'IMF programme may see more economic divide in BD'

Bangladesh runs the risk of becoming a country of more economic discrimination if the International Monetary Fund (IMF) programmes are implemented without seeking opinions of the people, says Debapriya Bhattacharya.

A distinguished fellow at the Center for Policy Dialogue (CPD), he made the observation at a CPD discussion session organized by Citizens Platform at Bangabandhu International Conference Center on Monday.

The meeting on "How the voice of disadvantaged people can be reflected in national budget supported    by IMF fund" Bhattacharya emphasized the need to engage the stakeholders with IMF funding program, including people's representatives who would directly reflect opinion of civil the society. Neglecting their opinions and perspectives, he argued, would lead to increased inequality in society.

Bhattacharya stressed the importance of consulting those who are genuinely concerned about the welfare of the people. By involving these key stakeholders in decision-making process, Bangladesh can ensure that the policies and programs implemented under IMF program would benefit all segments of society, particularly the disadvantaged.

During the discussion, Bhattacharya also highlighted issues related to the government's rice program. He pointed out that not everyone is aware of the government initiative to provide 30 kilograms of rice at subsidized price at Tk 15.

He expressed  concerns over inadequate supply of rice, cases of underweight and low-quality rice, and insufficient quantity. He further criticized the program for failing to reach many of the impoverished people it was intended to support.

Planning Minister MA Mannan, speaking as chief guest on the occasion emphasized that the country is not reliant on IMF and that it imposed conditions for providing loans. He said some requirements are  specified, such as interest rate and loan repayment duration, others are not as such.

The Finance Minister further said IMF's role is peripheral to the national budget, considering them as side actors. He emphasized the budget remains a sovereign phenomenon for the country. However, he conceded that IMF does have certain conditions in place, which they may enforce if deemed necessary.
 
He expressed the term "donor group" when referring to international organizations, saying they are development partners. He emphasized the borrowed funds are repaid with interest and the contribution of development partners to the budget amounts to only 2 percent.

The dialogue saw participation of noted human rights activist such as Sultana Kamal, economist and CPD Honorary Fellow Professor Dr Mostafizur Rahman, BNP co-secretary of international affairs and former MP Barrister Rumin Farhana, among others.