Charity Begins At Home

Sweeping changes bring new hope, Past mistake, lawlessness may slide the country into slippery slope.

Bangladesh's "cultural revolution" shows no sign to abate. Meanwhile, new interim govt has started sweeping changes. Heads of key public institutions have been changed including the central bank. Few hints of the reform programs are also provided: initiation of UN-led probe to investigate the mass killing of the students as part of the 9-point demand, proposal to introduce political party act, reevaluation of draconian laws, publication of true economic data. In addition, strong demand for publishing white paper on the corruption of key institutions is also raised.

Bangladesh Bureau of Statistics (BBS) has published the July data on inflation: 11.66 % average inflation but food inflation is 14%. Average inflation is highest in 13 years. Though contractionary monetary policy is in place, it is working slowly. Newly appointed governor Ahsan H Mansur ,a former IMF economist, hints that he will review the policy rate. Further rise in interest rate is anticipated, maybe after the appointment of 4 deputy governors. Industry insiders start to speak: an MD of a private bank claims true data of the financial sector are more shocking than what has been reported in the press. Even the new governor said it would take time to stabilize the economy.

The governor may recruit foreign economist in its monetary policy committee to give insights in preparation of monetary policy statement. Spending some dollar in this recruitment will not waste. Moreover,like India, survey may be conducted prior to publication of Monetary Policy Statement to have an understanding about the inflation expectations and the economic scenario at the ground level. Two MPS require two surveys, consisting of interviews (say 20,000) of households and businessmen across Bangladesh. With the help of economics and statistics graduates, Bangladesh Bank field offices may conduct the surveys. It will start the practice of regular publishing of MPS based on primary data. IMF advocates 4 MPS in a given year. Gradually, the central bank may tread on that path. Central bank may also look into the matter of "shadow companies/NGOs", organizations operated by some quarters to steal public money, that siphon off subsidy money. Politically motivated thrust sectors like ICT, climate fund projects are fertile ground for such "shadow companies/NGOs". I saw tv report on embazzlement of Equity and Entrepreneurship Fund(ICT), operated by central bank. It could be a good starting point.

Govt should scrutinize its decision of cabinet expansion. Inclusion of two former bureaucrats raises red flags. How could a bureaucrat who professed about continuing high interest-bearing Savings Certificate program ,eating up a large part of social security spendings as pointed out by the IMF ,make his way into the interim govt that is meant to overhaul the governance?(Source:"Ekhono Kharar Ghaer Opekhhae(Still Waiting For Insult To Injury)", Ali Imam Mojumder,Daily Prothom Alo,August 18,2021."Dhoni Goshthi Ke Pronodona, Moddhobitter Sonchoy E Haat(Incentives To Rich,Targeting Middle Class' Savings)",Ali Imam Mojumder,Daily Prothom Alo,October 02,2021) Maybe there are other cabinet members who may oppose coterie views and ideas,still it is not a good idea to accommodate all those who write opinion pieces in "a reliable source of news" paper, run by former communist party editor. Some 1/11 govt's redundant advisors grabbed plot,clinics by abusing their position. The country still rankles with that. Same mistakes should not be repeated. Include industry insiders ,change makers with clear vision who will not take govt salary in this time of austerity.

It is a good news that UN will send some fact finding mission as part of starting the probe on mass student killing.Death toll reaches 582 till August 14. Let this be an occasion to set up an UN operated forensic lab comprising of audiovisual lab to analyze footage and recordings, mortuary to redo the autopsy,a ballistic and incendiary department to probe on incendiary attacks and shooting, a narcotics bureau among other things with a pool of investigators and experts. This permanent lab will be a precursor to other labs in places where conflicts and proxy wars render useless availing such services in an impartial way. In addition, this kind of probe will stem debate that has the potential to turn into a virulent form.

It is another laudable move to introduce Political Party Act. I think the advisor intends to say ordinance. But political parties are not the only stakeholders in politics ,others will also have to be held accountable. In the last two elections, we saw how a subsidiary of govt organ placed huge bill to the govt in the name of supplying electronic voting machines. Govt should introduce another ordinance to hold such organ accountable to the press and the Parliament. At the same time, it should scuttle such subsidiary from getting public money and let them float share in the stock exchange or sell share to private companies to get their funds. Politicians have Representative of Public Order obligation to disclose information about their property. But many civil and military bureaucrats holding crucial position do not have that obligation. In China, senior police and anticorruption personnel require to provide info about their wealth in every three months. Interim govt could think of similar ordinance to address the structural flaws.

Sweeping changes show promising sign that the interim govt heads towards the right direction. The aura of "cultural revolution" needs to be discarded to give it a civilized look. This interim govt will glow up only when it will avoid past regime's bad habits like running parallel administration.