Awami govt set to destroy backbone of Bangladesh economy

[CaPtAiN_pLaNeT]

This is beyond my understanding why some people comes with circular argument. It was already shown earlier that the decision of setting up rental power plants came from caretaker government due to shortfall of 2500 mw of electricity when BNP left power. Not only that they set up bulk of these plants as well.

It is true that there were lack of proper guidelines for setting up rental power plants and there may also be some corruption but no one deny that this rental power plants have helped to reduce load shedding. It helped to secure export worth 6.5 billion usd, created employment and reduced more then 1 billion worth of import cost. Even BNP now do not say anything against rental power plant.

Those who are criticizing it should come up with alternative short term solution else should stay away from this. But government should not be relaxed that load shedding have been reduced for this. Rental power plant is short term solution and they should think for long term solution.

http://www.defence.pk/forums/bangla...ntal-power-plants-help-earn-6-5b-exports.html

Defending the much-talked-about quick rental power plants in the country, Annisul Huq said the economy had to face an adverse economic impact worth Tk 1600 billion if this type of power stations were not installed.

He said the rental power helped country earn US$ 6.5 billion in exports.

He said at least 900,000 people were employed following installation of rental power stations.

He said rice production has been increased to 3.7 million tonnes while potato 400,000 tonnes and wheat 100,000 tonnes.

"If there was no rental power plants, we had to import additional goods worth Tk 100 billion."

Mr Annisul Huq disclosed this data revealed in a study conducted recently.

 

[bdslph]

our economy is been destroyed now we rank lower

 

[eastwatch]

1) As for power, it has improved now. It's true, the government engaged in heavy borrowing from banks to finance this 'quick' rental power plant thingy, which uses imported fossil fuels. It was partly for this reason that the Taka depreciated rapidly over time.

2) And what's more, there were other cheaper alternatives of power sources such as coal, hydro and wind. But government wanted a fast solution.

3) Now, there is no money in the banks. And no one is investing or buying which made the economy stagnant. It's hard to sell off property since it's now much harder to find buyers.

4) It is lack of strategic initiative that contributed to this.

5) And oh, let's not forget about that Sonali Bank scam. There are clearly people who were involved in the scam, and they openly say "I didn't do it"

1) Now, you will agree that heavy borrowing to finance the building of rental power plants has been very beneficial to the economy of the country. The power is now producing goods and the economy isexpanding. The depreciating pressure on Taka will go down.

2) Govt wanted a fast solution because the previous BNP govt did no job on power sector. It stole the entire money earmarked for power sector. Have you checked the reality about coal? It remains underground because BNP, CTG and now AL govts all failed to conlude a coal extraction policy. And about hydropower where do you want to build such a plant? Wind and solar are not good alternative for coal, oil and gas.

However, the govt is doing its best to get atomic energy technology from Russia. The Ruppur Atomic Plant is now on the drawing board, will take at least another 18 months to design, and construction will take another two years or more.

3) There wer and there still are land speculations throughout Bangladesh. If it is pure speculative it is certainly bad. However, in order make oneself eligible to borrow money from Banks his land price must go up. This happens in all the developing countries. If now the speculation has stopped it is because it has reached one stage.

After a break there will be again speculations and the prices of land will keep on increasing. This is another way of saying that the Taka is losing its purchasing power irrespective of what its purchasing power for dollar. Hope, you have not lost a good amount of money on speculations.

4) I think, rental power plant initiative shows the current govt is serious about the power sector. I have been telling that if only power is available the country's GDP will start expanding at more than 7 or 8% per anum.

5) I agree with what you said about Sonali scam. But, alternately it also proves that even after borrowing money heavily by the govt, more than 4000 Crore Taka was available for the scam. I will join a movement with you to get the head of dishonest Muhith.

 

[PlanetSoldier]

As for power, it has improved now.

It's true, the government engaged in heavy borrowing from banks to finance this 'quick' rental power plant thingy, which uses imported fossil fuels. It was partly for this reason that the Taka depreciated rapidly over time.

And what's more, there were other cheaper alternatives of power sources such as coal, hydro and wind. But government wanted a fast solution.

Now, there is no money in the banks. And no one is investing or buying which made the economy stagnant. It's hard to sell off property since it's now much harder to find buyers.

It is lack of strategic initiative that contributed to this.

And oh, let's not forget about that Sonali Bank scam. There are clearly people who were involved in the scam, and they openly say "I didn't do it"

It seems govt. is successful in their befooling plot, we are fooled by the electricity game now. Govt. wanted to please the urban people cutting rural power and see the result...you just told power crisis is gone which a villager can't propagate in an international forum . Exactly it was their target.

