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80,000 crores smuggled from Bangladesh every year
Rtv news
01 Sep 2024, 15:03
Photo: File Picture
Global Financial Integrity (GFI), a Washington-based financial sector research organization, said that an average of 7.53 billion 37 million dollars or Tk 80,000 crores have been smuggled abroad from Bangladesh every year.
The organization says, 'Every year, an average of 80 thousand crore has been smuggled from this small third world country! A large part of which is smuggled in the guise of international trade.'
Economists say that the main challenge now is to recover the laundered money anyway. They also said that for the past few years, the economy of the country has been suffering from various factors including dollar crisis, fragile economy, inflation, one of the reasons of which is money laundering. Lakhs of crores have been smuggled to different countries of the world in various ways including global trade manipulation, hundi, smuggling.
According to the Center for Policy Dialogue (CPD), in the last one and a half years, more than 100 thousand crores have been smuggled to different countries of the world through only 24 loan scams embezzled from 19 domestic banks. Not only individual initiatives, several financial institutions and public, private banks are also indirectly involved in the money laundering process.
Several years ago, Bangladesh signed several agreements with many countries to recover the money smuggled. Economists say that the current government can continue those agreements and joint ventures with related countries.
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Govt Decides to Scrap Unnecessary Projects to Cut Costs
Wahiduddin Mahmud, Planning Advisor to the interim government, has stated that unnecessary projects may be cut to help address the country’s economic crisis, which could impact megaprojects as well. He noted that the Awami League government prioritized development projects as a key tool for visible progress, despite repeated warnings from economists to reduce emphasis on such projects.
Over the past decade, the Sheikh Hasina government invested heavily in infrastructure development, with large-scale projects becoming prominent and delivering some benefits to the public. However, many of these projects have raised concerns over excessive costs. In some cases, Bangladesh’s megaprojects are not only among the costliest in Asia but also globally. The interim government now seeks to bring attention to these overlooked issues.
According to Planning Commission sources, the Rooppur Nuclear Power Project has been given more importance in the Annual Development Program (ADP) of the current financial year 2024-25. The allocation of this project is Tk10,502 crore. Russia's foreign debt is included here.
Projects that have been given importance in the Annual Development Program (ADP) of the current financial year 2024-25:
Rooppur Nuclear Power Project
Metro Rail Line-6 project
Metro Rail Line-1 project
Metro Rail Line-5 Northern Route Project
Bangabandhu Sheikh Mujib Rail Bridge
Allocation and expenditure highlights:
Rooppur Nuclear Power Project: The allocation of this project is Tk10,502 crore. Tk64,925 crore has been spent on this project till June 2023.
Metro Rail Line-6 project: The allocation of this project is Tk1,975 crore. Tk20,757 crore has been spent so far.
Metro Rail Line-1 project: The allocation of this project is Tk1,942 crore. Tk1,585 crore has been spent so far.
Metro Rail Line-5 Northern Route Project: The allocation of this project is Tk41,239 crore. Tk1,812 crore has been spent so far.
Bangabandhu Sheikh Mujib Rail Bridge: The allocation of this project is Tk2,560 crore. Tk500 crore has been spent so far.
These projects have loans from various organizations including Japan. Tk3,544 crore allocated for rail connection project at Padma Bridge. China is lending to implement it. Tk1,453 crore was allocated for the Dohazari-Ramu-Ghumdhum railway project. So far the expenditure is Tk7,172 crore. Its implementation includes loans from China and the Asian Development Bank (ADB).
Some of the other notable projects are:
Matarbari Port Development
Payra Port Infrastructure Development
Support to Dhaka Elevated Expressway
Construction of Dhaka-Ashulia Elevated Expressway
SASEC Link Road Project: Elenga-Hatikumrul-Rangpur Highway Project Upgradation to Four Lanes.
The interim government has already started the effort to rein in spending. The planning ministry has started reining spending money in the name of development projects. 13 proposals of some ministries have already been sent back. Due to the dissolution of the Parliament, almost a thousand crore of bulk allocation for MPs has already been saved. Alternative financing of mega infrastructure is also being considered. The development budget may be cut due to rational reasons to save money.
