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PM'S 'POISON STORY'

'Secret deal' unravels amidst confusion
in the army

M. Shahidul Islam

The recent claim by the deputy leader of the House, Sajeda Chowdhury, that 'Sheikh Hasina's food was poisoned while being in captivity in the special prison during the emergency rule' is having a quiet snowballing effect in politics as well as in the services of the Republic.
   "It's a dangerous game that could end up with more bloodshed," cautioned one senior retired officer of the army while a reliable source confirmed that the information relating to poisoning of Sheikh Hasina's food came from a source in the Election Commission (EC). "One of the election commissioners wanted to confirm the information during a private dinner on June 25 which was attended by a former senior officer of the DGFI, who once oversaw the imprisoned VVIPs' welfare matters during the emergency rule. Other guests attending the dinner could not realize the importance of the conversation until Awami League (AL) leader Sajeda Chowdhury disclosed the news to the public 48 hours later", the source added.
   Speaking on condition of anonymity, a DGFI officer said, "To be honest, the opposite is true. In fact, the then DG, Maj. Gen. Golam Mohammed, and then Brig. Gen. A T M Amin, had ensured that the former PM (Hasina) was treated in the most respectable and secured manner. A T M Amin even carried special food for Sheikh Hasina on many occasions."
   According to the officer, the scenario in the captivity further improved since April 2008, due to what he said, "stitching of a political deal in mid-March 2008 between the military's higher command and the AL leadership." The deal not only ensured Sheikh Hasina's safety and eventual release, all concerned officers were also told not to pursue any more anti-corruption cases against AL leaders.
   "All of a sudden, I was surprised to see Brig. Gen. ATM Amin busy in buying Tangail saree for Sheikh Hasina, while Gen. Golam Mohammed got intensely involved in a series of secret meetings with an important AL leader, H T Imam," the officer explained.
   Another source confides, since the departure of Maj. Gen Masud Uddin from the national anti-corruption coordination cell (under AFD) and the resumption of that job by then Brig. Gen. Akbar, the entire scheme of anti-corruption drive stalled and a façade of blatant partisan favouritism started in favour of the AL and against the BNP.
   
   Withdrawal syndrome
   This version was further attested by another former DGFI officer who said, I asked the chief (Gen. Moeen) what was going on. He responded almost philosophically and said, "Don't you withdraw and regroup in battles? This is the same thing." Indeed a strong nexus between the then chief and two successive intelligence heads had turned, what until then (March 2008) was a neutral and patriotic drive to cleanse the nation of corrupt elements, into a partisan political agenda.
   Meanwhile, the sudden sacking last week without any valid reason of Brig. Gen. Azmi is creating a stir within the armed forces and outside. Brig. Gen. Azmi is one of the brightest officers, having secured both the coveted Sword of Honour and the Academic Gold Medal from the military academy (BMA). One of his colleagues said in anger, "He has been sacked because he's the son of Golam Azam."
   Many national security experts and former military officers believe the 'wish list' of the Government is getting so big and so sweeping that it would end up soon with destruction of morale of the country's armed forces. Brig. Gen. Azmi's sacking follows the recent sacking of 10 other officers from the army for having raised questions about how the military command had handled the BDR rebellion, and, at least three other Brig. Gen(s), and over two dozens officers - ranging from Captain to Colonel- are leaving jobs voluntarily within weeks.
   At least 150 other voluntary resignation applications (known as Appendix-J) have been pending with authorities since the AL-led Government's coming to power, according to sources. "By the time the Government feels satisfied, the blanket could be empty of all fabrics," commented another officer who had retired from the BDR only weeks before the rebellion in February.
   
   A 'cooked up' story
   This scribe failed to communicate with Maj. Gen ATM Amin to further authenticate the veracity of what has now become the infamous and the most curious 'poison story'. Amin was very close to Sheikh Hasina during her period of captivity and his file for premature retirement was sent back by the PM on three different occasions until a DGFI report falsely implicated him in March for carrying a pistol in the BDR ceremony of February 24, 2009 where the PM was present. The 'cooked up' pistol- carrying- story led to his forced retirement.
   Bari speaks out
   Of the other two senior DGFI officers of the emergency - era, (excluding then DG, Maj. Gen. Golam Mohammed), Brig. Gen. Bari was removed from his post and sent as defence attaché to Washington few months before the election while Brig. Gen. Amin promoted as Maj. Gen., was transferred as DG of the Ansar & VDP before being attached to the foreign ministry in late March, and, finally sent to premature retirement. The sudden removal of the two senior officers from the DGFI just prior to the election is viewed by many as the evidence of their neutral political stance and signs of their dissent to the alleged election tampering blue print.
   When contacted, Brig. Gen. Bari refuted the veracity of Hasina's food poison story, but confessed to having been asked by superior officers not to pursue corruption cases against AL stalwarts following what he too dubbed as a 'deal making between the military command and the AL prior to the election in December 2008.' Bari said, "they (deal makers) are opportunists and have sold out the nation's interests by being political and partisan."
   Now in the USA, Bari has been called back by the AL-led Government only five months after he took charge as the defence adviser at the Bangladesh Embassy in Washington DC. He refused to comply. On other hand, Gen. Amin's closeness with the PM during the time of her captivity has led to uncertainty about his retirement, no one being sure as yet whether he is retired, or still in service. Perturbed by such developments, one observer said, "If you wish to preserve the independence of this country, ensure first that the armed forces in particular - and the bureaucracy in general - learn to remain loyal to the nation, not to any particular political party.

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Kashmir situation fragile, says Indian Home Minister

Holiday Desk

Kashmir valley observed complete shutdown for the second consecutive day on Wednesday in response to the call given by Hurriyat Conference (G), against the rape and murder of Shopian women and the killing of youth by CRPF and police in Baramulla.
   Reports said that life came to a standstill across the valley as all shops, offices, educational institutes, banks, petrol pumps; business establishments and government offices remained closed throughout the day. Meanwhile, the death toll in police and CRPF firing on protesters Wednesday rose to four with one more died succumbing to injuries, while Baramulla town was handed over to army. Atleast 65 persons were injured with one woman critically in fresh clashes.
   Agency reports quoted Indian Union Home Minister P. Chidambaram on Wednesday as describing Kashmir situation as "very fragile" and called for its handling with "great care".
   "Kashmir is a place where a small incident has the capacity to be blown up into a major confrontation," Chidambaram said.
   Giving a new twist to the recent crisis, Chidambaram said that the incident which started off with elopement of a young girl with her lover to get married need to be contained by effective administrative and political intervention. He said a small incident like this in Kashmir leads to stone throwing, then tear gas shelling, firing and curfew. That is unfortunate.
   Indian Home Minister also confirmed that Central Reserve Police Force (CRPF) has been ordered to return to barracks in Baramulla at the insistence of Chief Minister.
   Reports said that clashes erupted in Safa Kadal, Saraf Kadal, Kawdara, Gojwara, Rajouri Kadal and other parts of the downtown where hundreds of youth took to streets and staged pro-freedom and anti-India demonstrations. Six CRPF men were injured in late night protests in Pulwama. The army was brought into action to maintain law and order hours after government had replaced CRPF deployments in Baramulla with J&K Armed Police.

