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Dhaka, Bangladesh (AHN) – Bangladesh, the world’s poorest Muslim majority country, unveiled a $22 billion deficit budget high on defense expenditures and low in farm spending. The government projects revenue income at $16.01 billion in the coming fiscal year, up from nearly $13 billion. The budget was placed in Parliament on Thursday amidst a boycott by the main opposition Bangladesh Nationalists Party.

The overall agriculture budget decreased more than 12 percent while defense spending increased almost 29 percent, the largest rise among major sectors. Instead of investing in human development and infrastructure, money will go towards increasing Bangladesh’s military firepower and salaries of defense personnel.

Finance Minister Abul Maal Abdul Muhith has called for higher allocation in the energy and farming sectors to perk up economic growth. In a move to end a serious of power outage, the power production saw an increase of almost 20 percent as the finance minister outlined a plan to increase power generation by almost three times adding 7,800 megawatts to the national grid by 2013.

The minister set a 7.0 percent growth target for the gross domestic product (GDP) starting on July 1.

The budget holds down the rising inflation, principally blamed on price spirals and depreciation of the local currency, he explained.

Economic think-tank Unnayan Onneshan, in a quick assessment on Thursday said the government might face extraordinary challenge to reach the growth target as quoted in the budget document of fiscal 20111-12 due to lack of supporting base in the overall economy of Bangladesh.

The fiscal space squeeze and IMF condition for accessing one billion dollar loan to Bangladesh might also pave the way for increasing different type of inequality; such as geographical inequality, income inequality and social inequality in the country, the think-tank said.

Finance Minister almost echoed with the think-tank and said that the next fiscal year would be challenging for the economy. “Recovery from the recession and political instability pose a great risk for the economy and we’re going to form a taskforce to deal with it,” he told journalist on Friday.

He does not hesitate to blame that the economy has fallen into trouble after recovery from recession due to commodity crisis and in Bangladesh political stability rubs salt to the injuries.

The anti-tobacco lobby expressed mixed reaction, when the government increased tax to 42.5 percent to discourage smoking. The activists were expecting strict economic restrictions of the tobacco growers.

Bank stocks went up Wednesday and Thursday riding largely on report that corporate tax will go down to 40 percent for commercial banks.

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Tel Aviv, Israel (TML) – Western powers and their allies in the Middle East hope to grease the wheels of democracy and political stability as they begin to release billions of dollars in loans and other financial aid to the region’s Arab Spring economies.

The economies of countries like Egypt, Tunisia and Jordan are facing a near-perfect storm of political unrest combined with negative growth and rising prices for imported energy and food. But the emerging aid pipeline may be clogged by domestic opposition inside donor countries. Recipients may balk at the conditions placed on much of the aid.

Aid could ease the way for Egypt and Tunisia to evolve into Western-friendly democracies as well as give a boost to beleaguered friends like Jordan’s King Abdullah. Without it, deteriorating economic conditions risk strengthening the hand of already powerful Islamic movements and undermining public confidence in the free markets and private business that economists say are needed to ensure long-term prosperity.

“These countries, particularly Egypt, face a financial hole and their economies have come to a standstill. The way out is to spend money which their governments don’t have,” said Paul Rivlin, author of Arab Economies in the Twenty-First Century. But the recipients will have to show they are taking the right political and economic measures. “The U.S wants to draw them back into a Western orientation. But the political systems in these countries may draw them elsewhere.”

Egypt, as the biggest of the Middle East’s troubled economies and the country most likely to set the direction of the region political, is the focus of the aid.

The International Monetary Fund (IMF) kicked off the effort May 12, saying it would respond to Egypt’s request for as much as $12 billion. That amount has since has been lowered to $4 billion. But in the meantime, U.S. President Barack Obama last week offered to forgive some $1 billion in Egyptian debt and. Egypt is reportedly close to an agreement with the World Bank to receive loans worth $2.2 billion.

But the biggest largesse of them all may come from Saudi Arabia, which on Saturday pledged $4 billion in the form of soft loans, deposits and grants, the Egyptian Middle East News Agency (MENA) reported, citing Field Marshal Mohamed Hussein Tantawi, the head of Egypt’s ruling military council, as saying.

Egypt won’t be the only beneficiary of international aid.

On Saturday, the European Bank for Reconstruction and Development (EBRD), which was formed to smooth eastern Europe’s transition to free market democracies, is working on a program that may eventually lead to investment of as much as 2.5 billion euros ($3.5 billion) a year in the Middle East. The EBRD said it is considering a request by Egypt to become a country of operations. Morocco, another EBRD shareholder, has also expressed an interest in qualifying, it said.

