The present government should focus on three major areas, improving the environment, strengthening the efficiency of anti-corruption initiatives and supporting reform of political institutions, said CPD Executive Director (ED) Debapriya Bhattacharya while presenting the agenda at a press conference in the CPD conference room in Dhaka.

He said the caretaker government would have to take a number of structural and institutional measures to create an environment conducive to promoting participation of clean and competent candidates.

Election related corruptions are the most dangerous type in Bangladesh now, he added.

It is not required to take approval from any legal authorities to launch a political party in the country even though the approval is required to launch any sort of business or social organisation, he explained.

He said the lack of legal system for political parties often causes corruption in the elections and provokes political activists to indulge in various malpractices.

The major structural and institutional measures the CPD proposed include strengthening Anti-Money Laundering Act, redefining loan defaulters, Credit Information Bureau (CIB) report for election candidates, disclosure of provisions under Representation of the People Order (RPO), 1972, enactment of Right to Information Act, making Public Procurement Act operational, enactment of Promotion of Political Participation Act, Fiscal Responsibility Act, restructuring of nationalised commercial banks (NCBs), revitalising the power sector and the making of a committee to evaluate large foreign direct investment (FDI) proposals.

According to the CPD ED, the caretaker government can implement these by bringing amendments. It does not require much time and these can be done very quickly even by June this year, he observed.

The government should take at least some short-term measures to implement these, he added.

To improve transparency of the financing of political and electoral activities, a law may be enacted as a promotion of political participation, which would provide legal mandate to the Election Commission to register political parties and seek information on their sources of finance and nature of expenditure, he pointed out.

He said the government should also initiate measures for enacting a Fiscal Responsibility Act to ensure sustainable macroeconomic and fiscal balance and to raise the level of public savings for development.

To stop election campaign financing by unaccounted for money generated within the economy or from outside it, the Anti-Money Laundering Act needs to be used effectively, he observed.

He pointed out the Bangladesh Bank, even though it identified a number of cases involving financial frauds, could not take punitive measures due to inadequate provisions in the Criminal Procedure Code (CrPC).

On the other hand, 7,000 taxpayers "whitened" around Tk 4,000 crore of black money by paying only 7.50 percent tax instead of 25 percent. The National Board of Revenue (NBR) should publish the names of those people who "whitened" their black money and will be participating in the election, the CPD executive director said.

Demanding the redefining of loan defaulters, the CPD ED observed that the current measures are not adequate to prevent loan defaulters from participating in the election, as a number of known large loan defaulters received the green signal from returning officers at the time of the now annulled elections.

The proposed Right to Information Act needs to be reviewed and finalised at the earliest to allow the caretaker government fight against corruption and to install accountability in public life.

Debapriya said most of the economic indicators of Bangladesh now enjoy some sort of stability and balance. Only the revenue sector is passing through a delicate time. The revenue sector demands immediate attention of the government.

He said the export earnings have been increasing by 26 percent and the flow of remittance went beyond $4 billion. On the other hand, imports remained under control having 18 percent growth, which created a good balance, he added.

But the flow of foreign aid is declining; only $50 million were disbursed against $1.8 billion in the pipeline for the fiscal, Debapriya said. The easy way of getting aid has been stopped, he said adding that the aid flow also depends on good governance and corruption curbing.

During July-October last year Bangladesh experienced a 15.6 percent decline in foreign investment, he said, adding, the country also suffered due to the outflow of $67 million against the foreign investment.

According to the CPD, the economy of Bangladesh has achieved an internal power to grow at a rate of 5-6 percent annually. Another two-three percent growth can be attained by ensuring good governance and the smooth functioning of the government, Debapriya pointed out.

He demanded review of development projects undertaken by the previous government and immediate cancellation of those projects that have no possibility of implementation at all.

The previous government spent around 50 percent of the money from development programme in the first quarter of the current fiscal, he noted. The flow of expenditure was high as huge amount of money was spent from block allocation, he added.

Due to the shortage of money, the government had to go for massive bank borrowing which may have a negative impact on the economy in future, he feared.

According to half-yearly economic analysis, the consumer price inflation went upwards in September and October last year but it fell in November, Debapriya said. The new caretaker government should strongly monitor and supervise the markets of essential products to locate the syndicates controlling the markets and take necessary measures against them, he observed.

He pointed out that as the finance and commerce advisers of the current caretaker government is the same person he would be able to take appropriate decisions in control the market.

As there is an apprehension of production shortfall of Aman rice this year the CPD suggested the government take urgent measures for ensuring availability of fertiliser, diesel and power for irrigation of Boro crop which accounts for more than half of the total rice production in the country.

The government should take a battle-like approach to handling the current fuel and fertiliser crisis in the field level, Debapriya said.

The CPD ED suggested the new government to constitute a high-powered competent committee regarding investment proposal of Tata group, for recommending best possible economic price for natural gas and will settle other issues. An elected government must take the final decision in this regard, he added.

On the Phulbari coalmine project the government should also set up an independent committee of experts and local stakeholders which will assess the economic viability and social, environmental impact of the project area. An elected government would take the final decision, he observed.

Appreciating the current vibrant stock exchanges Debapriya said although the trade volume has been witnessing a massive surge breaking all previous records, the people also should know the weak side of the listed companies. For example, out of top-10 traded companies six did not give any dividend in the last five years, he disclosed.

CPD Research Director Mustafizur Rahman, research fellows Uttam Kumar Deb and Fahmida Akter Khatun were present at the conference.