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NEPAL'S DILEMMA

Return of Maoists or takeover by Delhi-trained army chief

Shamsuddin Ahmed

Last week a group of film celebrities of Nepal met with former Prime Mminister Pushpa Kamal Dahala (Prachanda). Actor-cum-director Neer Shah presenting a bouquet to Prachanda, said, "We are the Maoists of the film-making world". Welcoming the film actors and actresses Prachanda said, "Now that all of you have joined us, I feel like I'm still the Prime Minister."
   Prachanda, referring to a group of politicians of UML-led alliance, who are trying to form a workable government for the last one month, described them as stooges of foreign powers and said: 'They would soon be swept away and crushed'. Lok Raj Boral, a Kathmandu political analyst said "seeing the type of people and the parties in coalition, I doubt if they can work in tandem."
   Prachanda told newsmen last Wednesday that his party would return to power in six weeks. He said the disillusioned UML activists have been joining his party in hundreds. Sharply divided in power struggle, the UML leadership is widely branded as puppet of alien power. The allegation is not limited within Nepal. The Financial Times of London reporting on the situation in Nepal said on June 29 'new coalition (led by UML's Madhav Kumar Nepal) is seen as tilted toward India'.
   The question is how the Maoist will return to power? Through peaceful negotiations with other political parties or through an armed revolution? Surya Bahadur Thapa, a former prime minister, felt that the government should hold together because of coalition partners' aversion to Maoists' return to power. 'The (other) option is military rule.'
   Who is army chief Rukmangad Katuwal? An adopted son of a former king of Nepal, he was educated and received military training in India. Incidentally, Indian President Prativa Patil had conferred the honorary general of the Indian Army on Katuwal in December 2007. Fiercely opposed to the Maoist, he deliberately sparked confrontation with the government by insubordination and repeatedly disobeying the orders of the elected government.
   According to International Crisis Group, The Brussels-based think-tank, Katuwal had circulated a note to defence attaché of all foreign missions in Kathmandu warning against the Maoist saying they could prove a firm base for revolutionaries with regional implications. He also urged all other political parties to stand against the Maoist. How can the elected government digest it? When the government moved to sack Katuwal, India prevailed.
   Frontline, prestigious magazine of India, in its May23-June 5 issue wrote, 'Rakesh Sood, Indian ambassador, met Prachanda several times and persuaded not to fire him (Katuwal).' When sacked, President Ram Baran reversed the sacking order of the Prachanda government.
   
   Rising nationalism
   Remarkable development in recent Nepal is rise of nationalism among the people.
   Big demonstrations greeted Indian foreign secretary Shivshankar Memon on arrival recently at Kathmandu airport and also in front of the Indian embassy late last month. Activists of Unified Nepal National front shouted slogans against Indian occupation of their territory. More than 3 dozen protestors including front chief Phanindra Nepal were arrested. This is an interesting development as anti-Indian demonstration in Nepal was unknown in the past.
   The Nepalese media widely reported encroachment of Nepal territory last month by Indian soldiers displacing more than 2,000 people from border villages, repression and rape of women. Parliamentary party probed the allegations.
   Khagendra Thapa writing for Nepal News on June 15 said India has encroached about 59,970 hectares. Besides, the Indian army set up a camp inside Nepal's territory of Kalapani after the 1962 war to keep an eye on Chinese activities. Having occupied it for many years India n on Katuwal ow claims that the area belongs to India.
   Maoist leader has been telling the nation of launching the third phase of people's revolution but denied of returning to the jungle war. Will the 22-party coalition with a combined strength of 250 seats as against CPN's (Maoist) 234 seats in 601-member parliament return power to the Maoist? Under this circumstance, President Ram Baran has the option to ask the army to take over and save them from the Maoists' thrust.

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RULING CLANS' RENT-SEEKING ORGIES

Hooliganism, inaction paralyse governance

Sadeq Khan

Within six months of Sheikh Hasina's grand alliance taking power, a rolling crime wave in urban areas, river ports, markets, and in roads and highways across the country has terrified the nation. Godfathers and their gang-leaders have returned from their safe havens in India or surfaced from underground. To exercise their shadowy reign over their respective turfs of protection racket, their raids and murders in broad daylight are being daily reported in the media. Within the ruling alliance's various rungs of leadership ladder and various factions of their many front organisations including student wings, and amongst ruling party members of parliament vis-a-vis local government representatives, clashes of interest and influence-peddling are taking ugly turns and tolls.
   Rent-seeking orgies by members and fellow-travellers of the ruling clan have simply gone out of control. Partisan vendetta have spread to rural areas where victims have to leave their villages, or else their cash crops, livestock, and barns are being ransacked even if they are spared of any violent attempt on their lives and homes. Letters of admonition and directives from the top by government or party hierarchy are having no effect whatsoever. The police are either collusively indulging the wrong-doers for a fee or keeping mum for fear of penal posting and transfer threatened by the long hand of the wrong-doers.
   
