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Bangladesh’s finance minister warns on loans from China

Black_cats

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Bangladesh’s finance minister warns on loans from China

Beijing’s poor lending decisions risk pushing developing nations into debt distress, says Kamal

https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F81d33522-c566-4247-b7b5-e23afc3bcba0.jpg


AHM Mustafa Kamal said Chinese-backed infrastructure projects in Sri Lanka that failed to generate returns had exacerbated an economic crisis © Xinhua/Alamy

Bangladesh’s finance minister has warned that developing countries must think twice about taking more loans through China’s Belt and Road Initiative as global inflation and slowing growth add to the strains on indebted emerging markets.

AHM Mustafa Kamal also said Beijing needed to be more rigorous in evaluating its loans amid concern that poor lending decisions risked pushing countries into debt distress. He pointed to Sri Lanka, where Chinese-backed infrastructure projects that failed to generate returns had exacerbated a severe economic crisis.

“Whatever the situation [that] is going on worldwide, everybody will be thinking twice to agree to this project,” he said in an interview, referring to BRI. “Everybody is blaming China. China cannot disagree. It’s their responsibility.”

He said Sri Lanka’s crisis highlighted that China had not been rigorous enough in deciding which projects to support. They need to “make a thorough study” before lending to a project, he said. “After Sri Lanka . . . we felt that Chinese authorities are not taking care of this particular aspect, which is very, very important.”

Bangladesh last month became the latest country in Asia to approach the IMF for financing as surging commodity prices after Russia’s invasion of Ukraine weighed on its foreign reserves. The country, a participant in China’s BRI, owes about $4bn, or 6 per cent of its total foreign debt, to Beijing.

Kamal said the country wanted a first instalment from the IMF of $1.5bn as part of a total package worth $4.5bn, which would include financing to help it fund climate change resilience projects and buttress its budget.

The fund said the total amount of potential lending for Bangladesh had not yet been negotiated.

Bangladesh is also seeking up to $4bn more in total from a range of other multilateral and bilateral lenders, including the World Bank, Asian Development Bank, Asian Infrastructure Investment Bank and Japan International Cooperation Agency, Kamal said. He added that he was optimistic the country would secure loans from them.

His comments came as China’s foreign minister Wang Yi visited Bangladesh over the weekend for meetings with officials including prime minister Sheikh Hasina. In a statement, China called itself “Bangladesh’s most reliable long-term strategic partner” and said the pair agreed to strengthen “co-operation in infrastructure”.

The economic hit from the Covid-19 pandemic, as well as the surge in global food and fuel prices amid the Ukraine war, has put many developing countries under strain and some are struggling to repay their foreign debt.

Sri Lanka, which defaulted on its sovereign debt in May, is in negotiations with the IMF for an emergency bailout. Pakistan, whose foreign reserves have fallen to enough for just a month and half’s worth of imports, last month reached a preliminary deal with the fund to release $1.3bn as part of an existing $7bn assistance package.

Bangladesh has been hit hard by a rising energy import bill, with fuel shortages forcing daily, multi-hour power cuts. Its foreign reserves have also fallen to less than $40bn from more than $45bn a year ago.

However, analysts say the country’s strong export sector, notably its garment trade, has helped shield it from the recent global shocks and its reserves are still enough for about five months’ worth of imports, providing the country with some cushioning.

This meant that although “everybody is suffering [and] we’re also under pressure”, Bangladesh was not at risk of defaulting like Sri Lanka, Kamal said, adding: “There is no way to even think of a situation like that.”

Bangladesh had total foreign debts of $62bn in 2021, according to the IMF, with the majority owed to multilateral lenders such as the World Bank. The country owes $9bn, or 15 per cent, to state lenders from Japan, its largest bilateral creditor, followed by China.

Bangladesh’s economy grew rapidly in recent decades from one of the poorest in the region after its independence war in 1971 to a per capita income of $2,500, higher than India and Pakistan.

But climate change poses a significant threat, with the low-lying country of 160mn vulnerable to rising sea levels, erratic monsoon rains and flooding.