On Monday, the Group of Eight (G-8) – a forum for many of the world’s biggest economies – will discuss how they can contribute to modernizing the economies of the Middle East, without pledging dollar amounts for assistance. A special session will be devoted to Tunisia and Egypt.

Tunisia plans to attract $5 billion a year in foreign aid, loans and private investments over the next five years during meetings at the G-8 summit, Finance Minister Jelloul Ayed said in an interview with The Wall Street Journal Friday. Tunisia would apply for a $500 million standby loan, possibly from the World Bank.

Obama told a visiting King Abdullah that he would provide Jordan with several hundred millions of dollars in aid, channeled through the Overseas Private Investment Corp. (OPIC). Obama said the funds would “leverage ultimately about $1 billion for economic development in Jordan.”

Rivlin said Washington will lead the aid drive and should America judge that the Arab Spring economies aren’t meeting its conditions it “will be difficult” for Europe and international institutions to provide it either.

The Arab Spring economies are in bad shape by almost every measure. The five countries hit hardest by turmoil will show a combined drop in economic output of about 2.3% this year, according to figures based on a forecast by the Institute for International Finance (IIF) released in early May.

Egyptian Finance Minister Samir Radwan estimates his country’s budget deficit will top 10% of gross domestic product in the coming fiscal year, up from a previous forecast of 7.9% and has to borrow to cover the gap. Its official foreign currency reserves have fallen to $28 billion, but some economists think the drop is bigger than being report.

Uri Dadush and Marwan Muasher, from the Carnegie Endowment for International Peace, expressed concern that it will be difficult to convince the leaders of Egypt and other recipient countries to undertake the economic reforms needed to rekindle economic growth and enable them to eventually get off aid.

So far, the transitional governments of the region, as well as veteran leaders trying to retain power, have increased subsidies for consumer goods and promised to create jobs, all at a cost to badly strained budgets and economic efficiency. But Dadush and Muasher add that the bigger problem may be convincing Arab public opinion that free markets are beneficial.

“Change in the Middle East is about refusing an autocratic political system and calling for democracy – without a clear vision for what economic system should be put in place,” they wrote in the National Interest on April 13. “There is a significant possibility that the governments that ultimately emerge out of this crisis will renounce previous economic reforms as misguided.”

Indeed, many analysts think Egypt won’t agree to the economic reforms the IMF typically demands in exchange for its aid, such as subsidy cuts, for fear that they will spark another round of mass protests like the kind that brought down President Husni Mubarak in February.

“For understandable political reasons, the Egyptian government says that it is unthinkable to cut subsidies for food or energy. But can the IMF simply extend a loan without any conditionality? I doubt it,” Gideon Rachman wrote in the Financial Times last week.

Back at home, both American and European leaders will have to make a case for sending billions of dollars overseas at a time when they are experiencing severe economic difficulties of their own. Europe is trying to put out debt fires in Greece, Portugal and Ireland.

In the U.S., President Barack Obama is battling Congress over increasing the country’s debt ceiling. He faces opposition from a Republic-controlled House of Representatives to helping countries whose allegiance to America is more in doubt as long-time pro-Western despots are replaced by governments whose views are yet to be fully articulated.

The U.S. budget is weighed down by $14 trillion in debt as the White House and Congress fight over raising the national debt ceiling.

“Considering our own national debt, we cannot afford to forgive up to $1 billion of Egypt’s debt,” Elena Ros-Lehtinen, the chairwoman of the House Foreign Affairs Committee, said last Thursday. “The U.S. should only provide assistance to Egypt after we know that Egypt’s new government will not include the Muslim Brotherhood and will be democratic, pro-American and committed to abiding by peace agreements with Israel.”

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Vaughn, Ontario, Canada (AHN) – Finance Minister Jim Flaherty assured Canadians that the federal government will have a balanced budget by 2015. He based his bold forecast on Ottawa’s two-year $60-billion stimulus program.

Flaherty said that the removal of the deficit within the next four years will happen as a result of the Economic Action Plan that will create 222,000 jobs brought about by tax reduction, unemployment benefits, infrastructure spending and industry support.

He said the new employment prospects will be spread in utilities with 5,000 jobs, construction 53,000, manufacturing 37,000 and service sector 127,000.

Flaherty stressed that the optimism for a balanced budget is not the result of just a bright outlook and hope, but supported by prudent policies made in the past and fiscal discipline.

The finance minister was, however, questioned by former Finance officials Scott Clark and Peter DeVries, who maintained Flaherty’s goal is difficult to attain because of Ottawa’s permanent structural deficit. Their basis is an International Monetary Fund report that Canada will have a small structural deficit equivalent to 0.2 percent of the country’s gross domestic product in 2015.

