[🇧🇩] Everything about Hasina's misrule/Laundered Money etc.

Date of Event: Nov 11, 2024

Source: https://thefinancialexpress.com.bd/national/sheikh-hasina-was-a-classic-autocrat-m-sakhawat-hossain

Sheikh Hasina was a classic autocrat: M Sakhawat Hossain
Published :
Aug 05, 2024 22:03
Updated :
Aug 05, 2024 22:03

Sheikh Hasina was a classic autocrat who dismissed the people, and this disdain has led to her current predicament, according to Brigadier General (Retd) M. Sakhawat Hossain, an election analyst and former military officer. In a special interview with UNB news agency over the phone, he expressed these views.
He stated that today's events were inevitable and were bound to happen. "We have seen similar situations in Tunisia, Libya, and Syria. Popular uprisings are unstoppable. The student quota reform movement could have been resolved easily, but due to Prime Minister Sheikh Hasina's stubbornness, so many people lost their lives."

Hossain criticised the media's portrayal of the casualties, claiming that the true number is closer to 400, with a significant portion being students and young people. He questioned the whereabouts of the remaining bodies, mass graves, and the extent of innocent lives lost. "She has gone, but who will answer for this?" he asked.

He accused the ruling government of carrying out the "most heinous massacre" and of misleading the public by blaming criminals while those responsible were, in fact, their own countrymen. "Such things should not happen in a free country," he remarked.

Hossain also noted that for the past 15 years, people have been unable to vote properly, with widespread election fraud. He stated that Sheikh Hasina should have understood her and her party's unpopularity, and questioned who would be held accountable for the bloodshed. He criticized the severe lack of good governance, which he believes Sheikh Hasina failed to provide.

Furthermore, he alleged that Sheikh Hasina has created criminal gangs within the country and turned the police and Rapid Action Battalion (RAB) into her personal enforcers.

Reflecting on the plight of the family members of the so-called Father of the Nation, he questioned why they had to face such a tragic fate, attributing it to Hasina's arrogance and pride. He drew a parallel with the 2009 BDR mutiny, where 57 army officers were killed, and questioned who would answer for that incident as well.

He criticised Sheikh Hasina's control over TV media and her suppression of free speech, citing it as a reason he avoided talk shows. He claimed he had urged the Prime Minister in various meetings to ensure good governance, but was labelled as an 'agent of the opposition' for his criticisms.

"Today, Sheikh Hasina has fled the country, and now the army has had to take responsibility for the nation's situation," he concluded.​

 

[Saif]

Awami League: From progressive politics to fascism

The AL regime has been somewhat of a conundrum.

www.thedailystar.net

Awami League: From progressive politics to fascism

Fast forward to 2024, and one finds that the AL-led 14-party alliance’s rule is being labelled “fascist.” VISUAL: SADATUDDIN AHMED EMIL

August 5 was a historic day for Bangladesh for more reasons than one. The Awami League (AL), the party whose cause was a cornerstone in Bangladesh's history, was ousted by the masses.

Since independence, political turmoil has been part of narratives closely related to Bangladesh. One of the factors which worked in the AL's favour, from the time the party assumed responsibility in 2009, was that it was regarded as the most progressive and liberal party to have gained power following liberation. At that point in time, AL's values struck a chord with the secular middle-class Bangladeshi. The preceding regimes association with elements such as the military, fundamentalism, and state-centric politics aided in this regard.

Fast forward to 2024, and one finds that the AL-led 14-party alliance's rule is being labelled "fascist."

The AL regime has been somewhat of a conundrum. The Perspective Plan of Bangladesh 2041 (PP 2041), which was published in 2020, envisioned to build on economic advancements and enhance the lives of people. The AL accommodated more public-private partnerships within the media world than any other party before and oversaw the widespread introductions of leading social media websites such as Facebook, YouTube, TikTok, and Instagram. Indeed, the regime looked outwards and allowed creative media productions to be released, which did not always comply with the more conservative National Broadcast Policy of 2014. Accordingly, the party is largely responsible for digitalising a new generation of Bangladeshis, many of whom have smartphones and global aspirations today and took to the streets during the recent protests. Student coordinators such as Nahid Islam and Asif Mahmud are surely part of that generation and are, in fact, products of "Digital Bangladesh."

