Muhith: We’re not interested in Chinese investments

“Most of the Chinese investments are supplier’s credit with tough conditions. The cost of the credit will be too high for the countries like ours” he told a pre-budget meeting yesterday, as quoted by an official who was present. Chairmen of different parliamentary standing committees attended the meeting. Finance minister made the observation when Chairman of Parliamentary Standing Committee on Civil Aviation Ministry Faruk Khan talked about a $25bn investment proposal from Chinese firm. “We do not want to take the Chinese supplier’s credit. This will not be good for our economy,” Muhith said. He also said the government would look into simplifying the Public-Private Partnership investment law. Finance minister’s initiative to set criteria for educational institutions to obtain Monthly Pay Order (MPO) facility was appreciated at the meeting. Muhith admitted that the budget implementation in the current fiscal year was poor compared to previous years, leading to lack of utilisation of funds. Faruk Khan, chairman of parliamentary standing committee on civil aviation ministry, said although agreements were signed with foreign investors, the government didn’t follow the terms of the agreements. He cited the example of Korean company Youngone Corp, according to the meeting sources. Ramesh Chandra Sen, chairman of standing committee on water resources ministry, emphaised that more funds are needed for water resources ministry. He said more funds should be used for creating job opportunities for millions of youth coming to the job market. RAM Obaidul Muktadir Chowdhury, chairman of standing committee on ministry of hill tracts, said the government has developed the Akhaura land port as Indian part has been fully developed.