Just last sunday I went to a countryside of Savar (Union Parishad area) to meet a guy. It was loadshedding there then. When I told that power crisis is almost no more in Dhaka now, he started to laugh saying that it's almost 6-8 hours continuous loadshedding there taking place everyday.

 

[CaPtAiN_pLaNeT]

It seems govt. is successful in their befooling plot, we are fooled by the electricity game now. Govt. wanted to please the urban people cutting rural power and see the result...you just told power crisis is gone which a villager can't propagate in an international forum . Exactly it was their target.

Just last sunday I went to a countryside of Savar (Union Parishad area) to meet a guy. It was loadshedding there then. When I told that power crisis is almost no more in Dhaka now, he started to laugh saying that it's almost 6-8 hours continuous loadshedding there taking place everyday.

Bangladesh still has 1500 mw shortage... So load shedding is bound to happen but it should be less hour in rural areas then earlier... The other thing is that during the time of cultivation villages get electricity at night but not much in day .... Opposite happen in city areas ...so most of the load shedding he have talked about should be during days but for sure even 5 years back it was much much more then that considering 2500 mw shortage for smaller then present demand of load.

 

[idune]

This is beyond my understanding....

It will be so because you can not think beyond supporting awami looting. That is why you try to pass Annisul Huq a know awami thug statement defending awami league looting as fact. You can be best describe as:

 

[Luffy 500]

1)
2) Govt wanted a fast solution because the previous BNP govt did no job on power sector. It stole the entire money earmarked for power sector. Have you checked the reality about coal? It remains underground because BNP, CTG and now AL govts all failed to conlude a coal extraction policy. And about hydropower where do you want to build such a plant? Wind and solar are not good alternative for coal, oil and gas.
However, the govt is doing its best to get atomic energy technology from Russia. The Ruppur Atomic Plant is now on the drawing board, will take at least another 18 months to design, and construction will take another two years or more.

Bangladesh still has 1500 mw shortage... So load shedding is bound to happen but it should be less hour in rural areas then earlier... The other thing is that during the time of cultivation villages get electricity at night but not much in day .... Opposite happen in city areas ...so most of the load shedding he have talked about should be during days but for sure even 5 years back it was much much more then that considering 2500 mw shortage for smaller then present demand of load.

Some people are destined to be intellectually and morally bankrupt and illeterate so much so that the find other people's $hit in their own $hit like the above 2 awami cheer leading clowns.

 

[idune]

Banking scam and the economy

The scandal hit banking sector is poised to destabilise the foundation of the country’s financial institutions and the economy as a whole. The scandals involving the swindling of thousands of crore taka from state owned commercial banks (SCBs) would affect the depositors’ confidence and may slowdown the flow of bank deposits and turn the state-owned commercial banks (SCBs) terminally sick.

They are already in big liquidity crisis resulting from forced borrowing of funds by the government from their coffer. The swindling of the SCBs, as reported in the media, by powerful business syndicates has added new dimension to this crisis.

Recent disclosures said the Hallmark Group, a business house which is close to Prime Minister’s adviser Dr Syed Mudasser Ali has alone cashed Tk 2,500 crore from the Sonali Bank’s Rupashi Bangla branch and the total amount of fictitious loans from this branch stood at over Tk 3,500 crore, pocketed by about half a dozen business houses.

Latest reports said total fund swindling from the SCBs through fictitious loan accounts by vested interest groups so far stood at over Tk 10,000 crore. It includes swindling from Janata Bank, Agrani Bank and Rupali Bank and a thorough probe may find it just the ‘tips of the iceberg’ as banking sources reportedly said. They said that ‘cash hunt’ by predators having the roots in the ruling party and its front organizations has taken an alarming trend in recent time and seriously questioned the monitoring role of the Bangladesh Bank.

The banking sector scandal came to the light following the disclosure of corruption at high government circles involving the Padma Bridge project. This led to the cancellation of the World Bank’s $1.2 billion loan to the $2.9 billion bridge project. Project’s Co-financiers ADB and Japan International Cooperation Agency (JICA) are also likely to withdraw their loans by end of this month if the government fails to sort out issues with WB by this time. Former Communication Minister Syed Abul Hossain had to resign taking the blame while the PM’s finance adviser Dr Moshiur Rahman is now under pressure to do so.