It is reported that the projects sent back by the Ministry of Planning include:
Chilmari river port
Matarbari port development
Kalurghat rail and road bridge
Rangpur City Corporation road development
Faridpur-Barishal-Kuakata highway
Besides remittances, the cost of Chattogram-Cox's Bazar Highway Improvement Project, Chattogram-Dohazari Dual Gauge Railway, and Metrorail Line 1 and Line 5 projects are being scrutinized.
The interim government is also going to reduce the national budget. It will cut many allocations of luxury development imagination. Research director of CPD Khondaker Golam Moazzem thinks that this policy of cost reduction is supportable. He said that planning expenses and the purchase of vehicles and equipment should be reduced. A huge amount of money is kept for projects in the name of investment.
The Executive Committee of the National Economic Council (ECNEC) has already been reconstituted with the chief advisor as chairperson.
Dr Wahiduddin Mahmud, planning advisor recently said that numerous projects were taken up for constituencies. Many of those are still ongoing. A lot of people are waiting to go. They are being evaluated whether they have priority or not and how much benefit they will bring. Low-priority projects are being cut on project cost reduction.
Emdad Ullah Mian, Member (Secretary) of the Physical and Infrastructure Department of the Planning Commission, stated that project approvals and funding allocations will be made considering the current economic conditions. He mentioned that a meeting will be held with the Interim Government's Planning and Finance Advisor to discuss mega projects and other initiatives. All actions will follow the policies set by the current government. As of now, there has been no decision on whether any projects will be canceled. The Commission will proceed based on the advisor’s directives.
90pc Area of Cox's Bazar City Submerged
90 percent area of the tourist city of Cox's Bazar has been submerged due to 12 hours of continuous heavy rain. The goods of many shops have been damaged due to water entering the shop. Many people have suffered greatly as hundreds of houses have been submerged in water.
On Friday (September 13) afternoon, it was seen that there was waterlogging in most areas including Kolatali, Bazarghata, Tekpara, Bus Terminal, Kalur Dokan, Buddho Mondir road in the tourist zone of Cox's Bazar city. This is disrupting the traffic in the city. As a result, many people are suffering.
Local public representatives and residents said that the rain started at 9 am on Thursday, but the heavy rain started at 12:30 pm. After that, heavy rain for 12 hours till 12:30 am stopped the work of eight lakh people in the entire city. No one has seen such heavy rainfall in the last 50 years.
President of Cox's Bazar Citizen Forum Helal Uddin said that he had never seen such heavy rain in his life. About 90 percent of the town has been flooded due to rains. As a result, people have suffered greatly.
Babul Barua, a resident of the Pahartali Bailla neighborhood of the city, said that due to continuous rains, three roads of Pahartali have sunk and water has entered hundreds of houses and five educational institutions. As a result, women and children are suffering.
Akhtar Kamal, councilor of ward number 1 of the municipality, said that hundreds of houses in ward number 1, Samiti Para, Kutubdia Para, Fadnardale, Mostaika Para, Bandar Para, North Nuniachhata have been submerged in rainwater. As a result, thousands of people are facing a shortage of food and drinking water as cooking is stopped.
Abul Kashem Sikder, President of Cox's Bazar Hotel-Motel, Guest House Owners Association, said that waterlogging occurs in the hotel-motel zone only when it rains heavily. Then the tourists suffered a lot. There is a slowdown in business. Due to the cutting of the hill, the rainwater has flowed down and filled the water channel. As a result, water cannot be drained quickly causing waterlogging. Heavy rains in July last year also led to waterlogging across the city.
Additional District Magistrate Ataul Gani Osmani said that hundreds of villages of Cox's Bazar are submerged in water due to continuous rain. The district administration is working to evacuate those who are living at risk at the lower part of the hill.
Meanwhile, the Meteorological Department informed that under the influence of active monsoon winds, deep circulating clouds have formed in the coastal areas of the North Bay of Bengal and Bangladesh. Due to its effect, gale-force winds may blow in the coastal areas and seaports of Bangladesh. Local warning signal number 3 has been asked to be displayed at four sea ports including Cox's Bazar.
Abdul Hannan, the assistant meteorologist of Cox's Bazar Meteorological Office, said, Cox's Bazar Meteorological Office has reported that 501 mm of rainfall has been recorded from Thursday 3 pm to Friday 3 pm, which is the highest rainfall record in the current season.