The IMF said in a statement this month that its new Resilience and Sustainability Trust would help provide long-term climate change-related financing as part of Bangladesh’s loan programme. “Unprecedented global shocks present countries like Bangladesh with significant uncertainties,” it said.

Lack of infrastructure also continues to constrain growth. The government in June inaugurated the $3.6bn Padma Bridge near Dhaka. The project was Chinese-built but financed domestically after international lenders withdrew funding over a corruption scandal, although allegations were never proven. But the government has responded to the economic downturn by cancelling a series of planned infrastructure upgrades, including investments in building a 5G network and upgrading highways.

“Whichever projects are essential and are in process and will pay off as fast as possible, we’re only taking care of those,” Kamal said. “To other projects, we’re saying, no thank you.”

 

mb444

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Bangladesh’s finance minister warns on loans from China

Beijing’s poor lending decisions risk pushing developing nations into debt distress, says Kamal

https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F81d33522-c566-4247-b7b5-e23afc3bcba0.jpg


AHM Mustafa Kamal said Chinese-backed infrastructure projects in Sri Lanka that failed to generate returns had exacerbated an economic crisis © Xinhua/Alamy

Bangladesh’s finance minister has warned that developing countries must think twice about taking more loans through China’s Belt and Road Initiative as global inflation and slowing growth add to the strains on indebted emerging markets.

AHM Mustafa Kamal also said Beijing needed to be more rigorous in evaluating its loans amid concern that poor lending decisions risked pushing countries into debt distress. He pointed to Sri Lanka, where Chinese-backed infrastructure projects that failed to generate returns had exacerbated a severe economic crisis.

“Whatever the situation [that] is going on worldwide, everybody will be thinking twice to agree to this project,” he said in an interview, referring to BRI. “Everybody is blaming China. China cannot disagree. It’s their responsibility.”

He said Sri Lanka’s crisis highlighted that China had not been rigorous enough in deciding which projects to support. They need to “make a thorough study” before lending to a project, he said. “After Sri Lanka . . . we felt that Chinese authorities are not taking care of this particular aspect, which is very, very important.”

Bangladesh last month became the latest country in Asia to approach the IMF for financing as surging commodity prices after Russia’s invasion of Ukraine weighed on its foreign reserves. The country, a participant in China’s BRI, owes about $4bn, or 6 per cent of its total foreign debt, to Beijing.

Kamal said the country wanted a first instalment from the IMF of $1.5bn as part of a total package worth $4.5bn, which would include financing to help it fund climate change resilience projects and buttress its budget.

The fund said the total amount of potential lending for Bangladesh had not yet been negotiated.

Bangladesh is also seeking up to $4bn more in total from a range of other multilateral and bilateral lenders, including the World Bank, Asian Development Bank, Asian Infrastructure Investment Bank and Japan International Cooperation Agency, Kamal said. He added that he was optimistic the country would secure loans from them.

His comments came as China’s foreign minister Wang Yi visited Bangladesh over the weekend for meetings with officials including prime minister Sheikh Hasina. In a statement, China called itself “Bangladesh’s most reliable long-term strategic partner” and said the pair agreed to strengthen “co-operation in infrastructure”.

The economic hit from the Covid-19 pandemic, as well as the surge in global food and fuel prices amid the Ukraine war, has put many developing countries under strain and some are struggling to repay their foreign debt.

Sri Lanka, which defaulted on its sovereign debt in May, is in negotiations with the IMF for an emergency bailout. Pakistan, whose foreign reserves have fallen to enough for just a month and half’s worth of imports, last month reached a preliminary deal with the fund to release $1.3bn as part of an existing $7bn assistance package.

Bangladesh has been hit hard by a rising energy import bill, with fuel shortages forcing daily, multi-hour power cuts. Its foreign reserves have also fallen to less than $40bn from more than $45bn a year ago.

However, analysts say the country’s strong export sector, notably its garment trade, has helped shield it from the recent global shocks and its reserves are still enough for about five months’ worth of imports, providing the country with some cushioning.

This meant that although “everybody is suffering [and] we’re also under pressure”, Bangladesh was not at risk of defaulting like Sri Lanka, Kamal said, adding: “There is no way to even think of a situation like that.”