"Digital Bangladesh" was a pillar that supported the party's return to the centre in 2009 and represented its defiance of right-wing politics. AL's reformist approaches resonated with the masses in the context of globalisation and the interrelatedness of international networks in the 21st century. Their alliance with left-wing parties enabled the AL to stay in power and inspire many in the country. But, as it has transpired, the 14-party alliance seems to have paved the way for more dreams than stairs to reach those ambitions.

The recent movement portrayed the angst and frustration of the people from various sectors in Bangladesh, including journalism. The protests that began in the first week of July should be credited for capturing on-the-ground reactions. The mass killings, detentions, disappearances and violence against unarmed protestors that took place during this movement truly called into question the ethos of AL's political mandate. Over 400 people have lost their lives during the quota reform movement between July 16 and August 4, with some claiming that the number may well be understated. It has also been put forward that hospital records have been tampered with and bodies hidden, further putting into question just how many people have sacrificed their lives to bring an end to AL's rule.

Students have always been integral to the political narrative of Bangladesh. The fall of the Ershad regime was not brought about only by workers, but students as well, who endeavoured to take the nation forward on the path of democracy. Students again played their part in 2008 and 2013, when the Shahbagh Protests signalled their support for secular and not communal politics. In 2024, students took a stance once against the fascist practices of the Awami regime.

The tragic reality is that the AL committed to preserving democracy in the country, but backed the said promise by fascist means. The quota reform movement, which eventually led to the AL government's end, stemmed from opposition to fascist practices which often granted AL supporters, activists, and leaders the license to terrorise communities around the country. Throughout its rule, the former ruling party publicly branded opposition parties, such as the Bangladesh Nationalist Party (BNP), and its allies as being fundamentalist and in conflict with the progressive agenda of the party.

While AL's statement may well be true when considering the realities of grassroots politics and the history of BNP and its allies, the Awami League's ideology also correlated with its globalist persuasions. The AL attained success in this sphere and was able to, for a period since 2009, be the flagbearer of the identity of the modern Bangladeshi. But, at present the premise of AL is being questioned and it remains to be seen how that plays out.

In essence, what the masses including the youths of Bangladesh have conveyed through this movement is that they are averse to right-wing politics in general, and both AL and BNP are considered part of that category today. This is very important to consider as we eventually transition to political-administrative rule again. Only time will tell whether progressive politics really do see the light of day in Bangladesh and who will be the leading stakeholders of the future. Meanwhile, the appointment of Nobel laureate Dr Muhammad Yunus as the chief of the interim government seems to be a step in the right direction.

Nihad Nowsher works in business development.​

 

[Saif]

Ex-water resources minister Ramesh Chandra sent to jail

Former water resources minister Ramesh Chandra Sen was sent to Thakurgaon jail on Saturday under the Explosives Act in a case filed with the Thakurgaon Sadar police station.

www.newagebd.net

Ex-water resources minister Ramesh Chandra sent to jail
Staff Correspondent 17 August, 2024, 16:02

Ramesh Chandra Sen and MA Latif | Collected photo

Former water resources minister Ramesh Chandra Sen was sent to Thakurgaon jail on Saturday under the Explosives Act in a case filed with the Thakurgaon Sadar police station.

Ramsesh, also a former AL lawmaker for Thakurgaon-1, was arrested by a team of police headquarters at his house in Ruhia area of Thakurgaon district and taken into custody at about 11:00pm on Friday.

Thakurgaon district superintendent of police Uttam Prashad Pathak said that they produced him before the court and the court sent him to jail.

Superintendent of the police office issued a statement in this regard saying that he was arrested in a case filed with the Thakurgaon Sadar police station.

Ramesh Chandra Sen is a member of Awami League advisory council. He served as water resources minister from 2009 to 2014.

Ramesh first became lawmaker for Thakurgaon-1 in a by election in 1997 and later he was elected in 2008, 2014, 2018 and 2024.

A Chattogram court, meanwhile, on Saturday placed former Awami League lawmaker from Chattogram 11 MA Latif on three-day remand.

Latif was arrested earlier in the day in a case filed over shooting and injuring protesters during the quota reform student movement.

Chattogram metropolitan magistrate Jewel Deb passed the order this afternoon after the police produced him before the court and sought 10-day remand.

Latif was arrested by the police in the Bayazid Bostami area in the morning and sent to the court.

At about 12:30am he was brought to the court, said Fazlul Quader Patwari, officer-in-charge of the Double Mooring police station.

The arrest was made following the case filed by one Ershad with the police station, he added.

