Well, Wasn’t That a Bridge Too Far?
Ladies and gentlemen, welcome! Today we’re diving into the riveting world of economics, infrastructure, and the most extravagant bridge project since the Golden Gate. And no, I’m not referring to a new Starbucks opening under a railway overpass – I’m talking about the Padma Bridge! It cost nearly $1.9 billion, and let me tell you, if bridges could talk, this one would be shouting “Pay me!” louder than a taxi driver in a traffic jam.
The Great Currency Capers
So, first up on our economic rollercoaster, we see a significant amount of foreign currency being sourced from local banks and reserves. If you’re wondering where all that cash went, it wasn’t to fund a wild party on Khao San Road! No, it was used for importing machinery, raw materials—oh, and let’s not forget paying those foreign workers whose resumes must read like ‘World Traveler: Highly Skilled.’
But wait, there’s more! The local currency got borrowed through treasury bills and bonds at 7%-8% interest. Now, I’m no Wall Street guru, but that doesn’t seem like the best deal for the common folk. You’d get a better rate on a soggy piece of old bread at your local market!
Taxing Times
Domestic resource mobilization has increased the tax burden on the poor public as if they hadn’t been squeezed enough already. The prices of energy shot up faster than a rocket launch, eventually fuelling inflation. Yes, folks, nothing says good morning like waking up to find that your wallet has deflated faster than a balloon at a child’s birthday party.
The Price of Pride
Now, let us move on to the pièce de résistance—the notion that self-funding the Padma Bridge was a brilliant political decision. Spoiler alert: it wasn’t. As Dr. Fahmida Khatun pointed out, financing was mobilized from domestic sources at the expense of other critical investments. If only they’d involved a proper multinational donor agency—maybe a little accountability wouldn’t hurt, right?
I mean, can you imagine the construction costs spiraling like a bad reality TV show? Originally estimated at Tk10,161.75 crore for completion in 2015, the final tally reached Tk31,105 crore by 2022. That’s more twists and turns than a daytime soap opera!
The Fiscal Funhouse
Now, brace yourselves because here comes the crash landing. The disarray in the forex market and local currency markets was as predictable as the sun coming up. The Bangladesh Bank had to sell off its reserves to the tune of about $20 billion, and by October 2024, reserves dwindled down to a meager $19.8 billion. I mean, it’s like watching someone with a gambling addiction blow their life savings on a game of roulette—And they’re still betting!
Remember, Folks, It’s Not Over Till the Fat Lady Sings
In conclusion, yes, the Padma Bridge is completed, which is an achievement. But at what cost, my friends? A massive debt burden and a tax rate that feels more like a stealth tax rather than a fair exchange. Someone, please hand the bridge a mic—it needs to give a TED Talk on financial planning! Clearly, this is a lesson in what happens when you mix politics with big budgets without a proper understanding of economics. So, to paraphrase a famous saying: “With great power, comes great accountability.” And perhaps an open-door policy to the World Bank!
Thank you for joining me on this hilarious, yet tragically enlightening journey through money, bridges, and a few too many cups of coffee!
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