   Disaster management failure
   Newspaper stories are confirming the unbridled downturn of the law and order situation, and the breakdown of civic sense of public safety. What the newspapers are not reporting is a paralysis in local administration and a resultant breakdown in the nation's disaster management and vulnerable group development systems. These systems are vital for the nation's well-being, and failure in this area may send shock waves deeply disturbing the national psyche, as the aftermath of 1970 hurricane disaster did to change the nation's fate. Of the few newspaper reports covering failures in disaster management, I shall quote only two to give an idea of the looming crisis.
   A country report dated June 28 covered an upozilla which was thought to have recovered from the cyclone Aila. It read: At least 16 villages at Galachipa upazila in Patuakhali were inundated due to collapse of a part of the 22-kilometre embankment on June 27. Around 50,000 people in 23 villages became marooned by partial collapse of the embankment stretching from Panpatti union to Chalitabunia union of the upazila, which was badly hit by the tidal surges of the cyclone Aila.
   Rafiqul Islam, an inhabitant of village Uttar Panpatti, said they again fell victims to inundation as their dwelling houses and crop lands were damaged by the collapse of the embankment. Earlier, their houses and crop fields were washed away by flood waters from the catastrophic strikes of the cyclone Aila. A poor fisherman's wife Jahanara Begum of the village said the cyclone Aila had damaged her dwelling house. Now she cannot go out of her thatched hut even for begging alms as she again got marooned by floodwaters from the breach in the embankment. Fazlul Karim, a farmer of the village, said he would not be able to cultivate paddy in the current 'aman' season as saline water entered crop fields again, resulting in loss of production over a vast area. Likon Talukder, chairman of Panpatti Union Parishad, said the dwelling houses and the crop lands would remain submerged for months together as the area was low-lying, and the 'aman' seed beds and seedlings would be damaged under the stagnant saline waters. Golam Mawla Roni, lawmaker for Patuakhali-3 constituency, said adequate relief materials, including rice and pure drinking water, were badly needed for survival of the affected people.
   
   Breach of embankment
   AKM Mohiuddin, Upazila Nirbahi Officer of Galachipa, said that the circular embankment along the river Kajol had collapsed at about 8:30 pm as it failed to stand against the pressure of high tide in the river. Earlier, thousands of people from the two unions of the upazila reconstructed the embankment that was damaged by the tidal surges of the cyclones Sidr and Aila. He said marooned people, are the in grip of severe food and drinking water crisis. Some relief materials, inadequate for the requirement, were sent for the flood-hit people, and a letter was sent to the deputy commissioner of Patuakhali asking for adequate supply of pure drinking water and relief goods.
   The UNO also said contractors were selected for reconstruction of all the embankments in the upazila, which were damaged by the tidal surges of Aila, and works would begin after flood waters recede. The UP chairman Likon Talukder in effect contradicted the statement of the UNO by saying that there was no possibility of flood waters receding before several months, as the rainy season has set in.
   A more comprehensive press release by the international charity OXFAM dated June 30 observed: Lakhs of displaced people in southern districts of the country are yet to return to their devastated homes and are living in makeshift houses on the embankments, roadsides, school buildings and cyclone shelters in great distress for more than one month. Over 350,000 people were displaced at the strike of Aila on May 25. They moved to makeshift shelters as tidal surges washed away their homes. The NGO observed that the situation might remain the same during the next three-four months until the breached embankments were repaired after receding of the water.
   Heather Blackwell, country head of Oxfam, after returning from the cyclone-affected areas said people were in urgent need of shelter, safe drinking water, sanitation facility and restoration of livelihood. Saline water continues to inundate villages and homes. The sanitation system, totally destroyed, contaminates the sources of drinking water.  High tides of saline water continue to flow in and out of the areas through breaches of embankments twice daily, and those go up to five metres in some places. Waterborne diseases are spreading among the affected people. Over 1,000 people are being admitted daily to the upazila hospitals of Koyra and Dacope in Khulna, and Shyamnagar in Satkhira with diarrhoea.
   
   Rent-seeking thrive
   Apart from coastal districts, throughout the country vulnerable Group Feeding Programme and other Social investments of the government are being subjected to heavy pilferage by rent-seekers. Old age pensioners cannot draw their pensions without paying more than fifty percent of their due amounts. Relief-thieves are ruling whether in the name of the local MP or the local upozilla chairman or simple in the name of local muscles of this or that faction of the ruling coalition's tentacles. Food for works has to be shared with multiple layers of rent seekers before reaching the recruits for the work, and often no work is done.
   Even without a hint about the enormity of malfunction of Sheikh Hasina's new term of governance, The Economist of London observed on June 11: "Hundreds of thousands of people in south-western Bangladesh remain homeless after a cyclone which struck in late May, killing at least 200 people. Much of the disaster area is still under water. Some 4.8m people have been affected, and recovery will be long-drawn-out. Gabura, an island of 38,000 people surrounded by torrential tidal waters, lost 87 people dead or missing (from breached) embankment.... They accuse the local authorities of pocketing most of the money allocated for maintaining the embankment. Oddly, the Prime Minister, Sheikh Hasina, has not yet visited the disaster area.
   "But then, since her party, the Awami League, swept to power in an election late last year, her government has found little time for governing. Rather, it has been preoccupied with constitutional issues, and the call for trials of those accused of war-crimes in the 1971 war of secession from Pakistan. It has also been dealing with the fallout from a bloody mutiny by paramilitary border guards in February.
   "The report of an official investigation into the mutiny, during which at least 80 people were killed, including 57 army officers, is silent on the reasons behind it. It rules out the involvement of politicians, Islamist militants and foreign governments. But the government's response-including stepped up counter-intelligence and the immediate creation of a "National Crisis Management Committee"-shows it sees the revolt as more than a spontaneous outburst by hot headed, underpaid soldiers.
   "With the Bangladesh Nationalist Party (BNP) opposition in shambles, the army is the government's biggest problem. It is still seething over the losses sustained in the mutiny. But a confrontation is unlikely."
   