Big financial scandals are hitting the nation one after another ever since this government has taken office, destroying banks and financial institutions and robbing investors of their savings.
The stock market crash was the first big scandal to hit the nation. It has ruined the country’s secondary market forcing 3.5 million ordinary investors to lose out to the scheming syndicate members engineering the crash. The government has seemingly protected the alleged plunderers identified by a highly credible probe body appointed by the government itself. The government, however, appears totally indifferent to all these scandals confronting the nation one after another.
Meanwhile, another group, Destiny, has reportedly swindled around Tk 3225 crore of public savings. Jubok, yet another NGO, disappeared with over Tk 200 crore savings of small depositors. Both the companies are highly connected.

Responding to those scandals, Finance Minister had only poured scorn on the public instead of punishing the culprits. He reprimanded stock market investors as ‘gamblers’ while shielding the perpetrators from facing justice.

On Hallmark scam, he told media, there is nothing to raise a hue and cry. The government had earlier exonerated former railway Minister Suranjit Segupta from a bribery scandal although his private secretary was caught with cash going to his home. He was reappointed a minister without portfolio.

Reports say the government-appointed directors of Sonali Bank are allegedly involved in granting fictitious loans to Hallmark and other parties. PM’s adviser Dr Mudaser Ali is also allegedly involved. Identical cases of fake loans under political considerations are reportedly being sanctioned by the other SCBs.

Incidentally Finance Minister AMA Muhith had refused Bangladesh Bank governor’s call to dissolve Sonali Bank’s board of director after the scam. Now he is likely to reconstitute the Sonali Bank Board next week after the expiry of its normal term retaining three high profile incumbent directors despite their alleged involvement in the scam. It appears that the government is trying to punish some bank officials instead of the directors who forced them to act on their advice.
Mildly put, the situation is very bad. Unless the recurrence of financial scam involving financial institutions is firmly put to a stop forthwith and the government takes strong measures against the high profile culprits, the foundation of the national economy may run the risk of collapsing.

Holiday

 

[CaPtAiN_pLaNeT]

It will be so because you can not think beyond supporting awami looting. That is why you try to pass Annisul Huq a know awami thug statement defending awami league looting as fact. You can be best describe as:

Posting pictures and calling name will not deviate the real facts that I had posted most of these rental power plant have been set up by care taker government and it have helped to reduce load shedding and increase in export by 6.5 billion usd, reduce more then 1 billion usd in import and created job opportunities. Previously against 5500 mw demand during BNP time supply was 3000 mw and now against demand 7500 mw supply is 6000 mw.... which one is better???

You also did not replied what should have been the short term solution for the blunder that done by BNP in electricity sector by not adding even a single MW in the grid???

Regarding chor n dakat theory your BNP is not good either. We all know both parties are corrupt thats why it so far changed in every 5 year. The one who support wither of the party blindly are nothing but that party's activist and their job is to make money from that party during their time and cry like river when they remain in opposition....

 

[idune]

Posting pictures and calling name will not deviate the real facts that I had posted most of these rental power plant have been set up by care taker government and it have helped to reduce load shedding and increase in export by 6.5 billion usd, reduce more then 1 billion usd in import and created job opportunities. Previously against 5500 mw demand during BNP time supply was 3000 mw and now against demand 7500 mw supply is 6000 mw.... which one is better???

Awami League govt did not even provide any new electric and gas connection for last 3 years. So your claim that rental power plant made $6.5 billion additional export is just typical epic Awami lie. Looks like in addition thief you also earned title of Pathological liar.

Power crisis hinders RMG production in Ctg

Saturday, 28 April 2012

CHITTAGONG, APR 27: Ready Made Garment (RMG) sector in Chittagong is suffering from various crisis particularly severe power crisis recently. Severe power crisis hampered production of garment sector in the port city, the sources in Bangladesh Garments Manufacturers and Exporters Association (BGMEA) said. Following the prevailing power crisis, the leaders of BGMEA held a meeting with the top officials of Power Development Board (PDB) in Chittagong on Thursday at BGMEA building at Khulshi.

The First Vice-President of BGMEA Nasir Uddin Chowdhury urged the PDB for ensuring undisrupted power supply to the garment factories in Chittagong and giving additional load connection to the garment factories. He said power shortage is hampering the production. The authority is not allowing any new power connection to the factories. Besides, if any factories fail to pay the bill on time, the authority cut off the power line to the factory.”