According to the case statement, Latif and 15 named and 100 to 150 unnamed individuals have been accused of opening fire on the protesters that left many people injured on August 4.

On August 10, the former lawmaker was allegedly picked up by the army personnel from his relative’s house in the port city’s Madarbari area, where he was hiding.​

 

[Saif]

AL govt leaves behind $156 billion debt

When Sheikh Hasina returned to power in 2008, Bangladesh’s total debt was just $33.66 billion. When she fled amid an unprecedented student-led uprising on August 5, she left behind a burden of $156 billion in local and foreign loans for the country to carry.

www.thedailystar.net

AL govt leaves behind $156 billion debt

When Sheikh Hasina returned to power in 2008, Bangladesh's total debt was just $33.66 billion. When she fled amid an unprecedented student-led uprising on August 5, she left behind a burden of $156 billion in local and foreign loans for the country to carry.

Converted to the local currency, the country's total debt stood over Tk 18.35 lakh crore as of June 30, according to finance ministry data.

These included $88 billion or over Tk 10.35 lakh crore from domestic sources and the remaining $68.33 billion or nearly Tk 8 lakh crore was external debt.

To put in words how the vast debts are affecting Bangladesh's finances: Tk 1.135 lakh crore or 14.02 percent of the total has been kept for interest payment in the proposed budget for this fiscal year, which is the highest among the sectors in the outlay of over Tk 8 lakh crore.

Economists have blamed stagnant revenue growth against a huge rise in expenditure, coupled with corruption in mega projects, for the massive debts.

The government spent around Tk 54 lakh core in total in its three consecutive terms while revenue earnings amounted to just Tk 37 lakh crore. Government expenditure increased from Tk 94,000 crore in FY09 to over Tk 7 lakh crore in the revised budget for FY24.

Bangladesh's revenue-GDP ratio has hovered around 9 percent, one of the lowest rates in the world.

A lack of government initiatives to bring reforms to the National Board of Revenue (NBR), along with tax dodging and huge tax exemptions provided to different pressure groups is blamed for the low revenue collection.

Besides, corruption in different mega projects increasingly made the revenue-expenditure gap bigger, said some leading economists.

Most of the mega projects were riddled with corruption, said Zahid Hussain, a former lead economist at the World Bank's Dhaka office.

"Big Projects, big corruption," he told The Daily Star last night.

He mentioned Bangladesh built the Padma Bridge with its own funds that came from domestic loans while the funds for the Karnaphuli Tunnel and the under-construction Rooppur Nuclear Power Plant have come from foreign sources.

"Corruption happened through cost escalation. Many, many unnecessary layers were added to the projects," he said, citing the Rooppur power project as an example.

Dhaka University economics professor Dr Selim Raihan cited the government's failure to mobilise domestic resources to increase public expenditure as one of the key factors behind the rise in debt.

"The government failed to increase the revenue collection over the past one decade or so," said Selim, who is also the executive director of the South Asian Network on Economic Modeling (SANEM).

The second is corruption in activities surrounding the process of taking loans, especially for mega projects with foreign funds, he said.

"A group with vested interests exploited the foreign loan-based mega projects by massively increasing the costs multiple times."

As a developing nation, Bangladesh has to take loans, but the Hasina government had a tendency to take short-term loans as well as high-interest loans while the focus should have been on low-interest and long-term loans with favourable conditions.

This tendency grew over the years. Loans from single sources increased while borrowing from multilateral sources with more accountability and transparency was minimal.

Bangladesh's debt service-to-revenue ratio is projected to cross the 100 percent mark for the first time owing to rising loans and lower tax and export receipts, highlighting the growing risk to the country's capacity to repay.

The debt service-to-revenue and grants ratio stood at 58.7 percent in FY21 but it surged to 72 percent in FY22 and stood at 71.8 percent in FY23, according to the International Monetary Fund (IMF).

The ratio is projected to grow to 101.1 percent in the current financial year.

Debt service is defined as the sum of interest and amortisation of medium, long, and short-term debt.

"The increasing debt service-to-revenue ratio highlights the urgency of mobilising tax revenue to support much-needed spending to achieve pro-poor, green growth recovery," the IMF said in a report.

The ratio increased as the NBR missed its tax target for the 11th consecutive year in FY23, in the face of slowing growth of collections amidst economic slowdowns and ambitious goals set by the government.

