***The present government, most enthusiastic as it is to bring about radical economic reforms and improve the financial climate of the country, must announced some symbolic gestures to attract funding for more vital areas.***

WITH the cal) of the* Pr Ime Minister to the opposition parties, namely BNP, to Join the government oi consensus, the country seems poised to combat its long standing woes in different sectors. Peace, however Is exactly what the new Prime Minister sought to inspire in her recent address to a post-election mammoth gathering of the citizens of Dhaka in the sprawling Manik Mia Avenue. Most people, however, believe that the call issued by the Prime minister comes out of a warmth of feeling for a nation riven by partisan conflicts, clashes hatred and blood-letting While wel coming her gesture of magna nimity. political analysts be lieve the stance of the Prime minister rune into an Improbable proposition For a democratic government to function psoperfy with check and bal ance, there Is no alternative to a viable opposition In the par liament impregnated with democratic . culture

Prime minister appealed to the political parties and people for a moratorium on the many contentious Issues that divided them partisan conflicts, communal haired and terrorism and fundamentalist activities that have stirred violence from one^iari of the country to the other. These problems, no doubt as the prime minister warns, threaten to disintegrate the country and thwart progress and development People, this time, voted for Awami league to gel rid of terrorism extortionist spree, corruption and politicisation of the administration that had crippled the country and bottled up the hopes and aspirations of the people. People are yet to see that the new prime minister s appeals can heal the country's schisms, stall the breakaway spirits of Its people or slop terrorist activities and mugging in its streets and market places.

Behind all the ambitious programmes that the prime minister sounds in generating economic growth, guaranteeing social harmony, political stability and transition to peaceful democratic rule, the most sought pre-requisite is the establishment of "rule of law" and that calls for recovery of illegal arms and arresting the terrorists regardless of their position and status in the society and party affiliations. Since Hasina took reins of the country still shocked and paralysed by the debilitating effects of strikes and hartals on trade and industry, her stolid gentle approach to national problems has started showing signs of changes. Bui

the task the new prime minister and her cabinet colleagues face are truly daunting. The recent In cidence of fierce gun battle on the Chittagong Medical College Campus between rival groups of students and the raid on Ja-hangirnagar University Hail students by a group of armed students, and some more cases of this sort here and there in the country, strike a chord of dissonance in the hopes and aspirations of the people As a leader wedded to the art of consensus politics, the new prime minister, skeptics blame, seem to lack the qualities needed to match the country's ambition to be Cashed above the level of ankruptcy following an almost near ruination of the economy during the last two years of political turmoil. But people must wait to see the end result before some one hastily runs to the conclusion that the nemesis or BAKSAL is surfacing back

With the announcement of the Commerce and Industries Minister Tofail Ahmed that the government would be acting aa the facilitator to the en-treprenetlfB and businessmen by cutting down on red-tapism procedural delays corruption, and increase efficiency in energising the industries sector, the country's hope for a new era of economic rejuvenation seemed somewhat assured For then the country stands poised to rejuvenate Its 5000 laid off mills and factories and privatise Its moribund state-owned industries with people's con sensus and co-operation of the workers. People tend to believe tha^ such liberalisation can bring tn a badly needed Infusion and assistance from the donor countries. But problems still stand in the way Assuredly. while many people believe the country has finally consigned its decade old debit Itating rule to a well-deserved demise, some leaders still remain anchored to ideological bias that only invite poverty and hardship tor the masses. They have failed to take note of the fact that while lhe average incomes have fallen steeply here these have risen to a sig mficant high mark, almost five fold, in other places that promoted market economies — such as Sopth Korea. Malaysia. Thailand. Singapore and Hong Kong.

