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This is a really good read... I have only copied the first paragraph, but you should take time to read the whole article ....
Over the past couple of months the prime minister's energy advisor Tawfiq-e-Elahi Chowdhury has been coming up with all sorts of new theories of western conspiracy to explain the prevailing crisis. I feel the need to explain that blaming the West is a strategy to cover up the failures of the government's policymakers.
https://en.prothomalo.com/opinion/op-ed/3fft91w18f
Good find Searcher, the article is spot on he is just trying to deflect the blame whereas the mess they are in is largely a result of his former influence, his comments were ludicrous to the point of desperation, my understanding is he is sidelined now as they have finally realised he is a liability. I was watching Narsul Hamid when Chowdury was talking at that Engineers conference and his face said it all, cringeworthy !
ECONOMIC CONTRIBUTION
The Project will make a substantial contribution to the economy of Bangladesh. The Project will contribute 1.5 percent to the country's GDP each year throughout its 30 year life. Approximately a third of all revenues, or around $9 billion, will flow to the Government in the form of royalties, taxes, duties and service charges. The Projectβs mine operation alone will create around 17,000 jobs (direct and indirect) and the development of new industries using co-products from the mine and those enabled by Phulbari coal being used to generate electricity will create many thousands of more jobs. Training and employment opportunities will be provided to ensure that the benefit to the local communities is maximised.
The improved regional infrastructure necessary to support the Project will provide a catalyst for further development. For example, the fees paid for the transport of coal on the domestic rail network will finance the necessary network upgrades that would then be available to other rail users. Similarly the import of equipment for the mine and shipment of coal will provide the impetus for improved port facilities.
The Project will also have a positive effect on the balance of payments as it will reduce the need to import coal and other hydrocarbons.
Attribution for GP's post https://www.gcmplc.com/phulbari-coal-project/benefits/economic-contribution . I emphasize this after referring to my favourite profile for Professional who seems to think by implication that OPM is going to cost Bangladesh. It is a capitalist enterprise for the benefit of Bengalis with the money for development raised by GCM, for his information.
Doze you should think a bit harder.....
If they default before benefits role in more will be for own people. Lets put it in simple words so you can understand....therefore delay until after default... capice? Or still to complicated?
And to spell it out for you ....if default has not happened creditors will claim proceeds as much as they can...
"Bangladesh should Defauit imho"
Are you MAD mr Professional? Do you have any idea what this mean for int Credit rating / Economy?
How does this get country out if Foreign energy dependence hole which needs Foreign Currency to pay for it
Your ignorance of this things is beyond belief sir.
Goodnight!
Mr Wos i studied emerging markets. It would not be the first default now is it..
Ofcourse bangla is in terrible place and will be for years whichever route they take. Default imho best route for LT... maybe not for GCM but do not think they care as it is only a company with a few shareholders
Mr Professional - You say you "studied emerging markets" just like you say a lot of stuff like you have everyone's personal IP addresses.
Most have long since understand you are compulsive liar in these things sir.
Best way forward is to exploit DOOMESTIC ENERGY!!
Only person who have NOT studied this things will say best way is for country default - this is Ridiculous and exposed tiu sir more then you think! π
Goodbye π¦
Mr wos LOL.
You sound afraid....
If you want to discuss previous defaults. Please pick your country and why it was the wrong move?
'A sovereign default is a nations's failure to repay it's debt obligations. It has SERIOUS Economic consequences for the nation making it EXPENSIVE or IMPOSSIBLE for it to borrow money in the future. It also causes DIMESTIC TURMOIL.'
You are mad if you think this is better then explotatiin of DOMESTIC ENERGY reseves.
Your argument is for those investors on BBs who do not understand basic economic fubdamentals - believe me those who understand are laughing at you!
Think not in mood to say more - people say bdersrand or not - simple!
π¦
Mr Wos we know you only copy paste and are a trader so understand this is to difficult...
More important Hasina will do what she thinks is best.....
But this is most simple picture.
Default current loans.
Turn to China for new loan
Get resources out and yes China will take most but probably the best outcome for Hasina and coal...
If you want debt relief in western world...it involves mainly green renewables and no coal. Not here to educate you as your IQ is way to low as we all know
So from the project economic details I posted straight from the Gcm website to demonstrate the value can we not determine the annual revenues to Gcm.
Iβll have a think and put some figures together.
"Turn to China for new loans" and cut off all other credit lines so Country only has single lender option (with terms set by that lender)??
Laughter INCREASES!! π
π¦
Mr Wos as always your IQ too low for sensible discussion.
You focus on Matd SIR... even believers are now seeing the reality and what do you do? Make fun of them and deflect as always.
Lets focus on trading sir. Only thing you are good for.
So sell again here today? Thanks
One thing we have establish when we take ridiculous options away is - most SIMPLE, PROFITABLE & QUICKEST solution to crisis Bangladesh is in - DOMESTIC ENERGY USE!
This is Obvious and Govt understand this with PR, Intel leakage already supporting this.
Gas exploration (on its own) - too speculative with longer timeframes / less certainty
Renewables (on their own) - cannot address scale of energy issue but can be part which GCM / Power China deal offer with JV component in (hinted at by Govt already).
Continue Energy Import - NO GO and FX (Worsening) crisis clearly show why
Domestic Production (not Phulbari) - Timeframe / cost not suitable and why comments already about "ALL" domestic mine resources.
Phulbari Development - ONLY option. Mentioned specifically by Energy Minister. Condition as long as locals happy / environmental issues address - BOTH have been.
This is potentially biggest Upside Risk v Reward ANYWHERE in Aim so people will take advantage of Opportunity or not.
Using my obviously "Low IQ" I think I can understand issues very clearly & choose to invest base on this. π
π¦
Sovereign debt and its implications do indeed cause civil unrest. I have first hand experience of how bad things can be. My career was as a farm manager and I was placed in various countries to help manage farms. One of my placements was in Argentina where I oversaw production at a multisite farming company. The crops were (Soya, Wheat, Cotton, Dairy, Pigs and Poultry, amongst others)mainly for export markets. I saw the effect of Debt defaults, debt restructuring, Currency devaluations and eye watering inflation on the general population. The civil unrest that ensued was in my opinion severely under reported by both the local and International media. I was shielded from the worst effects because as a foreign worker the way that I was paid shielded from any revaluations that occurred . But I saw the native Argentinians have to cope with real term decreases in the buying power of their take home pay, even when they were offered and accepted massive amounts of overtime. Workers in other industries who did not have access to overtime were even more badly affected! Bangladesh can hopefully avoid the Argentine Syndrome, although they need to bear in mind that China has them over a barrel and the Chinese are not renowned for their Altruism! Phulbari can, if handled by the Bangladeshy government in a professional manner that is mainly corruption free, (totally corruption free is a big ask) provide a boost to the economy. This might take the form of helping currency reserves and due to increased energy security encourage inward investment and expansion of the Bangladeshy economy in general. All IMHO.