Our Finance Ministry and the World Bank are more or less identical in their views on what should be the time-frame like for carrying forward the unfinished reform agenda. In an interview with a national financial daily on Monday Finance Minis ter S A M S Kibria strongly hinted at undertaking reforms "in the initial years of our current mandate so that dividends can be reaped by the government at an appropriate time." The world Bank in its draft country Agenda for Action for the Paris Aid Consortium meeting in September urged the Government of Bangladesh (GOB) to establish as quickly as possible a three-year policy framework for macroeconomic stability leading to sustainable development.

The reforms need to he sequenced properly in a time-bound plan and a reasonable uniformity of opinions forged between the WB and the GOB on the methods of implementation.

For its part. Bangladesh could make use of an analysis of the effects of the reform policy pursued to date by way of perfecting approaches to the crucial follow-up phase now being embarked upon. More importantly, there ought to be a parliamentary consensus reached on the operational elements of the reform process for removing possible roadblocks to its implementation. Such a broad understanding should be forthcoming because the parliamentary committees are now going to be more representative in character to ensure openness. transparency, responsiveness and answerability of governance.

As for sequencing the reforms we suggest the following order of priorities: administrative reform hand-in-hand with the Pay Commission award, fully elective local self-government system, financial sector reform with emphasis on legal framework for loan recovery and investment or business arrangements, infrastructural efficiency and privatisation of loss-making units in the public sector with safety-net provision.

The domestic industries face an unprecedented challenge in global competition. They have to find cheaper sources of raw materials, improve technology and increase productivity or perish.

To give boost to agriculture nothing will be more effective than timely delivery of reasonably priced inputs at the doorsteps of farmers.

The new government seems keen on using the annual budgetary instrument to contain deficit financing and inflation. The government borrowing can be lessened by reducing public sector losses and raisinfi the levels nf tax rnlleetinn