Bangladesh had total foreign debts of $62bn in 2021, according to the IMF, with the majority owed to multilateral lenders such as the World Bank. The country owes $9bn, or 15 per cent, to state lenders from Japan, its largest bilateral creditor, followed by China.

Bangladesh’s economy grew rapidly in recent decades from one of the poorest in the region after its independence war in 1971 to a per capita income of $2,500, higher than India and Pakistan.

But climate change poses a significant threat, with the low-lying country of 160mn vulnerable to rising sea levels, erratic monsoon rains and flooding.

The IMF said in a statement this month that its new Resilience and Sustainability Trust would help provide long-term climate change-related financing as part of Bangladesh’s loan programme. “Unprecedented global shocks present countries like Bangladesh with significant uncertainties,” it said.

Lack of infrastructure also continues to constrain growth. The government in June inaugurated the $3.6bn Padma Bridge near Dhaka. The project was Chinese-built but financed domestically after international lenders withdrew funding over a corruption scandal, although allegations were never proven. But the government has responded to the economic downturn by cancelling a series of planned infrastructure upgrades, including investments in building a 5G network and upgrading highways.

“Whichever projects are essential and are in process and will pay off as fast as possible, we’re only taking care of those,” Kamal said. “To other projects, we’re saying, no thank you.”



Stupid assertion.... i suppose BD is balancing between affirming one china policy the day before with some western propaganda....

But coming back to the point in question. The borrower must evaluate if they can pay back and so must the lender as they both suffer if the money lent is wasted on bad investment. No comment on srilanka as do not know the dynamics at play but for BD I think project assessment has to be BDs responsibility. There has to be and infact there is where a proposal is internally assessed and passed by BD ministers. It is only then one approaches lenders.

We can not pass the bucks on to others.
 

my2cents

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Bangladesh’s finance minister warns on loans from China

Beijing’s poor lending decisions risk pushing developing nations into debt distress, says Kamal

https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F81d33522-c566-4247-b7b5-e23afc3bcba0.jpg


AHM Mustafa Kamal said Chinese-backed infrastructure projects in Sri Lanka that failed to generate returns had exacerbated an economic crisis © Xinhua/Alamy

Bangladesh’s finance minister has warned that developing countries must think twice about taking more loans through China’s Belt and Road Initiative as global inflation and slowing growth add to the strains on indebted emerging markets.

AHM Mustafa Kamal also said Beijing needed to be more rigorous in evaluating its loans amid concern that poor lending decisions risked pushing countries into debt distress. He pointed to Sri Lanka, where Chinese-backed infrastructure projects that failed to generate returns had exacerbated a severe economic crisis.

“Whatever the situation [that] is going on worldwide, everybody will be thinking twice to agree to this project,” he said in an interview, referring to BRI. “Everybody is blaming China. China cannot disagree. It’s their responsibility.”

He said Sri Lanka’s crisis highlighted that China had not been rigorous enough in deciding which projects to support. They need to “make a thorough study” before lending to a project, he said. “After Sri Lanka . . . we felt that Chinese authorities are not taking care of this particular aspect, which is very, very important.”

Bangladesh last month became the latest country in Asia to approach the IMF for financing as surging commodity prices after Russia’s invasion of Ukraine weighed on its foreign reserves. The country, a participant in China’s BRI, owes about $4bn, or 6 per cent of its total foreign debt, to Beijing.

Kamal said the country wanted a first instalment from the IMF of $1.5bn as part of a total package worth $4.5bn, which would include financing to help it fund climate change resilience projects and buttress its budget.

The fund said the total amount of potential lending for Bangladesh had not yet been negotiated.

Bangladesh is also seeking up to $4bn more in total from a range of other multilateral and bilateral lenders, including the World Bank, Asian Development Bank, Asian Infrastructure Investment Bank and Japan International Cooperation Agency, Kamal said. He added that he was optimistic the country would secure loans from them.

His comments came as China’s foreign minister Wang Yi visited Bangladesh over the weekend for meetings with officials including prime minister Sheikh Hasina. In a statement, China called itself “Bangladesh’s most reliable long-term strategic partner” and said the pair agreed to strengthen “co-operation in infrastructure”.

