Originally posted in The Business Standard on 27 December 2023
‘Pledges mean nothing unless implemented’
Welcoming Awami League’s election manifesto, two senior economists said implementation of the pledges would be the most important factor.
The promises made by the ruling AL in its election manifesto mean nothing unless those are successfully implemented, said Dr Fahmida Khatun, executive director of the Centre for Policy Dialogue.
She, however, appreciated the AL for recognising the problems in the economy and identifying the fault lines in the banking sector.
Unveiling AL’s manifesto earlier today, Prime Minister Sheikh Hasina outlined that her party would be focused on strictly enforcing the laws to recover defaulted loans.
“It will be ensured that the bank will maintain the prescribed provision for defaulted loans,” the AL’s manifesto read.
Talking to The Business Standard, Dr Fahmida noted that many of the issues highlighted in the current manifesto were also identified in previous election manifestos.
Their execution, however, faced hurdles due to a lack of political commitment, she said.
She specifically cited the banking sector, which, despite being identified in earlier manifestos, has worsened over time.
Drawing attention to promises made in previous manifestos concerning inflation, Dr Fahmida expressed disappointment at the apparent lack of implementation.
She said such failures raised questions about the effectiveness of past pledges and the necessity for a renewed commitment to addressing economic challenges, she said.
Meanwhile, Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh, said pledges in the manifestos versus the realities are different.
Like Dr Fahmida, he pointed out the paramount importance of political will for the implementation of these promises.
Mansur, however, expressed scepticism about the feasibility of fulfilling some commitments, particularly in the complex realm of the financial sector.
For example, Dr Mansur pointed out that achieving good governance in the banking sector would pose formidable challenges, especially in the face of resistance from influential quarters.
He raised a question, asking, “Who are they?” and asserted, “The challenges lie there.”
Despite his reservations, the economist expressed a willingness to be proven wrong and eagerly awaits to see if the AL can translate their promises into action.
He stressed the most on democracy, without which good governance is not possible.