On the other hand, the risk of landslides has increased due to heavy rains. Meanwhile, 6 members of two families died in separate incidents of landslides in South Dikkul of Cox's Bazar Sadar and Hakimpara Camp No. 14 of Ukhiya on Friday morning.
Hilsa not to Export in India During Durga Puja: Farida Akhter
Farida Akhter, advisor on fisheries and livestock to the interim government said, "We apologize, but we cannot send any hilsa to India."
In an interview given to Indian media on Friday (September 13), the advisor said, "We have seen even people in our country can't eat hilsa." Because all are sent to India. Those remains are too expensive. We also celebrate Durga Puja. Our people will also enjoy to eat hilsa.
Advisor Farida Akhter said it will be ensured that Hindus and other citizens of Bangladesh can eat hilsa during this year's Durga Festival. The people of the country will be given priority over India.
Every year, former Prime Minister Sheikh Hasina used to send 4000 tons of hilsa to India during Durga Puja. Criticizing her initiative, advisor Farida Akhter said there was no need to send fish to India. It was not her right to send fish because of good relations with India. She ignored the needs of the people of Bangladesh.
The fisheries advisor said India does not need to create any issues with Hilsa. If they want good relations with Bangladesh, they should resolve the issue of Teesta water sharing.
Earlier, on September 3, Farida Akhter, while exchanging greetings with the Fisheries and Livestock Journalists Forum (FLJF), an organization of fisheries and livestock journalists, said that no hilsa fish will go from Bangladesh to India on the occasion of Durga Puja. Apart from this, we do not want to import any meat. Now lakhs of farmers are involved in cattle rearing.
The advisor said, "Hilsa will be exported abroad after satisfying the needs of the people of the country. The people of Bangladesh will not get hilsa, and it will be exported, that cannot happen. As a result, I have asked the Ministry of Commerce to ensure that no hilsa goes to India even during Durga Puja."
US pvt sector can help unlock Bangladesh's growth potential
The United States (US) private sector can help unlock Bangladesh's growth potential through trade and investment with the right economic reforms in place, the US Embassy in Dhaka said here today.
"From energy security to data centers to transportation, US businesses play a positive role in many facets of Bangladesh's economy," said the Embassy after a trade and investment-related discussion in the capital.
Assistant Secretary for International Finance at the US Department of the Treasury Brent Neiman, its Director Jerrod Mason, Chargé d'affaires (ad interim), US Embassy Dhaka Helen LaFave, its Political/Economic Counselor Eric Geelan and Mission Director of US Agency for International Development (USAID) Reed Aeschliman joined the meeting representing the US side.
American Chamber of Commerce in Bangladesh (AmCham) President Syed Ershad Ahmed, Vice-President Eric M Walker, MetLife in Bangladesh Chief Executive Officer Ala Uddin Ahmad, Country Manager Mastercard Syed Mohammad Kamal and
Country Manager of GE Nowshad Ali were also present.
Earlier this morning, Assistant Secretary for International Finance at the US Department of the Treasury Brent Neiman arrived in Dhaka to lead a US delegation to discuss issues pertaining to bilateral relations.
He was received at the Hazrat Shahjalal International Airport by foreign ministry's Director General (North America) Khandker Masudul Alam, in the capital, foreign ministry's sources said here.
Dhaka has taken prepared for a comprehensive and multi-faceted discussion as it welcomed the first US high-level delegation following the formation of the interim government led by Chief Adviser Professor Muhammad Yunus.
US Assistant Secretary of State for the Bureau of South and Central Asian Affairs Donald Lu also joined the delegation this afternoon after wrapping up his India tour.
The US delegation is scheduled to meet with Chief Adviser Prof Yunus, Foreign Affairs Adviser Md Touhid Hossain and Finance Adviser Dr Salehuddin Ahmed in addition to engaging in other official meetings.
Foreign Secretary Jashim will also host a working lunch which will be attended by representatives from relevant ministries.
The discussions will cover a wide range of topics, not just a single issue, Foreign Secretary Md Jashim Uddin told media regarding the visit.
According to a spokesperson from the US Department of State, the discussions will focus on how the United States can contribute to Bangladesh's economic growth, financial stability, and development priorities.
During his visit, the State Department earlier said Assistant Secretary Lu will reaffirm the United States' commitment to fostering economic growth and stability across the Indo-Pacific region.
