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OPINION

WB Conditions — Self-Contradictory
The World Bank's 'Proposed ISC-2 Action Plan and Tranche Condition' which Includes removal of Import restrictions rutns the government's desperate attempt to recover past Industrial loans In order to Increase and recycle the local money supply. In fact with the removal of import restrictions more Industrial units will close down and add heavily to the defaulters list, leading to no possibility of the loan recovery.
Following, accumulation of defaulters will even lead to closure of banks, create acute shortage of money supply, hamper production of even the self-financed industries as the entire economic cycle will be left dry of capital, leading to mass un-cmploymcnt within the present working force as most of our industries will totally shut-down sparing Bangladesh foreover of the possibility to be self-reliant. A scenario horrifying in the face of an agricultural sector prone to frequent natural calamities like cyclone, flood and drought.
The removal of import restrictions will even make the Aided projects un feasible. In the Energy sector for example, the World Bunk confirms that the Bangladesh Power Development Board (BPDB) has a system loss of about 100 million dollar per annum, where a brief study shows that out of about 608,050 pieces of Single Phase Electric Meters Imported by the PDB from 1972 till 1988, 469.050 pieces are lying defective. A KOPEC Korea Power Engineering Company field survey report concluded on 11th January. 1988 under the sponsorship of Department of Technical Cooperation for Development. UN confirms in Bangladesh instance of 80% Imported Single Phase Electric Meters as defective The report further confirms "so many types of meters hamper meter engineers and technicians in familiarizing themselves with them. This
desperate situation is one of the most Important and direct causes for high energy losses." Due to lack of spare-parts the KOPEC report adds. "It Is common practice to use two. three and sometimes more meters to produce a single serviceable meter". While the above reports are available with the World Bank Resident Mission in Bangladesh and while the ^bove problems are being resolved satisfactorily by the supply of locally produced single phase meters available in huge quantity and of good quality with performance guaranteed, it Is not understood why the World Bank who has advised BPDB to reduce their system-loss on the one hand has specified on the other to remove the Import restriction on Electric Meter.
Specially when under the 'Open Market System' consumers are directly purchasing the local meter tested, certified and sealed by the Bangladesh Standards and Testing Institution, while the country's foreign exchange Is being saved, the unprece-dented system-loss of BPDB Is also being checked. The Open Markel System' along with local mobilisation of fund has established In Bangladesh that Industrialisation can effectively help reach self-reliance and that only by proper utilisation of all our local resources our domestic problems can be resolved, all the efforts of which will be throttled if the ban on the import of electric meter is removed as specified unfortunately by the World Bank
Similarly while our Garment Industry provides the required Incentive for our fabric, clothing and yarn Industry to grow, while our Agricultural sector demands our pumps, pipe, sugar and salt Industry to be established, the World Bank has Ironically also specified these Items' Import restriction to be re moved along with other gen eral items' Significantly the so-called tariff protection to
be provided to local Industry is not workable as In Imports under Project Aid through International Competitive Bidding (ICB) only 15% price benefit is given to local participants. where foreign bidders are frequently found to have dumped their price by 30-50%.
The Open Market economy being preached by the World Bank to Bangladesh Is a myth as exporter of garments, terry-towels etc. face quota restrictions when they are to export. The New York Times tn its article on 15th October, 1990 Stop Funding The World Bank and IMF Now' points out." the fault lies with the operating attitudes of the bankers. They follow models of Western modes of development that having nothing to do with local realities or the wishes of the people on land'.
It concludes by saying. The bank Itself becomes a colonial power dictating what Is produced, what is built and how governments should behave towards their people. When a country accepts a loan from these altruistic’ bankers. It gives up most of its sovereignty "
While all the Industrial units tn the Public and Private sectors have vehemently opposed the World Bank s condl tlons particularly on decontrolling Import restrictions, the newly elected people's party tn the Government giving due respect to democracy and our economic independence should took for loans from international money markets After all the World Bank project aid loan at the rate of 7.65% interest per annum to Bangladesh and at the cost of loosing our economic Independence is not a small premium compared to international loans recently availed at 6.5% Interest
Md. Najmui Islam
The author is an industrial 1st and a local manufacturer of electrical meters