The country’s top business leaders have criticised the interference of the international agencies, mainly the International Monetary Fund (IMF) and their bid to influence economic management of Bangladesh.
They expressed their serious concern over the IMF’s diktat to increase energy prices. They said the IMF directed the government to make adjustments in domestic prices of natural gas; but this, in their opinion, will be a suicidal for the economy.
It is known that an increase in gas price automatically leads to the increase of production costs as well as an increase in fertiliser price, which consequently influences the already soaring prices of essentials, the statement said. Besides, the cost of doing business will also increase, which will have a direct impact on the economy and much needed employment opportunities for the common people of this country.
The top trade body leaders added, “It is quite interesting to note that following meticulous IMF prescription Bangladesh has been experiencing double-digit inflation.”
The signatories to the statement are: Mahbubur Rahman, president of International Chamber of Commerce-Bangladesh (ICC-B), Mir Nasir Hossain, president of Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Latifur Rahman, president of Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI), Hossain Khaled, president of the Dhaka Chamber of Commerce and Industry (DCCI), M A Latif, president of Chittagong Chamber of Commerce and Industry (CCCI), Masih Ul Karim, president of Foreign Investors’ Chamber of Commerce and Industry (FICCI), Anwar-ul-Alam Chowdhury, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Md. Fazlul Hoque, president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Muhammad A (Rumee) Ali, Vice-chairman of Bangladesh Association of Banks, Abdul Hai Sarker, president of Bangladesh Textile Mills Association (BTMA), Nizamuddin Ahmed, acting chairman of Bangladesh Insurance Association and Kamran T. Rahman, president of Bangladesh Employers’ Federation.
The statement said that the recent letter of IMF, as reported in the newspapers, to the finance adviser directing further trade liberalisation for growth momentum and urging to strongly resist formation of a Safeguard Body “is uncalled for and unwarranted”.
In comparison to other developing countries, Bangladesh—being an LDC—has substantially liberalised its economy at the cost of hardship of entrepreneurs and common people even though under World Trade Organisation (WTO) umbrella, Bangladesh could avail and follow more domestic support measures, it said.