   Fear psychosis
   Is it truly unlikely? What with frequent high-level transfers in the civil administration and some sackings in the military, rumours are rife that Sheikh Hasina and her Home Minister are both obsessed with the fear of enemies within their forts and are themselves keeping the administration paralysed by suspicion and inaction. The Economist comment also did not fail to note that:
   "Corruption-like visiting disaster victims-is low in the government's priorities. This week 12 corruption charges against Sheikh Hasina brought when she was in opposition were dropped. Her government is still very popular, despite crippling shortages of gas, electricity and water."
   On June 24, the Economist revised its estimate about the government's popularity with the words "appears to have" public support, and wrote: "Bangladesh's ruling coalition, led by the Awami League (AL), faces significant challenges on several fronts. In addition to dealing with problems posed by the downturn in the global economy and regular domestic power shortages, the government has been preoccupied with the consequences of a bloody mutiny staged by members of a paramilitary group, the Bangladesh Rifles (BDR), in February and with the rising threat posed by Islamist militants. The government also needs to address a number of constitutional issues relating to its pledge to prosecute those accused of collaborating with the Pakistan army in committing atrocities during the liberation war of 1971.
   The government's main worry remains the mutiny, in which at least 70 people were killed, including the head of the BDR and around 50 regular army officers seconded to the paramilitary unit."
   The June 24 report repeated that "the army is the government's biggest problem. It is still seething over the losses that it sustained in the mutiny. To appease the generals, the mutineers, who are not part of the army, are likely to be prosecuted under military laws. Another factor helping to avert a confrontation between the government and the army is that a successor to the current chief of the armed forces, General Moeen U Ahmed, has been chosen by the Prime Minister, Sheikh Hasina Wajed. Lieutenant General Mohammad Abdul Mubeen took over the role on June 15th. Little is known about the service history of the new appointee, but he is known to have played a constructive role in the handling of the mutiny."
   The apparent public support for the government is fast giving way to public resentment over lack of governance. Rent-seeking goons under quasi-political umbrella are adding to the sense of insecurity of the public. Repeated warnings are also coming from another watchful corner. US State Department is telling the government that its borders are not adequately protected. Common people's experiences at the border including random killings by BSF men shooting at Bangladeshis in the no man's land from behind the Indian fences are continuing to cause loss of faith in the listless government of Sheikh Hasina, who herself appears to be afraid of unforeseen sparks that might ignite a wildfire.

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RMG sector suffers again as
violence flares up

Special Correspondent

Readymade garment manufacturing sector that fetches the highest amount of foreign currency for the country and employs the largest number of workforce, mainly female workers, was again targeted for attack.
   The latest round of violence flared up in Savar last week as several hundred workers of the Suhi Industrial Park, an export-oriented sweater manufacturing factory at Jamgora, had been out on demonstrations for a few days demanding an increase in wages.
   The factory management had engaged in negotiations with their workers and wisely resolved the problems on Thursday. But the situation turned volatile on the next day when the workers discovered to their utter dismay that their three negotiators were summarily dismissed.
   The agitating workers entered into altercation with the management and soon took control of the factory premises, vandalised office furniture and set fire to the factory warehouses and a pickup van parked inside the factory in the next one hour and a half.
   The workers aided by outsiders turned violent as law enforcers shot dead a garment factory worker at Jamgora in the Ashulia Industrial Area at Savar on Saturday, sparking off a series of clashes in which more than 40 workers were injured.
   Meanwhile, Garment workers' organizations protested against the killing and asked the authorities concerned to punish the people responsible for the incident.
   However, Violence continued for the second day on Sunday as the workers vandalised more than 50 vehicles and fought with the lawmen in protest against the killing of the fellow on Saturday.
   The workers blocked the Ashulia-Tongi Road by starting fire with tyres. Traffic had been suspended for more than five hours on the Dhaka-Tangail Highway.
   The authorities of the garment factories at Jamgora and in areas near by announced a general holiday on Sunday fearing further troubles centring on Saturday's incidents.
   A large number of policemen and Rapid Action Battalion personnel reached the place, but failed to control the situation.
   The angry workers vandalised establishments of the Nasa Group, Meddler Group, Ha-Mim Group, Sharmin Garments Limited, Nurjahan Fashion, Dada Garments, Star Link, Setara Group, Nandan Sweater, Biswas Group and Ring Sing Garments, etc.
   In a quick mobilization, thousands of workers from other factories joined the protesters and they together tried to march towards the Dhaka Export Processing Zone.
   The police immediately charged at them with battons. The lawmen fired more than 100 rubbers bullets and teargas shells into the protests while the workers pelted the lawmen with stones.  The situation worsened when six of the protesters sustained bullet injuries and a man died on the spot.
   On the third day on Monday, five factories and two warehouses were torched and over 100 people were injured in clashes between protesters and police as garment factory workers continued violent demonstrations at Ashulia on the outskirts of Dhaka for the.
   Angry workers also set seven vehicles on fire during the clashes in which a number of journalists and policemen were also injured.
   Large contingents of police, Rapid Action Battalion and Armed Police Battalion deployed on the scene repeatedly asked the workers to withdraw the blockade, but the workers divided into small groups and marched towards the nearby factories where production continued.
   Superintendent of police for Dhaka Mohammad Iqbal Bahar told newsmen, 'a section of workers with the help of outsiders unleashed the violence by spreading rumours and we have identified them.'
   Reactions from BGMEA and Government
   BGMEA president Abdus Salam Murshedi blamed the 'outsiders' for igniting the present violent situation in the areas.
   'It is the responsibility of the government to stop the unrest immediately and find out the culprits to save this vital sector from ruination,' he noted.
   Murshedi informed the briefing session that the family of the killed garment worker Al-Amin was already given Tk 1 lakh and Tk 2 lakh more would be provided.
   Meanwhile, security has been beefed up with special surveillance over the Chittagong city's apparel sectors as tension brewed here against the backdrop of violence in the garment factories in Dhaka,
   Leaders of the Chittagong chapter of the BGMEA, headed by its first vice-president Nasiruddin Chowdhury, held a meeting with the police administration on Monday afternoon, seeking supports to ensure security in the garment industry areas, officials informed.
   The government on Monday warned that every necessary action and measure would be taken against subversive activities in the export-earning readymade garment sector.
   In a press release, the labour and employment ministry said measures were being taken against those responsible - be they owners or workers - after investigation into the destructive activities in garment factories on the outskirts of Dhaka last week.
   In an emergency meeting, the labour ministry decided to solve the problems of the RMG workers through tripartite dialogues, simultaneously blaming vested quarters for committing sabotage in the garment sector, according to the release.
   Violations by the factory owners
   A recent government survey conducted by the office of the Chief Inspector of Factories, found that almost 15 per cent factories failed to pay their wages and salaries regularly.
   This survey included, 825 factories in Dhaka Dhaka, Gazipur, Narayanganj and Chittagong, and was conducted between January and May. In terms of implementation of basic labour standards, the survey found that 34 per cent of the garment factories were at an unsatisfactory level.

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"BILATERAL" (!) NEGOTIATION ON RIGHT TO BAY OF BENGAL WITH INDIA, MYANMAR!

Dipu Moni ignorant about Ganges
Water Treaty clause

Moinuddin Naserin New York

Foreign Minister Dipu Moni expressed her ignorance about the clause of the 1996 water treaty that dealt with the sharing of waters of all common rivers between India and Bangladesh. She has also eyed on dealing with the resolution to maritime boundary particularly the Indian and Myanamar submission for extended continental shelf to the United Nations bilaterally (!). These idea were expressed by her at a press briefing held on June 26, Friday last at the permanent mission office in New York after attending the three day UN financial summit.
   