The debt-to-GDP ratio of Bangladesh was forecast to cross 40 percent in the current fiscal year as the government continued to borrow to bankroll its expenditures amid the low collection of revenue.

It was 39.8 percent in FY23 and is forecast to be 41.41 percent at the end of FY24, according to a fiscal monitoring report of the IMF.

In the last decade, the debt-to-GDP ratio rose by 13 percentage points. The IMF forecast that the ratio would reach 43.5 percent in 2028-29.​

 

[Saif]

S Alam, family barred from selling bank shares

The Bangladesh Securities and Exchange Commission (BSEC) today barred Mohammed Saiful Alam, founder of Chattogram-based conglomerate S Alam Group, his family members and companies they own from transferring and selling their shares in six banks.

www.thedailystar.net

S Alam, family barred from selling bank shares

The Bangladesh Securities and Exchange Commission (BSEC) today barred Mohammed Saiful Alam, founder of Chattogram-based conglomerate S Alam Group, his family members and companies they own from transferring and selling their shares in six banks.

The six are Islami Bank Bangladesh, Social Islami Bank, First Security Islami Bank, Global Islami Bank, Union Bank, and Bangladesh Commerce Bank.

As per the central bank's request, the BSEC sent a letter instructing Dhaka Stock Exchange, Chittagong Stock Exchange, and Central Depository Bangladesh to issue the bar on the sale and transfer of the shares.

The letter lists 56 companies owned by Alam's 25 relatives which have come under the restriction.

The BSEC ordered the intermediaries to abide by the order with immediate effect.

Last week, the National Board of Revenue had asked banks to provide account details of Mohammed Saiful Alam and his family members.​

 

[Saif]

Govt for China loan restructure

Finance and commerce adviser Salehuddin Ahmed on Tuesday said that they had asked China for restructuring its loans given to the immediate past government for development projects on...

www.newagebd.net

Govt for China loan restructure
Staff Correspondent 21 August, 2024, 00:08

Finance and commerce adviser Salehuddin Ahmed on Tuesday said that they had asked China for restructuring its loans given to the immediate past government for development projects on high interest rates and short grace periods.

He made the request for reduced interest rates and increased grace periods for the China-funded projects when Chinese ambassador in Bangladesh Yao Wen paid a courtesy call to the adviser at the finance ministry of the interim government.

‘We want repayment period to be extended by 10 years’, said the finance and commerce adviser of the interim government led by Nobel laureate professor Muhammad Yunus since prime pinister Sheikh Hasina was ousted from power on August 5 amid mass uprising.

The Chinese ambassador admitted that they received some requests and wishes during the meeting, and without elaborating what they were he said that there were scopes for discussion on the issues.

The Chinese ambassador highlighted that the relation between Bangladesh and China was based on mutual respect as well as benefits.

Calling the meeting with finance adviser constructive, the Chinese ambassador said that they had already extended support to the interim government committed to keep the country’s development.

Economic Relations Division officials who attend the meeting said that loans worth four billion had been disbursed so far by China against a commitment of $7 billion.

Some of the Chinese funded projects, including a tunnel underneath Rriver Karnaphuli in Chattogram, have failed to fulfil major aims, and a sewage treatment plant at Dasherkandi in Dhaka has remained inoperative despite inauguration of the project in 2023.

The government’s outstanding foreign debt already stood at $62.4 billion in FY23, marking more than a threefold increase in 14 years, and the outstanding domestic debt increased to Tk 10.35 lakh crore at the end of 2023.

The foreign debt as a percentage of GDP increased to 44 per cent in FY24 from 37 per cent in FY20, and the domestic debt dropped to 56 per cent in FY24 from 63 per cent FY20, according to the latest debt strategy released by the Finance Division in July.

Among the bilateral lenders, Japan stands out as the biggest creditor, accounting for 42 per cent of the bilateral debt. Russia, China, India and South Korea are the other major sources of bilateral external financing accounting for 25 per cent, 21 per cent, 5 per cent and 3 per cent respectively.

Chinese loans increased to 21 per cent of the total external debt in FY24 compared with 6 per cent in FY20.

Noting that the interim government is aware of the fact, the finance and commerce adviser said that loans would be taken in future to implement projects serving the best interest of people.

Answering a question, the finance and commerce adviser dismissed the speculation regarding withdrawing the Tk 1,000 note from the market.

Earlier, the adviser had also a courtesy call with Canadian high commissioner to Bangladesh Lilly Nicholls at his office.​