Speakers at a discussion yesterday called on the government to increase dependency on local resources instead of foreign loan to accelerate socio-economic development in the country.
They said this at the discussion on 'International financial institutions are the major barrier to development effectiveness' organised by VOICE, a local NGO, at Cirdap auditorium in the city.
Economists, politicians, development workers, civil society organisations, NGOs and human rights groups participated in the discussion.
The speakers said 75 percent of total amount of money the government gets as foreign loan are wasted in the name of consultancy and the rest goes to bureaucrats, politicians and opportunists while main beneficiaries are being deprived.
“Imposing unjustifiable conditions on the government, international financial institutions like World Bank, IMF and ADB are increasing poverty without reducing it,” they added.
Eminent economist Prof Abu Ahmed said the government should formulate its national development policy independently to make the country self-reliant.
To reduce economic dependency on international financial institutions, he stressed on the people's involvement in the market economy, saying that if people are the shareholders they could invest in the share market, which will reduce the dependency.
Criticising IMF for its prescription to increase the bank interest rate to reduce inflation rate, he said there is no logic to increase the rate while globally the interest rate is prescribed for decreasing.
“To ensure transparency and accountability of NGOs, he further said that the government should form a full-fledged regulatory commission to monitor the NGO activities.
Haider Akbar Khan Rono said World Bank and IMF are undermining the democratic process of the country and impeding the economic development.
He underlined the importance of firm political leadership and patriotism opposing the unjust developing paradigm.
VOICE Executive Director Ahmed Swapan Mahmud urged the government to make public all information about bilateral or multilateral agreements and form a national body to regulate the multi-donor trust fund for climate change.