   Tipaimukh Dam
   "I have no copy of the Ganges Water Treaty (GWT) in front of me and when I have no idea about the clause of sharing waters of common river, I cannot say anything right now", Foreign Minister Dipu Moni said this when she was asked by this correspondent whether she considers that construction of Tipaimukh Dam was a violation of the Article ix of the 30-year Ganges Water Sharing Treaty which noted the need for conclusion of "water sharing Treaties / Agreements with regard to other common rivers since the Barak is a common river."
   When asked that the Article (ix) was a simple article which opted for sharing of water of all common rivers between India and Bangladesh, Dipu Moni said that without looking to the article she could not make any comment.
   
   Our Mission at UN has no copy
   It was absurd that the Permanent Mission of Bangladesh to the United Nation does not have any copy of the international treaty like the Ganges Water Treaty. The Permanent Representative of Bangladesh to the United Nation Ismat Jahan -- who was raising her eye brows time and again following the question -- also did not say anything about the clause nor did she make any comment.
   However economic affairs adviser Dr Moshiur Rahman, who was also present in the press conference, picked up the question and said that the previous government did not raise any question about the clause with India. When this correspondent threw the question towards him again, he also became silent.
   The most talkative consul general Shamsul Haque, who was also present there, kept his head down, while it seemed that he knows about the Article but in no way he can say that before the Foreign Minister.
   Replying to another question Dipu Moni said that "all the data about Tipaimukh Dam have arrived and those have been given to Joint Rivers Commission (JRC) and Permanent Committee of the Bangladesh Parliament for their perusal and analysis".
   
   Objections to claims
   of Myanmar, India
   Earlier, this correspondent raised question as to when the Bangladesh government would give objection to submission of claims on Continental Shelf in the Bay of Bengal by India and Myanmar. Replying to this question Foreign Minister Dipu Moni said, "Bangladesh has time for giving objection until July 2011".
   This correspondent pointed to the fact that the time frame is for submission of Bangladesh claim, but the objection to the claim by Myanmar should be submitted before August when the 24th session of the UN Commission on Law of the Sea (UNCLOS) will begin, and then it will take up the claim for discussion. On the other hand the Indian claim will be taken up for discussion on the 25th session, which is likely to begin in March 2010; so Bangladesh will have to object to Indian submission before that period.
   Resolving bilaterally!
   Following this question Foreign Minister Dipu Moni said: "Bangladesh will give objection in due time. Apart from that there is also scope to resolve the issue bilaterally."
   On this point Permanent Representative Ismat Jahan -- whose name has recently been announced as Ambassador to Belgium -- raised her eyebrows again and tried to say something, but later stopped, due to unknown reason.
   It was a matter of great disappointment to see the style of handling such important issues by the Foreign Minister and her crew in the Permanent Mission at UN.
   
   Pinak Ranjan
   When asked why she did not protest against the undiplomatic behaviour of Indian High Commissioner Pinak Ranjan, the Foreign Minister said that, she did not protest as the Foreign Minister. She said that Foreign Minister should not protest the comment made by a High Commissioner. Such protest should be done by the concerned Director General or for that matter by the Foreign Secretary.
   She said that India is the main neighbour of Bangladesh and she wanted good neighbourly relations with India. She said that in the whole world there is no integrity among the countries in our area such as among Bhutan, India, Nepal, Myanamar and Bangladesh. She said that we should strive to defuse such attitude of disintegrated policy formulations. This is the unique region of the world, where disintegration of policies is so much exposed.
   
   'Buffer state'
   Foreign Minister Dipu Moni said that she had replied to the question of Indian journalist during her India tour, when she was asked whether Bangladesh was a buffer state. She said that her answer to the question was not reported in the newspapers. She said that politically or geographically, Bangladesh can not be defined as buffer state. She said that Bangladesh would never allow its one inch of land to be used by any force against any other country under any circumstances, so it can not be a buffer state.
   When asked why another minister, Ashraful Islam, made a statement that the Foreign Minister did not understand the word ''buffer state'', Dipu Moni said that she would not make any comment against of her colleague.
   
   UN tour
   During her hectic programme at the United Nations, Dipu Moni had bilateral talks with her counterparts from different countries. Apart from that she had meeting with the Secretary General. Besides she had discussed about the issue of trial of the war criminals with UN officials, where the officials from Legal Affairs Office of the United Nations were present. She said that the Government had taken up the issue of trial of war criminals very seriously and thus it will not be wise to go ahead with this matter so hurriedly.
   
   No request for elimination of loan
   Replying to another question, Economic Affairs Adviser to the Prime Minister Dr Moshiur Rhaman said that Bangladesh would not make any request to the aid giving agencies to eliminate the burden of loan. He said that investment opportunity in Bangladesh is so bright that the country does not require any mercy for loan. Rather the donors appreciated the loan payment situation of Bangladesh and now they don't want to consider Bangladesh as a least developed country any more. If Bangladesh asks for waiver of loan that may make Bangladesh economically vulnerable as the donors may think that the country does not have the capacity to reimburse the loan.
   
   Ambassador to Saudi Arabia
   In New York everyone knows that Dr Abdul Momen, brother of Finance Minsiter Abul Maal Abdul Muhith, will be the Ambassador of Bangladesh to Saudi Arabia. Dr Momen's previous background of working in Saudi Arabia on behalf of a US institution, and recent receptions arranged in his honour, as he said, he has already been appointed Ambassador of Bangladesh to Saudi Arabia.
   But Dipu Moni made it clear that his appointment has not been finalized. She said that she did not have any knowledge whether he is going to be made the Ambassador to Saudi Arabia.
   
   Gen. (Retd) Moin
   Dipu Moni also said that she had no knowledge about the appointment of Gen. (Retd) Moin U Ahmed as Permanent Representative to the United Nations. She said that his name has not been proposed to her by any quarter to appoint him to any foreign mission.
   Destructive comment is suicidal for us
   Foreign Minister Dipu Moni said: "For God's sake don't say that Bangladesh has been infested by the extremists. Uttering this kind of destructive comment is suicidal for us. This kind of comment is greatly affecting the country."
   The Foreign Minister urged the leaders of the International Committee Against War Criminals and Genocide, an organization of pro-independence forces, who went to meet her at the office of Consulate General. Among them were Shachin Karmakar, Hakikul Islam Khokan, Helal Mahmud, Abdul Mosabbir and Ratan Barua.
   Dipu Moni said that this kind of comment goes against the country. When one says that the country is infested with terrorists, that creates problems for exporting manpower. It is not important in foreign lands who supports which party; this is destroying the image of Bangladesh. But the behaviour of Bangladeshis generates doubt about Bangladesh in many countries. The fact is extremism did never get any recognition from the people of Bangladesh.

