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‘Say NO to IMF’ September 17, 2007

Posted by bdoza in BANGLADESH, ECONOMY, GOVERNANCE, IMF.
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In a round table discussion on 15th September 2007 in the capital it is opined that there is no need of support from organizations like IMF; rather it is now time to say NO to these organizations.

They also said that there is no need to sign Policy Support Instrument(PSI) with IMF. They also urged the Government to disclose the different aspects of PSI to the public.

The Round Table was organized by Media Foundation for trade and development and Young Entrepreneurs Forum jointly.

Mr. Sailful Islam, who presented the Key Note Paper said that IMF may be needed but we should not take the support of IMF sacrificing our ethics.

Professor Mujaffar Ahmed , member of TIB and an Economist said that what we need should be decided by ourselves. No self respected country can be dictated from outside.

He also said that Govt should discuss more to make the PSI transparent in the absence of parliament. Objectives of IMF are now under question as it has deviated from its initial purpose. Interest of the country must be preserved. Dr. Mujaffar was also critical of the beaucrates, he said that they always take decision quietly, hide the intricate issues from the economists lest their intention is exposed.

Dr. Kazi Kalequzzaman, President of the Bangladesh Economic Association said that IMF and World Banks are money lenders. They in no way be termed as Donor or Partner of Development. Country should be freed from the clutches of IMF. He also said that last year they only gave $ 150 crore . Now, there is no difficulty in balancing the foreign loan by ourselves..

Mr. Atiur Rahman, an economist said that IMF has shifted from its own declared policy . Businessmen also lost confidence on IMF policy.

Mr. Abu Ahmed, Professor of Economy of Dhaka University said that accepting PSI would be a policy slavery. Government must not sign such a treaty. He added that people of the country are ready to lend the money to the Government through capital market and it may help to overcome the problem. .

To ordinary citizen the issue seems to be complex one. IMF and World Bank are not neutral bodies. They represent the interest of the big powers. I am not sure how the Government will handle the situation of growing opposition to IMF policy in the country and the pressure from the big powers to accept their dictation.

An ordinary citizen.

(Ref: The Daily Star, Prothom Alo 15/9/07)

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