Ever since the takeover of the country's reins by the interim government, well wishes, congratulatory messages, assurances of cooperation and assistance, moral and material support have been showered profusely from all corners of the world. One of the reasons behind the surfeit of cordiality expressed is Nobel laureate Dr Yunus's international connection and familiarity with important people the world over, particularly in the US where the Clintons were and still are well disposed towards him.
After the initial issuance of congratulatory notes and expression of warmth, now comes the turn for generous financial commitments. During the US interagency delegation's recent visit to Bangladesh, the USAID signed a development agreement worth US$200 million with the interim government. Now the World Bank (WB) has announced it will provide $3.0 billion in aid this year and the Islamic Development Bank (IsDB) pledges to make available a loan amounting to 4.0-5.0 billion in three years. The Asian Development Bank (ADB) pledged a loan of $800 million for the 2024-25 budget support during the tenure of the deposed government. This was done to help Bangladesh smoothly graduate from the least developed status and most likely it will stand by its commitment. The International Monetary Fund (IMF) approved its third tranche of its $4.7 billion loan programme in June last but not before it made the availability of the third and fourth tranches conditional to compliance of 33 obligations. Now clearing the way for the fifth tranche may not be difficult.
All this shows that the country's plunge into a crisis of Sri Lanka's order is most unlikely. Money, greenback to be precise, is finding its way into the country to the relief of the interim government. But the appearance of the financial bonhomie may be deceptive. In this connection, Finance and Commerce Adviser Dr Salehuddin Ahmed's straightforward demand for making the WB's conditionalities implementable is worth noticing. Notably, by the end of a month after the interim government's inauguration, it has sought budget support of $1.0 billion from the WB.
The streams of loan packages already made available and committed are sure to please quarters well beyond the team now at the helm of state affairs. Some of the foreign credits are most likely to be used after this government leaves office. Bangladesh's external debt has crossed $100 billion mark lately. Per capita foreign debt by March this year was Tk150,000--- a rise of Tk50,000 within three years, according to a local news agency. It should shoot up further now. The fresh doses of foreign debt burden are likely to enmesh the country in an intractable wider net not just of credit but also of commercial and political makeup.
Bangladesh's importance as a theatre of clashes of big powers' interests in South Asia cannot be overemphasised. Its importance has further enhanced with the prospect of exploiting the blue economy in the Bay of Bengal. So the powers are vying for taking it under their geo-political spheres of influence. Gone are the days of blatant way of doing so by instigating or staging military coups. This has been replaced by the behemoths of multinational companies that channelize capitals from around the least developed markets for accumulation. The recipe of tailor-made democracy hardly serves the recipient country and least of all its people.
The hidden agenda of accumulation of capital often miss the debate over democracy in the Third World. But the facts are cruel. Globalisation has reshaped patterns of production, consumption and commerce on a global scale. Of the largest 100 economies in the world, 51 were corporations and 49 countries before 2000, according to Sarah Anderson and John Cavanagh of the Institute of Policy Studies, a US think tank. The combined sales of 200 corporations were bigger than the combined economies of all countries minus the top 10. With rising clouts of the MNC goliaths, their share is likely to be greater by this time. There are complaints that big powers implements their political ambition through these corporations that control natural resources in African, Asian and Latin American countries by way of investments in development and industrialisation or activities like extraction of oil or gas and mining. Agreements are made overwhelmingly favouring the MNCs courtesy of greedy and unpatriotic elements ready to advance personal gains. Multilateral lending agencies are not unwilling to promote their agenda.
It is exactly at this point the core issue of the anti-discrimination movement encounter a formidable challenge not only from the corrupt and derelict political parties at home but also from the MNCs which are not ready to let go their grip on their business interests. The fracas over Scimitar's gas and oil exploration in Jalalabad, Sylhet can be cited as an example of how things can fall foul on casual approach to defending national resources. Committees formed recently to evaluate various agreements on projects may dig out scams involving advancement of personal or coterie gains at the cost of national interests.
A views exchange meeting on "Toward a Non-Discriminatory Bangladesh: Youth Manifesto" voiced on Tuesday last the concern about perpetuation of the culture of exploitation not sparing even the university dormitories. New generation youth leadership resents this and has rightly demanded young leaders' inclusion in business and politics. But the odds are stacked against them. They will have to stay alert and confront the combined power of outdated but entrenched political forces and the multinational corporate biggies along with their local subservient partners in business and bureaucracy. But the unalloyed sincerity of their purpose and commitment to a sacred cause of fighting for well-being of the nation is their most potent weapon. The generation Z (Gen Z) should beat off the commercial collusion of MNCs much as those may be more powerful than their governments.
nilratanhalder2000@yahoo.com