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RMG UNITS AFIRE

Culprits belong to Jubo League

Faisal Rahim

Amidst deep concerns, the nation helplessly witnessed last week's anarchy and repeated violent attacks on its vital RMG units and sensitive economic installations around Dhaka city owing to appalling law and order situation. All that was happening when law and order situation was deteriorating in the country.
   The Home Minister advocate Sahara Khatoon is bedridden following an accident and is recovering at a Singapore hospital. The State Minister for Home Tanzim Ahmed Suhel Taj is vacationing in the USA on an open-ended holiday tour. Nobody knows when he may return home.
   
   Wanton violence
   In such a huge vacuum, the nation saw the wanton violence in the outer edges of the capital city at Ashulia and razing flames of a sweater factory there which burned merchandise in the production belt worth tens of crore Takas along with the burning the modern factory buildings.
   Earlier in the week, the city witnessed the gruesome murder of three persons at the Kawran Bazar wholesale market in which miscreants gunned down them reportedly in retaliation of a previous murder of their henchman.
   The murdered persons were leaders of a group - one is identified as a local leader of Awami League, another as a leader of Jatiya Party and the third was president of fruit merchants association. They were running the group to collect illegal tolls from wholesalers amounting to nearly a crore Taka daily and from suppliers of vegetable to the market who come from the districts with the merchandise to the city centre.
   
   Hoax phone call to DSE
   Another news that shocked the nation last week was the hoax telephone call to Dhaka Stock Exchange (DSE), the country's main capital formation centre trading shares and dealing with assets worth several thousand crore Takas. The caller said a time bomb had been laid at some place in the sprawling building to explode by 2.00 PM. It panicked visitors and disruption to trading as the authorities has to suspend business on the floor. They called the law enforcing agencies to deal with the situation as the inmates vacated the building to their safety.
   Later on intensive search produced nothing giving the impression that the unholy quarter behind the move wanted to destroy people's confidence in the bourse and disrupt the growing investment in stocks exposing its vulnerability to unknown attacks. It reminds us how Mumbai stock market was destroyed several years ago by a real bomb blast. It wanted to pass the message that such an attack can not be ruled out.
   
   Enemies of economy
   The question which is perturbing the nation's mind this time is who are those enemies of the nation's economy and its sensitive business installations. Who are masterminding such attacks and trying to take the economy and business hostage? Why is the government failing to nab the enemies and bringing them to book? People say, the culprits need to be awarded exemplary punishment.
   These are not just few incidents. In fact the nation is witnessing murders, robbery and snatching of money and assets every day throughout the country and newspaper reports say the culprits in most cases are the party leaders and activists of the ruling Awami League and its front organisations.
   Reports said, the persons behind the arson of the Ha'mim Group garment factory at Ashulia is none but a local MP and his associates.
   Reports said they were trying to negotiate fixed tolls and moreover establishing control on the marketing of factory waste (jhute). But as the Ha'mim Group and its sister concern Sharmin Group did not agree to give it to the perpetrators, they became hostile and mounted the attack on the factory at the end.
   
   Jubo League leader, NGOs
   Eyewitnesses during the carnage said local Yarpur Jubo League leader Shumon led the procession of workers who were agitating protesting the killing of a worker two days ago from Ansar firing. Shumon is not a worker or a leader of the working people and yet provided the leadership to agitated workers and hastily mounted the raid on the factory, spread inflammable materials on merchandise and set the house on fire. It quickly engulfed the tall building and gutted it to a virtual ruin.
   Some NGOs -- who are overtly working to promote workers welfare -- were also behind creating the unruly situation that took place last week in the industrial belt. They incited the workers. BGMEA leaders who represent the apex trade body of the country's garment sector also blamed those foreign-supported NGOs for promoting violence aimed at destroying the country's garment sector for promoting interest of parties in third countries.
   But the torching of the Ha'mim Group sweater factory is something different. The miscreants took advantage of the situation and burnt the factory to mitigate their rage of failing to extract regular tolls and establish control of the disposal of garment waste involving hundreds of crores of Taka business annually.
   
   Perpetrators identified
   Reports said Prime Minister Sheikh Hasina had asked the authorities for quick mobilization of protective measures to save the country's top business sector from harm. Commerce Minister Faruq Khan has also talked tough to warn the perpetrators that many of them have been identified and the law enforcing agencies would take on the rest of them. But the question is who would bell the big cats of the ruling party and how they would be dealt with.
   Immediately after the factory was gutted, the crisis management committee at the Home Ministry sat with a joint secretary and deputy secretary handling the entire situation. BGMEA leaders joined them with representatives of other law enforcing agencies such as police, RAB and so on. News reports said the meeting decided to further boost the presence of police and RAB in the industrial area. Moreover, forces would move quickly on indication of growing tension etc. Observers say, it is not something new, like the present government; past governments made similar decision without action.
   They say, it is not the question of mobilizing police but demobilizing the party leaders and cadres who are creating the situation under the nose of the members of the law enforcing agencies.
   News report said police around the Ha'mim Group factory left the venue few minutes before the raid on the factory. If it is true, there is no point in strengthening the presence of forces. The key to solution of such problems thus lies in drastically punishing the perpetrators and political decisions to keep the business and economy out of the reach of the party leaders and cadres. Analysts suggest, the Prime Minister should move towards this direction.

