $3 billion in power generation and manpower training in Bangladesh.
A 13-member business delegation of Malaysian Agate Group, led by its managing director Sultan Abdul Quadir, met with commerce minister Faruk Khan, a commerce ministry statement said on Sunday.
Malaysian Agate's proposals include setting up a 1000-megawatt coal fuelled power plant, establishing nursing training centres and other training for skilled manpower export.
The group also expressed its interest to export 15 tonnes of palm oil to Bangladesh.
The minister said Bangladesh has the manpower while Malaysia has the land, so the two friendly countries can add pace to development of both countries by making use of these resources, said the statement.
Bangladesh's Walton Hi-Tech Industries recently signed a deal with Agate to export refrigerators and motorcycles to Malaysia.
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