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  #1  
Old June 13, 2009, 02:56 PM
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Default Bangladesh unveils $16.5 bln 2009/10 budget

Bangladesh announced a 1.14 trillion taka ($16.5 billion) budget for the 2009/10 fiscal year on Thursday aimed at shielding the economy from the global economic crisis.

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National Web Portal

Full budget description is supposed to be posted in the national portal. Does anyone have the complete budget link? Please post here.
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  #2  
Old June 13, 2009, 08:10 PM
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I heard that MPs will not be able to import cars any more. This was done because there was durniti, lol. MP'rai durniti koray?

Now they will get New Govt cars. Guess what!!

1) New Govt. cars say 25 lakhs each, 350+ cars you do the math.

2) New cars can not ride by themselves. So 350+ drivers. Salary .... your guess is as good as mine.

3) Gasoline for the car. Durniti'r "bap" hobay iekhanay. Maintenance!! Not going there.

4) These cars would travel all over the place for sure. In four year time MPs would need new cars again.

What a deal. If this is in the budget way to go!!
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  #3  
Old June 13, 2009, 08:39 PM
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Yeah, make Chrysler back in business again.
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  #4  
Old June 13, 2009, 09:37 PM
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Quote:
Originally Posted by Tigers_eye
I heard that MPs will not be able to import cars any more. This was done because there was durniti, lol. MP'rai durniti koray?

Now they will get New Govt cars. Guess what!!

1) New Govt. cars say 25 lakhs each, 350+ cars you do the math.

2) New cars can not ride by themselves. So 350+ drivers. Salary .... your guess is as good as mine.

3) Gasoline for the car. Durniti'r "bap" hobay iekhanay. Maintenance!! Not going there.

4) These cars would travel all over the place for sure. In four year time MPs would need new cars again.

What a deal. If this is in the budget way to go!!
and black money can be whitened for next 3 years without any question! also we heard a lot of story on corrupted money during the caretaker govt. now, you do the math.
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  #5  
Old June 14, 2009, 01:32 AM
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MPs getting executive level service. What a joke.

And again there remains the opportunity ig making black money white. So much for 'Din Bodol' from BAL.
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  #6  
Old June 14, 2009, 07:09 AM
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Just heard those cars can't be 25 lakhs. It will be SUVs. 60 lakhs each minimum. wow!!

Now you know the SUVs will have a shell once these MPs are done with them in couple of years. The parts will be sold in Dholai khal. Durniti'r ar deksen ki apnara.
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  #7  
Old June 14, 2009, 07:13 AM
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Although the circumstances are very different, this is probably the best, most pragmatic budget ON PAPER since 1991. That said, implementation remains the real challenge, especially in light of our amlatauntro and further weakened local governments.
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  #8  
Old June 14, 2009, 02:09 PM
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I think the govt is taking a bold risky move and i not necessarily dislike it despite its few negative sides.

First, lets face the factors.
We have a massive amount of black money economy in this country. Some say its as good as the real economy. Not too hard to imagine when corruption, extra income and undeclared money is soo deep rooted in our society that almost every other person, if not almost all, is somewhat related to it.

So, what we do with this money that is lying around but is not coming to any cause.

Guys with big fat bank balance usually hide it in some foreign banks. The money that has been earned and taken from this country is lying around or being used in some other country when we could really help some extra bit of cash for ourselves so badly.

They call Malaysia the second home after investing a large sum of money. They have other shares and properties in few other places in the world because they cant work this money in their own economy.

So, either we keep on losing it and or do something about it.

Now, you cant just show up one year later and pay the 10% and get away. Its not like that.
The Govt has declared 42 sectors where this money has to be invested in order to enjoy the benefit

Not everybody will warm up with the idea so easily. Some would jump right, others will apply wait and see policy while there will be a group which will just not pay at all. You cant help them, its just the way they are.

There are few sectors where we need large investments so badly that either govt can come up with money or they'd have to rely on foreign countries, donor agencies and multi nations corporations.
Thats only adds up to our barden. If we can get some back of what we losing, that would be a great benefit for the economy in these times of global economic meltdown.

Even if we get few Billions back, it would create more jobs and will further strengthen our local industries and enterpreneurs. We'd become more self sufficient and will give rise to more industries from where we can export our goods. Our heavy reliance on RMG sector is too close for comfort to sustain economic growth.

This is like a 2nd stimulus package govt is declaring esp for those 42 sectors. I think govt knows their declared package was not sufficient, but that was the best they could do at that moment, given our limited resources.

I think its way better than just watching those money fade away in some foreign countries.

I think we realised that we cant forciebly get this money back. We tried to bring the whole corruption down so hard, that we completely failed at it. These matters are not so simply to solve.

So, the govt is opening doors for this people to bring the money back, use them productively and then start with a clean sheet.

The govt is taking bold moves here i say. Its a risky one that can go either way.
But sometimes, bold moves are necessary than to play defensive.

As said, the hardest part of this budget is the execution and implementation.
I guess we just have to wait and see for a little longer to find out how the govt and Mr.Muhit runs the economy.
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  #9  
Old June 15, 2009, 02:26 PM
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Quote:
Originally Posted by BD-Shardul
MPs getting executive level service. What a joke.