Canada’s eyes are on the budget as the minority-led Conservative government tries to convince MPs to support the federal budget. Opposition groups are hinting of a March election if the Tories fail to have Parliament pass the budget.

However, despite the budget deficit problems and the opposition’s portrayal of the current administration as inept, polls show the majority of Canadians would still prefer a Tory minority government than a coalition government. The survey said 55 percent of voters want a Conservative majority over 45 percent who prefer a coalition between the Liberals and the New Democratic Party.

The pollsters attributed the survey results to Canadians’ bad experience with coalitions.

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Ottawa, Ontario, Canada (AHN) – Canadian Finance Minister Jim Flaherty announced Monday that Ottawa has amended three rules governing mortgages to curb rising household debts.

Under the new regulations, the maximum amortization period for government-backed insured mortgages was reduced to 30 years from 35 years. These are for mortgages with loan-to-value ratios of more than 80 percent.

Ottawa also cut the maximum amount that residents could borrow to refinance their mortgages to 85 percent from 90 percent of their homes’ value. The government also withdrew government insurance backing on lines of credit secured by homes.

With the changes, the amortization of an average Canadian resale house sold for $344,551 with an minimum 5 percent down payment of $17,227 would increase the monthly amortization by $110 to $1,555.

Although Canada has less than 1 percent mortgage default rate, Flaherty said the federal government wants to reduce borrowing with the average level of household debts rising to 148 percent of disposable income.

Flaherty said in a statement, “Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and helped protect us from the worst of the recent global recession.”

He added, “The prudent measures announced build on that advantage by encouraging hard-working Canadian families to save by investing in their homes and future.”

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The British people have been severely affected by the global economic slowdown and again by the measures taken by the government to overcome the crisis. This has created such an atmosphere that the borrowers have increased in number considerably. This is actually not the problem. The problem is that many borrowers have begun to borrow from several sources and that they have failed to repay the loan amount in time. They are having poor credit record. Some men and women among them require a computer of their own. The financial market has offered them a chance to purchase their computer introducing computer finance bad credit.

Computer finance bad credit is offered to the citizen of United Kingdom, but the applicant must be over 18 years of age. He must hold a valid checking account so that the loan amount, after the lenders approve their application, can be transferred electronically to their bank account in no time. The applicant must be working in any officially authorized establishment and his monthly income must not be less than £1000.

Computer finance bad credit is offered in secured and unsecured forms following the rules of the financial market. A borrower can apply for computer finance bad credit in the secured form if he owns some valuable asset, because the lenders require this property to use as collateral against which the loan is advanced.

The borrowers whose credit score goes below 560 as per FICO look generally for computer finance bad credit in the unsecured form. However, in the unsecured form of computer finance bad credit, the borrowers are to pay interests at higher rates. It is, again, important to note that this kind of loans is available as the short term loans. This is to suggest that the duration for repayment is shorter. It is also a fact that the amount of loan is available within the range between £100 and £1500. The borrowers are not required to mortgage any tangible property.

The loan-seekers for Computer finance bad credit can apply offline and online. Online application is better, and it is easier. The borrowers are to submit some of his personal information like name, address, contact number etc.

Thanks to Bill Gates Computer is the latest revolution in the world. Computer has become indispensible in the spheres of information, industry, entertainment and education. Computer is also famous for saving time and adding speed to life and also turning the vast world into a great village. It is needless to mention that everyone wants to own a computer. But history of credit of most of the people is not good. It is fair and in many cases it is bad too. Computer finance bad credit is to help the people whose credit history has been stained.

Credit history is said to have become bad when credit point of a person goes below 560 as per FICO. This happens when one is compelled to take loans after loans and when one cannot repay them in time or repay the money less and late and when one defaults. Arrears, CCJs, IVAs, bankruptcies etc make the record of one’s credit bad.

Problem of the people who have developed history of bad credit is that lenders do not want to give them loans. Some of the lending agencies are very strict. Still the borrowers secure loans as the finance market is very competitive. Computer finance bad credit is available in secured and unsecured forms. In the first case any valuable property is to be pledged as collateral. In most of the cases people with history of bad credit cannot provide evidence in support of ownership of property of worth and computer finance bad credit is offered in the unsecured form in general. In unsecured variant of loan the lenders do not ask for collateral property.

Computer finance bad credit is available as a short term loan and is available within the range of 100 to 1500 pound. The lenders want that the loan must be repaid within 1 to 5 years. The rate of interest for such loans is usually high.

It is possible for the borrowers to secure computer finance bad credit offline and online. It is possible for them to search different web sites and read and understand terms and conditions provided there. One may find out any suitable option and apply online. Money may be transferred to the bank account of the borrower once the application is approved.

The borrower for computer finance bad credit must be at least 18 and a British citizen. He/She must be in a service for at least 6 months in any legally approved concern. The borrower must possess an active account in a bank in England.

