The Fourth Five Year Plan (FFYP) still hangs In the balance. The government has not given Its final approval to the plan. The fifteenth month Is now running after the expiry of Third Five-Year Plan period.

Long delay tn Approval of the FFYP has virtually left the country without any mediumterm plan. The government has neither declared a plan holiday for the FFYP period, 1990-95.

The Planning Commission, headed by the Acting President, could not hold any extended meeting over the last ten months after the fall of the Ershad regime. So far. the National Economic Council, the highest economic policy-making body, met only once during this period to approve the Annual Development Programme (ADP) for 1991-92 along with the revised ADP for 1990-91. The ADP represents the annual phasing of public sector investments under the medium-term of five-year plan. However, neither the Planning Commission or the NEC considered the FFYP in any extended meeting tn last ten months.

Sources In the Planning Commission could not tell when an extended meeting of either the Commission or the NEC would take place to decide about the FFYP. One indication however suggested that the Planning Commission would meet after the September 15 referendum. If the country switches over from presidential to parliamentary form of government after the referendum, the Planning Commission may be recast with the Prime Minister

heading IL

The FFYP was approved earlier In an extended meeting of the NEC under the fallen Ershad regime. But, the agreed minutes of that meeting was not signed. The plan with its total size estimated at Taka 68.930 crore at 1989-90 prices, is still lying In Its "revised draft form" without formal endorsement by the government. The total investment allocation under the FFYP included Taka 41.930 crore for the public sector and Taka 27,000 crore for the private sector, both the figures being in 1989-90 prices. The size of the plan was however termed "ambitious" by the World Bank.

The role of the Planning Commission In the context of the commitment by the ruling Bangladesh Nationalist Party (BNP) to "a market-oriented competitive economy" has not still been spelt out. In Its election manifesto, the BNP committed itself to a pragmatic economic planning for poverty alleviation, human resources development and effective expansion of development expenditure. This com-niltment would only suggest a stronger and more effective functional role of the Planning Commission as tn other fast growing developing countries in South East Asia like Thailand and Malaysia with strong private sector in their economies. Thailand and Malaysia announced recently new medium term economic plans.

While the new medium term plan in Bangladesh regains still undecided, the government has followed the course of a three-year 'rolling Investment programme' Initiated In 1990-91. The programme has been developed as an expenditure priority exercise'. based on a smaller and more realistic projection of resources than Indicated In the FFYP. The Planning Commission has sought to translate the objectives of the fourth plan Into this three year prioritised Investment programme for the period, 1990-93. However, this rolling development expenditure programme Is not a substitute for any medium-term plan, the sources said.