From $2.9 billion to $3.05 billion, Awami League widens looting scope from Padma Bridge
After Awami League regime refusal to investigate massive corruption by minister and high ups, World Bank, ADB, JICA and IDB canceled their funding. According to news, Awami League Finance Minister AMA Muhith Monday unveiled funding plan of Padma bridge where cost has been jacked up from already inflated level of $2.9 billion to $3.05 billion. This is another massive increase in project cost widening scope of further Awami League looting at the expanse of people and national economy.
Because of Awami League corruption in Padma bridge and dilly-dallying with investigation, Bangladesh (according to GDP growth impact done by ADB) had lost at least $6.4 billion in GDP.
Although, there was no clear indication where $3.5 billion dollar will come from this will send shock through national financial system and economy which is already suffering from Awami League regime rental power plant looting/subsidy and subsequent contractionary monetary policy.
Awami League Finance Minister AMA Muhith said "First, we have to boost the revenue income, which is doing well."
In usual Awami League style Muhit has lied in front of JS as in reality revenue earning had fallen short of target and outlook for turnaround on the back of declining export and import trade is even dimmer.
Obvious questions should be asked if Bangladesh economy has that much of money to spare for such massive project then why wasted all these time and lost $6.4 billion of GDP growth?
On top of that Bangladesh main export garments is under GSP facility threats from US and EU and facing further blow after Vietnam and India signing FTA with EU.
Awami League regime had already piled up reckless foreign loans (Indian $1 billion, Russian $1.5 billion, IMF $1 billion, IDB multi billion for rental power plant fuel etc.) and allowed local business to borrow from foreign financial institutions in dollars. In coming months and year repayment of these public and private debts in dollar along with revenue earning shortfall, increasing current account deficits will have crippling effect on Bangladesh economy.
Instead of tackling these impending dangers which can sink national economy, Awami League regime is in over the top venture to expend more for more looting opportunities.
After Awami League regime refusal to investigate massive corruption by minister and high ups, World Bank, ADB, JICA and IDB canceled their funding. According to news, Awami League Finance Minister AMA Muhith Monday unveiled funding plan of Padma bridge where cost has been jacked up from already inflated level of $2.9 billion to $3.05 billion. This is another massive increase in project cost widening scope of further Awami League looting at the expanse of people and national economy.
Because of Awami League corruption in Padma bridge and dilly-dallying with investigation, Bangladesh (according to GDP growth impact done by ADB) had lost at least $6.4 billion in GDP.
Although, there was no clear indication where $3.5 billion dollar will come from this will send shock through national financial system and economy which is already suffering from Awami League regime rental power plant looting/subsidy and subsequent contractionary monetary policy.
Awami League Finance Minister AMA Muhith said "First, we have to boost the revenue income, which is doing well."
In usual Awami League style Muhit has lied in front of JS as in reality revenue earning had fallen short of target and outlook for turnaround on the back of declining export and import trade is even dimmer.
Obvious questions should be asked if Bangladesh economy has that much of money to spare for such massive project then why wasted all these time and lost $6.4 billion of GDP growth?
On top of that Bangladesh main export garments is under GSP facility threats from US and EU and facing further blow after Vietnam and India signing FTA with EU.
Awami League regime had already piled up reckless foreign loans (Indian $1 billion, Russian $1.5 billion, IMF $1 billion, IDB multi billion for rental power plant fuel etc.) and allowed local business to borrow from foreign financial institutions in dollars. In coming months and year repayment of these public and private debts in dollar along with revenue earning shortfall, increasing current account deficits will have crippling effect on Bangladesh economy.
Instead of tackling these impending dangers which can sink national economy, Awami League regime is in over the top venture to expend more for more looting opportunities.