Pragmatists will agrpe with what the new commerce and industries minister said in a

recent meetingwith the business group. The purpose of government is to set policy, not to manage hotels, banks and other businesses . Those newly developed countries in the world have been able to reform and revive their economies with the recognition of the fact that the best prescription for progress is a market economy where government lets men and money loose That only underscores that the government must play a vital role in establishing an environment that promotes rapid economic growth. That pre-supposes government s total commitment to wholesale privatisation and deregulation with free Interplay of foreign-exchange controls. In many countries of the world, people running the statecraft havi shied away from this job of deregulation because that simply denies the leaders the benefits of political favouritism. People running the adminls-.ra. cn must comprehend that corruption, economic isolation and protection against eco nomlc competition can prove so costly to our couhtry passing through experimentation

Corruption In different tiers of administration Is endemic and eating into the vitals of the nation Power sec tor. gas. telephone, shipping and export business — all these macro-indicators of the economic health of the country are hostages to system loss, pilferage, deliberate negligent y and wastages of sort. Unless the new government can enforce a chain of command and accountability In different tigers of administration, success may remain a far cry At the same time government

has to create a climate and environment In the country so that private investors from affluent economies feel tempted to set up industries in this country and that is only possible when the government has been able to rid the country of corruption in public life and straighten the bureaucratic tangles and red tapism at different stages

The present government that proposes to be totally welfare-oriented must also learn from the past mistakes. World Bank report about the performance of the economy during the last regime is quite gloomy The growth rate in the country hovers over 4 per cent only. Despite the fact that the country has abundant prospect of harnessing internal resources. the previous government's action in reducing the Interest on savings dampened the spirit of resource mobilisation.The present government Is saddlea with a debt burden of 2700 thousand crores of Taka and. on top of ft. an unrecoverable revenue earning of 1000 crore Taka. Inflation which • till now feared very much as a curse that often spawns mass-movement can t actually be so If ft is matched by fair Investment and tangible growth rates To cite examples. Inflation in India hovers over 8 per cent In Pakistan ft is 12.2 per cent and in China it Is 17 per cent (and in Brazil it rose to 2000 per cent sometime In the past), but it hardly created despondency among the people because of the gigantic growth rate, fore example. of 39 per cent in China

Moreover. In the coyntry. 54 million people live below poverty line. 60 tnfllion had

never access to primary health care facilities, and the number of illiterates .exceeds 80 million. Given all these gloomy prospects the economic emancipation of the country that the prime minister pro poses to achieve will remain an elusive goal unless matched by total commitment from the government machinery. The present government, most enthusiastic as it is to bring about radical economic reforms and improve the financial climate of the country, must announced some symbolic gestures to attract funding for more vital areas sucn as the woefully inadequate infrastructure sector and also some industrial sectors based on non-traditional goods.This must be energised on an emergency basis to produce rapid economic growth for the country. In order to attract investors from within and outside the country, the recommendations of the Task Force" in inspect of investment irt the country in 1994 may be heeded to. Salient among these recommendations are li) introduction of one-stop service; fii) improvement of law and order situation: (iii) extension of tax holiday period, (iv) reduction of interest rates; (v) providing equal facilities to 100 per cent Export oriented industries outside the belt of EPZ area; (vi) expansion of capital market. and (vii) institution of high powered Trade and Debt Settlement Court for rapid disposal of cases. Failing which foreign investors who are still waiting for some firm signs that the government means business may feel reluctant to Invest In the country Undeniably true, foreign investors are

vital to any meaningful progress the country can hope to make Along with this the country needs to have a speedy and effective communication network to and from the industrial belts.

On top of all. a reassessment of the performances of the officials or the Bangladesh missions abroad is required if the present debilitating export performance and funding of foreign investment in the country are to be improved. People in the country have often resented the role of such officials as driven only by personal ambitions to stay aboard in comfort and luxury. People in the country are learning ruefully that the trade deficit with India hovers around a big imbalance. As an instance. Bangladesh imported in 1994-95 goods and commodities from India worth Tk 2588 crore whereas it exported to India goods worth Tk 114 crore only.

The heady rhetoric and high hubris of the country's leaders reflect the reservoir of good will and patriotism these people had since the time the country was liberated in 1971. The dream of Bangabandhu Sheikh Mujtbur Rahman, of turning this country into a Sonar Bangla. free from hunger, poverty and disease, has been disintegrated in the meantime being clouded by widespread despair and disillusionment. Shockingly true, the country has now become a sad and bitter region marked ruthlessly by hatred and bloodshed. some at the hand of people inflamed by partisan or ideological passions, some at the hands of v^nal governments in their bid to stay in power. Can the new government usher in an era-of peace and prosperity that Bangabandhu had cherished 25 years back and for which about 30 lakhs people laid down the*r lives?