Source: BSS
US Announces $200 Million Aid Package for Bangladesh
The United States has announced a $200 million aid package for the interim government's priority sectors. The agreement was signed by USAID Deputy Assistant Administrator Anjali Kaur on Sunday, September 15, at 11:00 am, at the Rashtriya Guest House Padma.
During the signing ceremony, Anjali Kaur expressed her enthusiasm about being part of the US delegation for the first time with Bangladesh's new interim government. She highlighted that the $200 million aid will be directed towards the government's priority areas, aiming to support and advance their key initiatives.
Kaur emphasized that this agreement is designed to contribute to the inclusive prosperity and economic stability of Bangladesh. It will focus on enhancing health, governance, and youth empowerment. She also acknowledged the valuable discussions held with Dr. Yunus and other advisors and expressed anticipation for continued collaboration.
The US delegation was led by Brent Neiman, Deputy Under Secretary of the US Department of Revenue, with US Assistant Secretary of State for South and Central Asia Donald Lu also in attendance. The delegation arrived at Rashtriya Guest House Padma at 9:30 am, where they signed a grant amendment agreement with the Department of Economic Relations and USAID's Development Objectives Grant.
Additionally, the delegation engaged in important discussions regarding money laundering, tax reform, and economic cooperation.
Discussions Held Seeking US Help to Recover Smuggled Money
Finance and Trade Advisor Dr. Salehuddin Ahmed confirmed that discussions were held seeking US assistance to recover money smuggled out of the country. He shared this information while speaking to reporters after a meeting with the US delegation at the State Guest House 'Padma' on Sunday, September 15, at 11:00 am.
Dr. Ahmed stated, "Today, we engaged with the US delegation, primarily focusing on discussions with their Treasury Department and USAID. Key topics included financial reform and the necessary cooperation for the financial sector. We also explored export diversification and various technical assistance or market opportunities in trade. We will proceed with an action plan, and they have assured us of their cooperation."
Regarding the development cooperation agreement, he noted that an additional $200 million had been added to the previous agreement. "This means they will contribute extra funding," he explained.
When asked about the request for help in recovering smuggled money, Dr. Ahmed said, "All these matters were discussed, and further details will be addressed later."
He also confirmed that tax reform was part of the discussions.
HSC Results to be Generated by Subject Mapping Method
The HSC exam result of this year will be prepared by combining 25 percent marks of JSC and 75 percent marks of SSC following the subject mapping system.
For this, the education board has collected some information and documents required by the candidates. If all goes well, the result may be declared in the first week of next month.
According to education board sources, a possible proposal has been submitted to the Ministry of Education on how to publish the results. According to the instructions given by the ministry, the results will be prepared and published.
In this regard, a meeting has been called with the examination controllers of the education boards next Wednesday (September 18). The method of publishing the results of HSC or equivalent examination may be finalized in the meeting.
Education board officials said six HSC and equivalent examinations, which were suspended after the quota reform movement and later the formation of the interim government, were canceled. Subject mapping of JSC and SSC exams will be done to facilitate the evaluation of canceled subjects. That is, the result will be prepared by averaging the marks obtained in JSC and SSC and equivalent examinations.
In this case, 25 percent of the marks obtained in JSC and 75 percent of the marks obtained in SSC will be given to the students in the respective subject. For example, if a student gets 100 marks in JSC in one subject, 25 marks will be taken from it and if get 100 marks in SSC in the same subject, 75 marks will be taken.
In this regard, the coordinator of the inter-education board and the chairman of the Dhaka education board, Professor Tapan Kumar Sarkar told the media that a proposal has been sent to the education ministry seeking instructions to publish the results. Now the results will be published as the ministry says.
Incidentally, the HSC exam started on June 30 this year. Then the examination was completed properly till 16th July. Due to the quota movement, exams on July 18, July 21, 23, and 25 were postponed. Meanwhile, Sheikh Hasina's government was ousted on August 5 in the face of a popular uprising led by the anti-discrimination student movement.
The dates of the remaining exams are changed several times based on the overall situation. Meanwhile, the candidates started a movement demanding cancellation of the postponed exams. They protested under the building of the Ministry of Education at the secretariat on August 20.
A total of 14 lakh 50 thousand 790 people participated in this year's HSC examination under 9 General Education Boards, Technical Boards and Madrasa Boards
