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‘IMF shouldn’t dictate the economic management of Bangladesh’ August 3, 2007


The business leaders of Bangladesh has said that IMF should not dictate the economic management of Bangladesh. They said in a joint statement that the agencies are trying to impose conditions and dictate terms in every detail of economic management of a sovereign country.

They were expressing their reaction to the suggestion put forward by the IMF to increase the price of gas, electricity and the petrol at the same time. They said that the increase in the price of the energy sector will increase cost of production and will increase the price of the essentials. In turn it will increase the suffering of the people and decrease the growth of the economy in our country.

IMF, once said by the Prof Abu Ahmed of Dhaka University, is nothing but a trading company who gives loans to the third world countries and counts the interest over the money.

It takes the advantage of its financial position to dictate the policies on a third word country. IMF contributes a substantial percentage of the ADP to Bangladesh also. Sometimes it seems to act as a lobby for international business group. Few months back when TATA placed some business proposals, one foreign expert was arguing publicly for accepting the proposals. We are not against TATA’s proposal. Bit the Government should be given the opportunity to analyze and assess the proposal from its own perspective.
IMF was telling recently on monetary policies that if the Government does not follow the recommendation of the IMF then it will not consider the release of loans for Bangladesh.

Government should rethink the need to increase of the prices of gas, electricity and petrol.

But what is more important for Bangladesh is to come out of the dictation of IMF and other international monetary agencies.



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