Sketches Of Reforms Emerge

Witch hunting in anti corruption drives Leaves a society where polarization thrives.

Govt is unveiling its reform programs. Economic reforms are more conspicuous than others. Specifics of the reforms will emerge in more than 3 months. One advisor hinted that the government identified 6 sectors for reforms. Elections will be held after the reforms,reiterated by the Chief Advisor.

Meanwhile, newly appointed governor stressed his commitment on not injecting money into trouble-ridden banks owned by a major conglomerate. He even made it clear that government would take the shares of the banks if it necessitated. Previous regime printed money and injected into specialized trouble-ridden banks in the name of promissory demand notes. In addition, central bank appointed administrator to a mobile financial platform. Details of its stakeholders come under scanner.Its license to operate digital banking is also scrapped. $406 million in 20 days of this month boasts remitters' confidence on this govt. However, heavy torrential rainfall caused flash flood, affecting lives of 3 million people. If the waterlogging continues for more than two weeks ,then there will be a little bit worry for the govt. Luckily, it has some funds at hands saved by slashing development expenditures of previous regime. Growing support of international communities also ensures future post-flood rehabilitation commitment if it is needed. Post flood cultivation will require less agricultural subsidies in the affected areas as alluvial soil will substitute part of the inputs. But now the govt is cash strapped and has already approached World Bank to provide $1 billion as budget support to clear energy dues.

Education advisor switched to old syllabus and students have to again choose a discipline from science ,arts and commerce at grade 9.Ministry of information resumed broadcast of opposition media outlets. Other broadcast and media houses also witnessed significant change in ownerships. Draconian laws are still being reviewed.

UN fact finding mission has arrived to start preliminary works on how to start probe on mass student killing. I earlier stressed on setting up a permanent lab under UN so that individuals, journalists, marginalised groups,insurance companies,judiciary, corporate can avail its services to get independent and impartial probe of an incident. Meanwhile, UN can also provide support to SME programs ,run by govt and private banks. As govt is pursuing contractionary monetary policy, enough resources cannot be mobilized to SME programs. UN observers and support are also needed to proper functioning of the police stations.

Speculations are abound that the Army led joint task force will start a drive against the corrupts. I oppose such campaign in many of my pieces and argued that such move only sows seeds of panic and amplifies money laundering activities. An economy characterized by more than 50% of undocumented wealth cannot withstand ensuing consequences of such drive. Furthermore, division and polarization in the society will contribute to increase the budget deficit,creating an uphill task for future govts to fill it. Instead of nabbing the corrupts, it is more important to build institutions, to strengthen the existing ones ,to ensure proper functioning of them and to make policies. Even if the task force is keen to go ahead,then it should start with the corruption in defense procurement, electronic voting machine scam, Sena edible oil's Taka 11 billion overdue loan repayment to Sonali Bank and money laundering accusation ( some say Taka 6 billion) against the Army during the 1/11 govt (see references). This will surely improve public image of the Army. Otherwise, witch hunting in the name of anti-corruption drive will create further polarization in the society,which at any cost should be avoided. Interim govt is here to make lasting changes. It means creating institutions, giving accountability a firm footing and setting up a check and balance mechanism.

References:

1. "Rin Porishodhe Sorkar E Darostho Sena Edible(Sena Edible Resorts To Govt To Clear Loan Repayments)",Daily Prothom Alo,May 28,2022. Link: https://www.prothomalo.com/business/%E0%A6%8B%E0%A6%A3-%E0%A6%B6%E0%A7%8B%E0%A6%A7%E0%A7%87-%E0%A6%B8%E0%A6%B0%E0%A6%95%E0%A6%BE%E0%A6%B0%E0%A7%87%E0%A6%B0-%E0%A6%A6%E0%A7%8D%E0%A6%AC%E0%A6%BE%E0%A6%B0%E0%A6%B8%E0%A7%8D%E0%A6%A5-%E0%A6%B8%E0%A7%87%E0%A6%A8%E0%A6%BE-%E0%A6%8F%E0%A6%A1%E0%A6%BF%E0%A6%AC%E0%A6%B2
2. "Panch Sho Koto Taka'r EVM Jacchey Bhangarite( Taka 5 billion Worth EVM Goes To Salvage Yard)",M Humayun Kabir,Daily Ajker Patrika,June 24,2024. Link: https://www.ajkerpatrika.com/343016/%E0%A7%AB%E0%A7%A6%E0%A7%A6-%E0%A6%95%E0%A7%8B%E0%A6%9F%E0%A6%BF%E0%A6%B0-%E0%A6%87%E0%A6%AD%E0%A6%BF%E0%A6%8F%E0%A6%AE-%E0%A6%AF%E0%A6%BE%E0%A6%9A%E0%A7%8D%E0%A6%9B%E0%A7%87-%E0%A6%AD%E0%A6%BE%E0%A6%99%E0%A6%BE%E0%A6%B0%E0%A6%BF%E0%A6%A4%E0%A7%87
3. "Sarkarer Kachhey 500 Koti Takar Sohoita Chai Ansar O VDP Unnayan Bank(Ansar And VDP Development Bank Asks For Taka 5 Billion As Credit Assistance)",Khabor Sangjog,May 15,2024.Link: https://www.khoborsangjog.com/trade-and-business/40963/%E0%A6%9C%E0%A6%B0%E0%A7%81%E0%A6%B0%E0%A6%BF-%E0%A6%AD%E0%A6%BF%E0%A6%A4%E0%A7%8D%E0%A6%A4%E0%A6%BF%E0%A6%A4%E0%A7%87-%E0%A7%AB%E0%A6%B6-%E0%A6%95%E0%A7%8B%E0%A6%9F%E0%A6%BF-%E0%A6%9F%E0%A6%BE%E0%A6%95%E0%A6%BE%E0%A6%B0-%E0%A6%B8%E0%A6%B9%E0%A6%BE%E0%A7%9F%E0%A6%A4%E0%A6%BE-%E0%A6%9A%E0%A6%BE%E0%A7%9F