Ottawa, Ontario, Canada (AHN) – To curb the alarming rise in Canadian household debt, federal Finance Minister Jim Flaherty urged Canadian banks Thursday to adopt prudent lending policies. He issued the proposal after Statistics Canada found that household debt reached a record-high level in the third quarter of 2010, outpacing even the debts of American households.

The International Monetary Fund has forecast a muted growth for Canada next year largely on account of the growing household debt.

Among the measures that banks could take are to cut the maximum amortization period for mortgages to 25 from the current 35 years, or to institute tougher criteria for lenders to be eligible for government-backed mortgage insurance. The insurance is usually a requirement to secure a bank housing loan.

Two large Canadian banks had earlier asked Ottawa to initiate measures to curb consumer access to bank loans. Flaherty reminded Canadian financial institutions that prudent lending is one of their hallmarks, which is the reason why no Canadian banks collapsed or required government bailout during the recent global financial crisis.

Flaherty also disclosed that the 2011 federal budget will not have any major new spending or new cuts. He said the restraint measures, worth $17.6 billion over five years, placed by the Tory-led government are sufficient to reduce Ottawa’s budget deficit according to timetable.

By not introducing major cuts and spending, the Conservatives would give the political opposition little room to push for a no-confidence vote after Ottawa submits its 2011 budget to the Parliament for approval. A no-confidence vote could trigger a spring election.

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Kananaskis, Alberta, Canada (AHN) – Federal Finance Minister Jim Flaherty on Monday gave Canadian provinces until 2015 to wipe out their budget deficits. He encouraged the provinces to address their financial problems to avoid facing a debt crisis similar to what some European Union nations are grappling with.

Most Canadian provinces have already made plans to achieve balanced books within the next five years. Ottawa, however, has an eight-year timetable to remove its projected $18.7 billion deficit. Although Ontario accounts for 40 percent of Canada’s economy, Flaherty said the largest province’s fiscal situation does not place Canada’s economy at risk.

To help provinces cope with decreasing revenues and increasing expenses, Ottawa hiked transfers for 2011-12 to $56 billion, which is $2.2 billion higher than the current year’s transfers. The federal transfers are allocated for delivery of front-line services such as health care and social programs.

Flaherty added that he ordered a one-year protection of federal transfers to provinces in which there would be no reductions in major transfers for next year. The move costs Ottawa $1.1 billion.

In the same meeting of finance ministers, the group agreed to Flaherty’s proposal to establish a new private-sector retirement savings fund that will provide Canadians more retirement savings options. The fund will be open to small Canadian firms, employees whose companies do not want to participate and self-employed workers.

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Athens, Greece (AHN) – Angry protesters set Greece’s Finance Ministry on ablaze as nearly 20,000 strikers marched through the streets of central Athens on Wednesday. The violence and protests were part of a national strike against austerity measures closed down services, hospitals and schools.

Most of the marchers were peaceful but some demonstrators clashed with riot police outside of the country’s parliament. They threw rocks, bottles and firebombs at authorities.

Soon after the melee thick plumes of smoke surrounded the area directly around the Finance Ministry located in Syntagma Square. Police believe protesters threw a fire bomb into the second floor of the building.

As part of the day long nationwide strike in Greece on Wednesday schools, hospitals and public sector services were shuttered in protest after the socialist-led parliament passed a new round of austerity reforms.

Flights into and out of Greece from Athens International Airport were cancelled. Ships in the city’s harbor also remained anchored in addition to national and suburban trains.

Public transportation has been halted since Tuesday but limited service was restored for Wednesday’s protests.

The country’s two largest umbrella unions, the GSEE and ADEDY, representing both the public and private sector supported the day of protests.

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Toronto, Ontario, Canada (AHN) – Ontario Finance Minister Dwight Duncan announced Tuesday the closure of 13 of 259 government agencies in the province. The move is part of the provincial government’s cost reduction effort to eliminate waste and save money.

The number of agencies, boards and commissions to be shuttered would be about 5 percent of the total. Duncan did not name the agencies to be closed or provide a timetable for implementation of the planned closure.

Ontario would also ban funding perks of government officials and employees such as golf membership fees, season tickets to sporting events and lump sum payments for travel without receipts. The province will also stop awarding the Discovery and Catalysts Awards in a bid to save province coffers $2.5 million yearly.

Because of cost-cutting measures implemented by Ontario, the province’s projected deficit this year is 25 percent less compared to a year ago. Among the measures put in place are a three-year freeze on salaries of legislators, a two-year freeze on pay of provincial employees, a 5 percent reduction in the number of public workers and a 50 percent cut on hiring of outside consultants.

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