Delay in polls to put country, economy in deep trouble

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FE Report
Two senior economists Friday in Dhaka said Bangladesh and its economy will fall into deep trouble if the national election is not held in time.
"There is no alternative to election and continuation of democracy. It is not possible to overcome any economic shock without an elected government," said Professor Wahiduddin Mahmud, a senior economist, at a function in the city.
"The election on December 18 must be held. If it is not held the country will fall into deep trouble and its economy will be destroyed," said former finance adviser and economist Akbar Ali Khan at the same function.
Emerging from a book launching ceremony, the economists expressed their opinions before journalists.
Local socio-economic research firm Shamannay with the support of Manusher Jonno Foundation organised the function on the occasion of launching of a book "People's participation in budgetary process in Bangladesh: In search of some policy reforms" written by Dr. Akbar Ali Khan.
Prof Mahmud said: "The political government will have to take over to overcome the possible economic shocks due to the ongoing global financial meltdown."
"It is not necessary that the election will have to be held on the announced date on December 18. It can be deferred for another one or two weeks," he said.
Dr. Khan said: "I hope the election will be held in time. After December 31 this interim government will be illegal and it will get neither local nor external support."
About the national budget, Wahiduddin Mahmud said the present government should prepare a mid-term review report on the budget implementation, which will ensure transparency.
"Impact of global meltdown on the economy, spending of subsidies and implementation of annual development programme in the budget could be considered in the review report," he said.
In his speech at the function the DU professor said: "It is not possible on the part of non-elected government to initiate any major financial policy as the political government will rule the country taking mandate from the people."
He said the analytical capacity of the parliamentarians should be improved and the discussion time on both the proposed and the supplementary budgets in parliament should be increased.
Dr Akbar Ali Khan said as per constitution only the finance minister with the support of the prime minister has all the powers to prepare the national budget, which eliminated any scope for the people to participate directly in the budget preparation process.
Renowned economist Professor Nurul Islam suggested strengthening of the local governments and their participation in preparation of the national budget.
The monitoring and evaluation process of the budget should be strengthened to ensure transparency in preparing and implementing the yearly financial plan," Prof Islam, now an expatriate, said.
Senior economist Professor Rehman Sobhan underlined the need for strengthening the local governments for ensuring participatory budget in the country.