He said, “Many of our industries are sick now. Many companies are not able to supply their orders as per schedule. Moreover power crisis and workers unrest is the prime problems in the sector.” He also said the investors are losing their interest in RMG sector for crisis of power.

The owners of the garment factories are egger to pay the power bill on time. But, because irregularities of the ground level PDB workers and officials, the garment owners can not pay the bill with in schedule, said Nasir Uddin Chowdhury.

He further said, “PDB should distribute the bill before at least 15 days of the payment date. The garment owners are paying power bill of crores of taka per month in Chittagong, but PDB has failed to supply power properly. As a result, the production is severely hampered now.”

He urged to the PDB authority to add additional load line to the garment factories as per demands. He also request to the PDB authority not to cut the power line of any factory without informing the BGMEA for any reason.

Engineer Md Rois Meah, Chief Engineer of PDB Chittagong region said, PDB is trying to ensure the undisrupted power supply to the RMG sector but, there is shortage of power to supply. PDB is trying to present a good load sheding management system here in Chittagong. So, the power situation will be better in future.”

He further said, “PDB will not cut the power line without discussion with BGMEA in future. If any allegation will arise against any company, PDB will discuss with BGMEA to solve the crisis.”

Engineer Md Rois Meah further said the mismanagements in distributing the bill will be removed very soon as PDB will introduce the e-bill soon. The meeting between PDB and BGMEA was presided over by First Vice-President of BGMEA Nasir Uddin Chowdhury. Among others, director of BGMEA A M Chowdhury Selim, Abdul Wahab, Sayed Najrul Islam, Kaji Mahabub Uddin Jwel, Sabbir Mostafa, Shahab Uddin Ahamed Chowdhury, Emdadul Haque Chowdhury, Md Hasanujjaman Chowdhury, Mohammed Musa, Swakat Osman, Rejjakul Hyder, Jashim Uddin Ahamed, Mridul Chakraborti and owners of garment factories in Chittagong were present at the meeting.

Source: http://www.defence.pk/forums/bangla...bone-bangladesh-economy-18.html#ixzz25pjbdxJp

------

No new electricity connections despite govt embargo expires 3 months ago
Reported on: February 06, 2011 20:13 PM

Dhaka, Feb 6 (UNB) - Although the government embargo on giving new power connections expired three months ago, power hungry consumers have found the conditions extremely rigid to get the power..

In reality, people depending on kerosene and candle light have hardly got the power connection. Nor the businessmen long waiting for power to run the wheels of machines have got it.

While lifting embargo on November 7 last year, the government imposed some conditions to get the power connection. Many say the conditions are not only hard to comply with, but unrealistic as well.

One of the conditions is that an applicant has to set up solar panel on a mandatory basis to get a power connection.

The government in March last year imposed a moratorium on giving new power connections to all kinds of consumers - domestic, commercial or industrial.

The hard conditions dashed the dream of many who have planned for construction of multi-storied buildings.

The individual applicant for power connection in particular and the real-estate builders in general are the victims of embargo on new connections and hard conditions imposed on withdrawal of embargo.

Officials of Dhaka Electric Supply Company (DESCO) and Dhaka Power Distribution Company (DPDC) admitted the process of giving new power connection remained nearly stalled.

…….
UNBconnect... - No new electricity connections despite govt embargo expires 3 months ago

 

[CaPtAiN_pLaNeT]

Lol the 2000 mw electricity from rental power plant is doing nothing ... not helping any incease in export ... increase in employment .... all are just hoax by rawamis...... grow up and be a man and say good deeds what it is. We still have 1500 MW of shortage so naturally there will be shortage. But not lack of electricity but unrest is hampering the RMG sector. RMG owners have decided earlier to set up 1000 MW power plant by themselves to cover the RMG sector only which has demand now around 700-800 MW. N most of the garments have their alternative generation facility. When there are shortage of electricity it does not make sense to give new connection.

Unrest threatens Bangladesh

 

[eastwatch]

Awami League govt did not even provide any new electric and gas connection for last 3 years. So your claim that rental power plant made $6.5 billion additional export is just typical epic Awami lie. Looks like in addition thief you also earned title of Pathological liar.

You must be the dumbest lier just like many Indians you love to hate. AL govt is sincere about producing power. This is why it is trying to add power as much as possible. Stop bullshitting. Be a good muslim and do not tell lies. You are shaming yourself by posing irrelevant things about the govt. Why do you guys play partisan politics in an international forum while people from no other country do the same? A govt is a govt. You are a national disgrace. You are spitting in the sky and your own face is full with it. Stop it!