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Nirupama Rao: Delhi's Next
Foreign Secretary

Siddharth Varadarajan

The Indian government last Tuesday named Nirupama Rao, currently Ambassador to China, as its next Foreign Secretary. She will succeed Shiv Shankar Menon, who retires at the end of July.
   A 1973-batch officer of the Indian Foreign Service, Ms. Rao has had extensive experience working the full range of diplomatic assignments that a prospective Foreign Secretary is expected to have under her or his belt: important postings in one or more of the five permanent members of the UN Security Council, an ambassadorship in India's immediate neighbourhood and line responsibilities at the headquarters.
   Prior to becoming India's envoy in Beijing, she was High Commissioner to Sri Lanka. Her other diplomatic jobs included being Ambassador to Peru, deputy head of the Indian embassy in Moscow, and Minister (Press) at the Indian embassy in Washington, DC. At the headquarters, she ran the East Asia desk for several years but her most high-profile assignment was as spokesperson of the MEA, a job she performed with distinction and flair during a difficult period in the bilateral relationship with Pakistan: the Agra summit of 2001 and the military stand-off of 2001-02.
   A published poet, Ms. Rao will be India's top diplomat till at least December 2010, when she turns 60, the official age of retirement for civil servants.
   As spokesperson, Ms. Rao was witness to the sometimes testy relationship between Jaswant Singh, who was External Affairs Minister at the time, and Brajesh Mishra, who, as National Security Adviser, played a major role in foreign policy management in the Vajpayee era.
   Returning to Delhi at a time when the MEA is headed by new and relatively inexperienced Ministers, the incoming Foreign Secretary will have to interact with a PMO that is playing an even larger role in strategic and diplomatic affairs than it did a decade ago.
   Courtesy: The Hindu

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GLIMPSES OF THE GREAT

George Soros

K. Z. Islam

George Soros, by any measure, is one of the half dozen or so of the world's most successful investors. For the 30 years from 1969 through 2000, when he retired from active fund management, Soros's Quantum Fund returned investors an average of 31% a year. Ten thousand dollars invested with Soros in 1969 would have ballooned to $43 million by 2000, a good 3 decades' work by any standard.
   Born in Budapest in 1930 Soros grew up in a cultured but not wealthy family. After having gone through severe suppression by the Nazis, George at 17 managed to get to London. He supported himself with odd jobs - while reading voraciously and getting admitted to London School of Economics from where he graduated. After graduation Soros finally joined a London securities firm in 1953 and became an arbitrage trader - exploiting temporary price misalignments among similar securities. He migrated to US in 1956.
   His timing was perfect. Europe was in full recovery mode. By 1967 he became Research Director of a substantial firm where he was encouraged and he created Eagle Fund, a mutual fund with $3 million of initial capital. It was very successful, and in 1969, the firm created the double Eagle Fund. This was a hedge fund, and Soros was on his way.
   The vast economic disruptions of the 1970s offered splendid opportunities to an investor like Soros and his Quantum Fund founded by him. Quantum Fund has been in operation since 1970. The fund contracts with the management company for investment services in return for a fee of 1% of asset plus 20% of profits most of which accrued to Soros personally. Soros has operated throughout the world including Asia, Europe and America. The episode worth recalling is when he earned a ten figure profit from almost single handed forcing the devaluation of the British Pound.
   Great Britain chose to join the European Rate Mechanism (ERM) in 1990. The ERM was adopted in 1979 to reduce exchange rate disparities as part of the agenda to move toward a currency union among the common market countries. The strains on the ERM in the early 1990s can be traced to the reunification of Germany after the fall of the Berlin Wall. To maintain a uniformity of income between the reunited East Germany and West Germany the united country chose to peg the East's nominal wages and income to the Western marks with severe consequences for the economy. To offset the inflationary impact of such a massive stimulus there was a sharp rise in the interest rate. The rest of the ERM countries had no choice but to follow suit. A British backbencher said that ERM stood for 'Eternal Recession Machine'.
   By the summer of 1992, with the rate crunch biting deeper speculation against ERM currencies was targeted by the likes of Soros. Attention shifted to Great Britain. For the Pound gambit Soros quietly lined up Pound credit lines at banks around the world. Since he was the ultimate buyer banks were happy to lend. In all, he lined up $10 billion in credit at over 100 different banks worldwide under different names.
   The Pound had been under pressure all summer, falling more than 4% against the dollar. The Treasury borrowed $14.3 billion in marks in early September 1992 and bought Pounds aggressively in foreign exchange markets. On September 16, known in Britain as 'Black Wednesday', the Bank of England pushed up its own discount rate from 10% to 12% and promised to go 15% if necessary. With a public already outraged by harsh British recession, it was not credible. A global wave of Pound sales engineered by Soros overwhelmed the British defences. It suspended its membership of ERM and Pound quickly dropped about 10%. From that point the ERM was effectively dead letter.
   Soros conceded that his sterling profits were approximately $1 billion, and that his total winnings, including related bets like his long position in British Pounds roughly doubled that total. The above episode of Soros breaking the Bank of England is just a glimpse of his financial wheeling and dealing. He was involved in many such episodes like the meltdown in Asia in 1997 when he had to face a severe criticism from Mahathir bin Mohamad of Malaysia.

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Socio-political environment not conducive to investment: Minto

Abdur Rahman Khan

Bangladesh is passing through a period of stagnant investment for the last three years. The business community also does not expect a lot of investment in the coming years.
   "Nobody would be interested in taking the risk of losing money or even life by investing in a present-day Bangladesh where the overall socio-political environment, the infrastructure and the law and order situation remains unfavourable," said Abdul Awal Minto, a business magnate of the country.
   It is not enough to have some good paragraphs written in the budget documents and presented in a discussion session to encourage investment in the country, but the actual progress should be reflected by implementing the words into reality, he empahsised.
   In an exclusive interview with The Holiday, Abdul Awal Minto stressed that a favourable budgetary provision is a small part of the whole investment process. It not only requires a favourable fiscal policy but also a congenial monetary policy that should be implemented independently by the central bank.
   He said that an expansionary fiscal policy is always bad for investment because it would increase the tax burden. If the fiscal policy and the tax policy fluctuate, the investment also becomes shaky.
   While announcing the budget for 2009-10 financial year, Finance Minister AMA Muhith has proposed to accept undisclosed money without any question during the period from July 1, 2009 to June 30, 2012 provided that a payment of 10 per cent tax is made and it is invested in certain new industries and also BMRE of units in the same industries and provision of physical infrastructure facilities and shares of listed companies of stock exchange.
   The Finance Minister also referred to the government initiative to set up Bangladesh Institute of Capital Market to train the investors and the officials working in the capital market. Abdul Awal Minto observes that the budget 2009-10 may not have any immediate impact on the country's capital market but there is a hope for long-term development of some un-addressed segments like bond market, capacity enhancement of both regulators and market intermediaries.
   
