Avicenna
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Not only is $3bn the baseline of what it'd take to modernize an air force, but for a country such as Bangladesh -- i.e. with good macro outlook -- it should be able to get a 10-15 year-term line-of-credit from Sweden to back the deal. It's doable.
This isn't about being a military state or not, the BAF has to reach a certain threshold of capability to meet minimum deterrence. IMO, with Myanmar and India, your air combat capabilities should be built on high availability, low service costs, comprehensive air and surface surveillance, and potent capability.
The Gripen + Erieye ER + Giraffe 4A/8A should do it, and even if it takes a $5 billion program spread across 20 years, it'd be worth it (outlay is $250 m a year).
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LISTEN TO THIS GUY!