The economic hit from the Covid-19 pandemic, as well as the surge in global food and fuel prices amid the Ukraine war, has put many developing countries under strain and some are struggling to repay their foreign debt.

Sri Lanka, which defaulted on its sovereign debt in May, is in negotiations with the IMF for an emergency bailout. Pakistan, whose foreign reserves have fallen to enough for just a month and half’s worth of imports, last month reached a preliminary deal with the fund to release $1.3bn as part of an existing $7bn assistance package.

Bangladesh has been hit hard by a rising energy import bill, with fuel shortages forcing daily, multi-hour power cuts. Its foreign reserves have also fallen to less than $40bn from more than $45bn a year ago.

However, analysts say the country’s strong export sector, notably its garment trade, has helped shield it from the recent global shocks and its reserves are still enough for about five months’ worth of imports, providing the country with some cushioning.

This meant that although “everybody is suffering [and] we’re also under pressure”, Bangladesh was not at risk of defaulting like Sri Lanka, Kamal said, adding: “There is no way to even think of a situation like that.”

Bangladesh had total foreign debts of $62bn in 2021, according to the IMF, with the majority owed to multilateral lenders such as the World Bank. The country owes $9bn, or 15 per cent, to state lenders from Japan, its largest bilateral creditor, followed by China.

Bangladesh’s economy grew rapidly in recent decades from one of the poorest in the region after its independence war in 1971 to a per capita income of $2,500, higher than India and Pakistan.

But climate change poses a significant threat, with the low-lying country of 160mn vulnerable to rising sea levels, erratic monsoon rains and flooding.

The IMF said in a statement this month that its new Resilience and Sustainability Trust would help provide long-term climate change-related financing as part of Bangladesh’s loan programme. “Unprecedented global shocks present countries like Bangladesh with significant uncertainties,” it said.

Lack of infrastructure also continues to constrain growth. The government in June inaugurated the $3.6bn Padma Bridge near Dhaka. The project was Chinese-built but financed domestically after international lenders withdrew funding over a corruption scandal, although allegations were never proven. But the government has responded to the economic downturn by cancelling a series of planned infrastructure upgrades, including investments in building a 5G network and upgrading highways.

“Whichever projects are essential and are in process and will pay off as fast as possible, we’re only taking care of those,” Kamal said. “To other projects, we’re saying, no thank you.”

Indians has been saying about China debt trap for years now. Bd just woke up to it.
 

bluesky

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Kamal warns on loans from China

He talks to Financial Times adding that Bangladesh seeks IMF credit​


FE Online Report | Published: August 09, 2022 22:13:32 | Updated: August 10, 2022 17:19:07

Kamal warns on loans from China


AHM Mustafa Kamal, finance minister of Bangladesh, talks to the Financial Times (FT) South Asia correspondent Benjamin Parkin on Bangladesh's economic situation and Chinese debt. The full report is reproduced below:

Bangladesh’s finance minister has warned that developing countries must think twice about taking more loans through China’s Belt and Road Initiative (BRI) as global inflation and slowing growth add to the strains on indebted emerging markets.

AHM Mustafa Kamal also said Beijing needed to be more rigorous in evaluating its loans amid concern that poor lending decisions risked pushing countries into debt distress. He pointed to Sri Lanka, where Chinese-backed infrastructure projects that failed to generate returns had exacerbated a severe economic crisis.

“Whatever the situation [that] is going on worldwide, everybody will be thinking twice to agree to this project,” he said in an interview with the Financial Times (FT) referring to BRI. “Everybody is blaming China. China cannot disagree. It’s their responsibility.”

Kamal said Sri Lanka’s crisis highlighted that China had not been rigorous enough in deciding which projects to support. They need to “make a thorough study” before lending to a project, he said. “After Sri Lanka . . . we felt that Chinese authorities are not taking care of this particular aspect, which is very, very important.”

Bangladesh last month became the latest country in Asia to approach the IMF for financing as surging commodity prices after Russia’s invasion of Ukraine weighed on its foreign reserves. The country, a participant in China’s BRI, owes about $4bn, or 6 per cent of its total foreign debt, to Beijing.

