The business leaders have woven their arguments around two basic trends being promoted by the donor community. First of all, they are opposed to the IMF suggestion that the government increase domestic prices of natural gas on what we think an unassailable ground that this will lead to increase in production costs due to rise in fertilizer prices. Consequently, the prices of essentials will go up. The pressure to increase fuel price will cause further inflation with attendant increase in the cost of doing business. Investment is likely to be affected, and with it employment creation.

Secondly, the IMF prescription for further trade liberalisation is not well-thought-out either; in fact, it is misplaced and superfluous. Bangladesh had actually lowered a series of tariffs ahead of many other developing countries at the expense of local enterprise and having caused hardship to common consumers. Under the World Trade Organisation (WTO) umbrella itself we could continue with domestic support measures to protect our industries. The point is: we have already done a lot of import tariff lowering, so we are in dire need of a safeguard body to boost local enterprise and business. Unless our industries are allowed to be competitive with fiscal support, we stand little chance of seeing export-led growth. Industries catering to local demands should also be bolstered to rev up domestic supplies

An impression has gained ground lately that the government is showing signs of yielding to IMF pressures we can do without. Our economic policies and strategies will have to be homespun aiming at optimal utilisation of our own resources in the best interest of our people.