   Resource shortfall
   Estimating a resource shortfall of more than $1 billion (over Tk 7,000 crore) for the next fiscal, finance minister AMA Muhith called upon the private sector to make the new initiative successful.
   Government proposal for Tk. 100 crore to meet the emergency requirement of the ICT sector to build Digital Bangladesh may be welcomed only when it is properly utilized giving the desired results, Minto said.
   It is true that the Government has come up with a huge investment plan in social sector, infrastructure and utility development services but these do not make a conclusive decision that we have an investment-friendly budget.
   "It largely depends on the overall environment that includes political stability and a congenial law and order situation", Minto said.
   "We have virtually a one-party parliament in the country, we have got labour unrest often instigated by outsiders, we are facing extortion in every sector and we often get scared with the killings of businessmen or political workers" he said while explaining the hostile situation.
   He also referred to shocking problem of power and gas supply, insufficient road network, poor transport facilities and the delay in port operations as hindrances to investment in Bangladesh.
   
   'Dhaka doesn't attract'
   Moreover, he added, the capital city Dhaka does not offer an added attraction to the investors. Dhaka cannot attract many of the investors due to its time-killing traffic movement and lack of attractive hospitality, amusements, entertainment and cultural life, Minto said
   Abdul Awal Minto, a former President of the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI), country's apex business and trade and business organization, warned that the country may not succeed in its fight against poverty and cannot achieve economic progress without increased investment. Lack of investment would not only affect the economy but create unforeseen social disorders with increased employment.
   It would not be possible to absorb all the huge unemployed labour force in agriculture alone, Minto said adding that the agriculture sector presently employs only 45 per cent of the workforce to contribute only 25 per cent in the GDP.
   Minto hoped that the political leadership should pay serious attention to create favourable and congenial environment for increased investment and thus generate more employment and achieve the millennium goal for poverty reduction.

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CHINA'S ENVOY AFTER VISITING M.E. SAYS

Peace process should be
pushed confidently

Liu Yuehua in Damascus

China's new special envoy to the Middle East Wu Sike said last Monday in an interview with Xinhua that the concerning parties of the Middle East peace process should hold confidence to make progress. Wu was in Damascus last Monday, starting the last leg of his five-country tour of the Middle East as China's new special envoy.
   After meeting with Syrian Foreign Minister Walid Mualem and Vice President Faruk Shareh, he said that Syria and China has enjoyed good bilateral relationships and Syria appreciates China's role in the region and the Middle East peace process.
   Wu, former Chinese ambassador to Egypt, was appointed as the special envoy to the M.E. in March this year to replace Sun Bigan. He had been the director of the Department of West Asian and North African Affairs in the Foreign Ministry, ambassador to Saudi Arabia and Egypt, and also the first Chinese plenipotentiary to the Arab League. Before visiting Syria, Wu has already visited Egypt, the Palestinian territories, Israel and Jordan in his familiarisation tour.
   Wu said: "It is necessary to enhance the coordination and communication between two countries," and stressed that just and comprehensive Middle East peace could only be achieved by abiding by the relevant international resolutions and the land-for-peace principles.
   "We had talks with Minister Mualem on the latest developments in the region," the Chinese official said, adding that he told the Syrian leaders, "we support the return of the occupied Golan heights and the establishment of a viable Palestine state with independent sovereignty."
   He also told reporters while positive signs have turned up in the region confidence is still needed, because "we have a long and tough way ahead to finally reach a just and comprehensive peace in the region." During his first stop in Egypt on June 21, Wu met Egyptian Foreign Minister Ahmed Abu Gheit, and he also had talks with the Cairo-based Arab League Secretary General Amr Moussa.
   The Chinese official told Egyptian officials that "Negotiation is the only and the best way to solve the conflicts in the region and China will support all the efforts in this regard."
   After holding dialogues with Arab and Israeli officials, Wu noted that Arab world has seen the positive factors in Israeli Prime Minister Benjamin Netanyahu's recent foreign policy speech, which conditionally accepted the two states solution for the first time.
   However, Wu pointed out that the Arab world widely opposed the preconditions of establishing a Palestinian state in Netanyahu's speech, highlighting that the Palestinian state is unable to exist with those conditions. "Israel could not achieve its ultimate security until Israel and the Palestinians realize their peaceful coexistence," said the Chinese envoy, noting that "I have urged the Israeli leaders and politicians to accept the two states solution, stop establishing settlements and negotiate with Syria and Lebanon with concerning issues." Meanwhile, the Chinese envoy, who is also scheduled to visit Lebanon and Russia, stressed that China is willing to support all efforts to make peace in the Middle East.
   "Both Arab world and Israel are waiting for the other side to make a substantial step, therefore the international community needs to push forward the process," said Wu.
   ----- Xinhua News

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FOR NEXT 10 YEARS

US to have $1 trillion annual
budget deficit

Fazle Rashid in New York

The United States of America, the mightiest and wealthiest nation of the world, will face a budget deficit of over $1 trillion in each of the next 10 years. The national debt will double to 82 percent of the GDP in the next five years. These forecasts cannot be dismissed as they have come from the highly credible Congressional Budget Office, a non-partisan watchdog.
   Figures, indeed, are frightening. It is frightening simply because the global economy swirls round the American economy. Depressing signs have already begun to surface. The United States is the largest contributor to all multilateral agencies like the UN, World Bank and International Monetary Fund. All these organizations are shorn of funds. Even in normal condition the flow of funds from the US to these agencies were less than quarter of their total commitment. The situation would aggravate further.
   The US has already asked the UN to scale down its peacekeeping programme and made similar request to World Food Programme. The WFP needs $6 billion plus to feed the hungry people in the world. It has not more than $1 billion at its disposal. Recruitment to peacekeeping force has been stopped and no new area of operation is being planned. The Asian Development Bank has warned that the global economic malaise is creating a social crisis in Asia with slower growth rate leaving millions more people than expected mired in poverty and malnutrition. Rajat Nag, the managing director of the ADB said weak economic growth in Asia estimated not more than 3 to 4 percent would leave 60 million people in poverty, the Financial Times reported. The warning is aimed at dispelling complacency in China and India. Some 10 million more people would remain malnourished, the daily reported.
   The global economy will not grow more than 1 to 3 percent. This is a projection shared by the World Bank, International Monetary Fund, Asian Development Bank, European Central Bank, Organization for Economic Cooperation and Development (OECD) and Bank for International Settlements and many analysts and market watchers. The only country that will record a six percent growth rate is China. Lack of international credit has made things worst.

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