Kamal also said that the country wanted the first instalment from the IMF of $1.5bn as part of a total package worth $4.5bn, which would include financing to help it fund climate change resilience projects and buttress its budget.

The fund said the total amount of potential lending for Bangladesh had not yet been negotiated.

Bangladesh is also seeking up to $4bn more in total from a range of other multilateral and bilateral lenders, including the World Bank, Asian Development Bank, Asian Infrastructure Investment Bank and Japan International Cooperation Agency, according to the finance minister. He added that he was optimistic the country would secure loans from them.

His comments came as China’s foreign minister Wang Yi visited Bangladesh over the weekend for meetings with officials including prime minister Sheikh Hasina. In a statement, China called itself “Bangladesh’s most reliable long-term strategic partner” and said the pair agreed to strengthen “co-operation in infrastructure”.

The economic hit from the Covid-19 pandemic, as well as the surge in global food and fuel prices amid the Ukraine war, has put many developing countries under strain and some are struggling to repay their foreign debt.

Sri Lanka, which defaulted on its sovereign debt in May, is negotiating with the IMF for an emergency bailout. Pakistan, whose foreign reserves have fallen to enough for just a month and a half’s worth of imports, last month reached a preliminary deal with the fund to release $1.3bn as part of an existing $7bn assistance package.

Bangladesh has been hit hard by a rising energy import bill, with fuel shortages forcing daily, multi-hour power cuts. Its foreign reserves have also fallen to less than $40bn from more than $45bn a year ago.

However, analysts say the country’s strong export sector, notably its garment trade, has helped shield it from the recent global shocks and its reserves are still enough for about five months’ worth of imports, providing the country with some cushioning.

This meant that although “everybody is suffering [and] we’re also under pressure”, Bangladesh was not at risk of defaulting like Sri Lanka, Kamal said, adding: “There is no way to even think of a situation like that.”

Bangladesh had a total foreign debt of $62bn in 2021, according to the IMF, with the majority owed to multilateral lenders such as the World Bank. The country owes $9bn, or 15 per cent, to state lenders from Japan, its largest bilateral creditor, followed by China.

Bangladesh’s economy grew rapidly in recent decades from one of the poorest in the region after its independence war in 1971 to a per capita income of $2,500, higher than India and Pakistan.

But climate change poses a significant threat, with the low-lying country of 160mn vulnerable to rising sea levels, erratic monsoon rains and flooding.

The IMF said in a statement this month that its new Resilience and Sustainability Trust would help provide long-term climate change-related financing as part of Bangladesh’s loan programme.

“Unprecedented global shocks present countries like Bangladesh with significant uncertainties,” it said.

Lack of infrastructure also continues to constrain growth. The government in June inaugurated the $3.6bn Padma Bridge near Dhaka. The project was Chinese-built but financed domestically after international lenders withdrew funding over a corruption scandal, although allegations were never proven.

But the government has responded to the economic downturn by cancelling a series of planned infrastructure upgrades, including investments in building a 5G network and upgrading highways.

“Whichever projects are essential and are in process and will pay off as fast as possible, we’re only taking care of those,” Kamal said. “To other projects, we’re saying, no thank you.”
 
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mmr

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Wasn’t he bragging about bd economy lol…that bd will be loan providing country not taker after giving loan to Sri Lanka

today bd tk sold for 119….matter of months it will be 150.


But hey Indian restaurant workers in uk think bd will be developed by selling underwear. So no need to worry.
 

bluesky

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Wasn’t he bragging about bd economy lol…that bd will be loan providing country not taker after giving loan to Sri Lanka

today bd tk sold for 119….matter of months it will be 150.


But hey Indian restaurant workers in uk think bd will be developed by selling underwear. So no need to worry.
I have been trying to put one small thing into the minds of the UK kitchen workers that no country ever developed by borrowing and then its politicians stealing money from that.

Only rapid industrialization can do it.

But, these are the followers of BAL and Hasina Bibi, the liar. Now, Hasina Bibi has ruined the future of BD in a way that even if a group of capable technocrats comes to power they would have little means to rectify all her wrong policies and then INDUSTRIALIZE the country because money for that is no more available.