 

[idune]

AL govt is sincere about producing power. This is why it is trying to add power as much as possible.

High-profile scams propel country into financial mire
Scams keep taking place as no timely action taken in past: experts

Shakhawat Hossain

A series of high-profile financial scams coupled with alleged misappropriation of public find through controversial rental power plants are leading the country to financial ‘bankruptcy,’ experts said.
Available public data say that around Tk 30,000 crore has been misappropriated alone in three cases — share market collapse, illegal banking activities by Destiny Multipurpose Society Limited and the recently-in-focus Hallmark Group scam in the state-owned Sonali Bank.

Rental power plant scam
Moreover, purchase of electricity from the privately owned plants at an average rate of Tk 17 cost the public exchequer Tk 32,000 in subsidy in the past financial year.

Influential figures of the ruling party who set up the plants are mostly benefited from the exorbitant rate, said economist Anu Muhammad, also a leader of the national committee to protect oil, gas, mineral resources, power and ports.

Experts said that the misappropriation of public fund in the power sector was delicate but the embezzlement of fund in the financial sector was shocking.

They said that such misappropriation continued happening as no governments in the past had taken any timely action against such matters.

[Stock market Scam]
The share market scam of 2010 rendered hundreds of thousands of marginal investors penniless. Retail investors lost at least Tk 20,000 crore to dishonest traders who were in collusion with stock market regulators, according to a government investigation.

[Sonali bank scam]
The biggest state-owned commercial bank Sonali Bank is now tottering in the wake of the single largest swindle of about Tk 3,600 crore by the Hallmark Group and five other companies.


[Destiny group scam]
The Destiny Multipurpose Cooperative Society Ltd has been involved in illegal banking throughout the country and has misappropriated at least Tk 5,000 crore.

They said that such gross financial embezzlement, in an impoverished country like Bangladesh, is possible only because of the collusion between greedy businessmen, politicians and government officials.

Transparency International Bangladesh’s executive director Iftekharuzzaman told New Age that the state is being at the diktats of a section of very powerful people who are patronising crooked businessmen.‘This is leading the country to a state of bankruptcy,’ he said.

New Age | Newspaper

 

[eastwatch]

High-profile scams propel country into financial mire
Scams keep taking place as no timely action taken in past: experts

Rental power plant scam
Moreover, purchase of electricity from the privately owned plants at an average rate of Tk 17 cost the public exchequer Tk 32,000 in subsidy in the past financial year.

Influential figures of the ruling party who set up the plants are mostly benefited from the exorbitant rate, said economist ANU MUHAMMAD, also a leader of the national committee to protect oil, gas, mineral resources, power and ports.

Now, I understand who is your economics teacher. It is Anu Muhammad the traitor who has conspired with Indian businesses so that the local coal mines are not tapped. Idune, you are a wonderful person!

Rental power was the best decision by the govt to raise the power production in a short time and the country must pay a premium to get that. Why it was wrong? Change your teacher and learn about economics from bonafide teachers and not from an Indian Dalal. You see, BD has raised the factory production, employed many labours and raised also the export which together has offset the extra costs of rental power by many hundred folds.

 

[saleen_s7]

This is beyond my understanding why some people comes with circular argument. It was already shown earlier that the decision of setting up rental power plants came from caretaker government due to shortfall of 2500 mw of electricity when BNP left power. Not only that they set up bulk of these plants as well.

It is true that there were lack of proper guidelines for setting up rental power plants and there may also be some corruption but no one deny that this rental power plants have helped to reduce load shedding. It helped to secure export worth 6.5 billion usd, created employment and reduced more then 1 billion worth of import cost. Even BNP now do not say anything against rental power plant.

Those who are criticizing it should come up with alternative short term solution else should stay away from this. But government should not be relaxed that load shedding have been reduced for this. Rental power plant is short term solution and they should think for long term solution.

You are reading too much into the Awami League side of the story. The quick rental was bought into feed the immediate requirement of energy, which was eventually given to few private contracters specially to Summit and Orion, who had resorted to widespread corruption in order to deal with this issue. They have borrowed too much from the banks, which put a huge pressure on the trade balance. There were/are/will more effective way to fix this issue, but the government wanted a few key people to benefit, which is when they made a complete blunder. Adding MWs in the grid system, does not necessarily solve any problem.
Now, the main question we should ask is whether the policies implemented by the current government is worth it? Or in other words, does the revenue generated by coal imported power plant offset the cost of running the powerplants? According to recent figures, some analysists would disagree.