And again there remains the opportunity ig making black money white. So much for 'Din Bodol' from BAL.
They can use the car for as long as they are MP's. The car is returned to the government as soon as the 5 year period is over. Previously MP's get to own their cars and not pay tax...so i see no wrong on this...
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  #10  
Old June 15, 2009, 02:40 PM
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Quote:
Originally Posted by HereWeGo
They can use the car for as long as they are MP's. The car is returned to the government as soon as the 5 year period is over. Previously MP's get to own their cars and not pay tax...so i see no wrong on this...
Obviously you won't see anything wrong because 90% of the MPs are from BAL.

See the explanation TE bhai.
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  #11  
Old June 15, 2009, 02:50 PM
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It's a big budget, good budget!
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  #12  
Old June 15, 2009, 11:11 PM
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Rabz,
sorry to disagree. It is immoral that one could make his black money white just paying 10% as fine while I have to pay 5-15% as income tax. If you need that money then they should pay at least 50% as tax. And why real estate sector needed money. Almost all the buyers are buying third or fourth home. And why should pay tax now when I could make it black and then make it white after three years. When the finance minister say that he do not agree but it is political compromise than it is clear who are the beneficiary - those corrupt politician. BTW our past record show that only few black money is invested in Bangladesh most of them faded anyway in other countries. Why this time it would be different I do not know.
This budget encourages people not to pay tax and punishes tax payer at lower bracket.
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  #13  
Old June 16, 2009, 03:58 PM
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For those who see no problem with whitening black money:

http://prothom-alo.com/mcat.news.det...wNTg1&mid=Mw==
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  #14  
Old June 17, 2009, 02:18 PM
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Now, thats your first stroke of black money being injected into the economy.

Beximco declaring to buy 50% stake in GMG just right after budget being announced is just too coincidental to me.

Salman F. Rahman, being a close aide to PM, seems like to be the first amongst others, would have pushed the idea to the govt and used his influence to get it approved as well. I know its immoral to give this big fishes a second chance, but these days even the mighty US economy is being kept alive directly by their Govt interventation and financial help.

Ours is a much fragile economy and times like these, we need to get everything we possibly can.
If giving these big businessmen a second chance means our jobs are a little bit secured, our economy is going ahead and more jobs are created and we all live a little bit better life, then why not?

Its a win-win situation for both.

Read the following report from Bdnews.24.

Beximco buys into GMG
Wed, Jun 17th, 2009 6:56 pm BdST Dial 2324 from your mobile for latest news




Dhaka June 17 (bdnews24.com)— Beximco Group has bought a 50 percent stake in GMG Airlines and is injecting enough cash into Bangladesh's biggest private passenger carrier to buy two big planes, the company announced Wednesday.

Beximco paid Tk 30 crore to buy the stake in the ailing airline and will also lend another Tk 40 crore to help GMG through its financial crisis.

"We feel that GMG has a huge potential with its licenses to operate on many lucrative routes that the foreign airlines are now exploiting," said Salman F Rahman, the Beximco Group vice chairman, announcing the deal.

"So much of our foreign currency is flying out of Bangladesh because our failure to fly these routes," Salman Rahman told bdnews24.com.

GMG needed Tk 70 crore to weather the crisis caused by the high oil prices and the global meltdown.

"GMG's current owners will dilute down to 50 percent and issue new shares worth Tk 30 crore in favour of Beximco Ltd, which will make up the rest 50 percent," Rahman said of the new deal.

Beximco Holdings will lend the rest Tk 40 crore to GMG to ease the airline's financial pressure.

Rahman said GMG would buy two wide-bodied Boeing 767s to boost its current six-plane fleet.

Two of its existing six planes were now grounded, but would be brought back to operation with the Beximco cash.

GMG Airlines started its operations on 6th April, 1998.

The Airlines now operates from Dhaka to Chittagong, Cox's Bazar, Jessore and Sylhet on its domestic routes and to Kolkata, Dubai, Kuala Lampur, Kathmandu, Bangkok and Karachi on the international routes.

================================================== ===============================
Source: http://www.bdnews24.com/details.php?cid=4&id=87517&hb=4
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  #15  
Old June 17, 2009, 03:09 PM
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and he will steal another 200% public money with ease.
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  #16  
Old June 21, 2009, 02:50 AM
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I am always in favour of having a window for legalizing black money. But that should offcourse come at a higher cost/penalty. And also there is difference in black money. In our system, lots of businesses accumulate black money due to not paying taxes properly. They should be allowed to legalize it through penalties.

Money earned purely through bribe should never ne allowed back. That could be brought back through legal actions and maximum amnesty could be provided for limited periods to surrender their money earned purely through corruption. Even if they are allowed to retain 50% of such money, that only makes bribery more costly, but the business continues.

At last there is some ammendments coming up on this issue in budget: Finance Minister
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  #17  
Old July 1, 2009, 05:29 AM
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Budget passes with some amendments. Total budget expenditure is 1,89,959 Crores. it is 76 k crores as additional expenditure.

News- Ittefaq
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