But, why? It is because the next BD govt will be busy repaying the borrowed money. The repayment will reach $4 to $5 billion in and after 2026.

However, I am happy to note that finance minister Mostafa Kamal has opened his eyes to reality.
 
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mmr

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Have you not got houses to flog to crooks?

Mr estate agent 🤣🤣🤣🤣

A profession, in the U.K., considered to be below a footman.
Ya one house close commission in Vancouver is more then your entire family makes by serving butter chicken to white ppl in a year. So Don’t worry. Keep up good job at the Indian restaurants and be damm proud.

Don’t forget to tell us about bd underwear export industries either. Tag alone ur fellow uk Bengali lol proud Indian restaurant worker as well.
 

mmr

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I have been trying to put one small thing into the minds of the UK kitchen workers that no country ever developed by borrowing and then its politicians stealing money from that. Only rapid industrialization can do it.

But, these are the followers of BAL and Hasina Bibi the liar. Now, Hasina Bibi has ruined the future of BD in a way that even if a group of capable technocrats comes to power they would have little means to rectify all her wrong policies and then INDUSTRIALIZE the country because money for that is no more available.

But, why? It is because the next BD govt will be busy repaying the borrowed money. The repayment will reach $4 to $5 billion in and after 2026.

However, I am happy to note that finance minister Mostafa Kamal has opened his eyes to reality.
Too bad only middle class and lower class ppl will suffer the most.
 

bluesky

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Too bad only middle class and lower class ppl will suffer the most.
Unless the country is industrialized whereby millions of people get employment, there is little prospect of our poor class keeping their noses above the water.

However, I think the time is already over. The first time it was over was during the Pakistan period when the jute-earned dollars were spent mostly in the west.

Now, it is the second time that the textile-based foreign exchange has been used in a way that will produce little wealth inside the country. We had little borrowing during Pakistan time but this time the overseas borrowing is already over $100 billion excluding Rooppur and other few.

BD will be paying $4 to $5 billion after 2024/ 2026. So, all the money that could have been invested to build industries will now be used to repay the loans.

The future of Bd is now bleak.
 

fallstuff

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Kamal is talking some sense, but I wonder why now ?
It's time to scrutinize loan for decent ROI. If you build they will come doesn't work if it is a foreign loan.
 

EasyNow

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Wasn’t he bragging about bd economy lol…that bd will be loan providing country not taker after giving loan to Sri Lanka

today bd tk sold for 119….matter of months it will be 150.


But hey Indian restaurant workers in uk think bd will be developed by selling underwear. So no need to worry.







Food for thought for you and @bluesky as you only seem to see bad for BD.

Bangladeshi leadership is being realistic at least.
 

Abu Shaleh Rumi

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Wasn’t he bragging about bd economy lol…that bd will be loan providing country not taker after giving loan to Sri Lanka

today bd tk sold for 119….matter of months it will be 150.


But hey Indian restaurant workers in uk think bd will be developed by selling underwear. So no need to worry.
He he, I agree with you. But, stop attacking UKBengali. Bechara is too much optimistic about Bangladesh.

The main problem with BAL low IQ idiots is that they still practice Bolshevik type politics. They think people will believe their lies if they repeat it like a broken record.
 

Nergal

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@BananaRepublicUK , which one is reality? Saying something in the morning and changing it in the afternoon? Same as COVID 19 management decision?

Or are British media spreading fake propaganda against Bangladesh (!)? Which one is reality?


But, stop attacking UKBengali. Bechara is too much optimistic about Bangladesh.
Lol ! @Abu Shaleh Rumi Bhai ,it's not entirely his fault though! He is devoted BAL supporter and was taught by his BAL deity ; same happened during COVID-19 management failure!

Does he think that his BAL deities' speeches are divine commandments? :undecided:

 
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Nergal

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Kamal is talking some sense, but I wonder why now ?
It's time to scrutinize loan for decent ROI. If you build they will come doesn't work if it is a foreign loan.
But he now sent a rejoinder to financial times! Which made me confused again! Why these people speak something and later take U turn? Are they really mindless?

I don't believe that British media will spread false propaganda against Bangladesh ( I'm sure someday these guys will claim that too ) ! British media isn't sanghi media!
 

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