The budget analyses on behalf of the CPD Independent Review of Bangladesh’s Development (IRBD) 2014 Team was presented during a media briefing at the Brac Centre Inn on Friday, 6 June 2014.
Published in The Financial Express
Budget Reactions
CPD finds 7.3pc growth target unattainable
FE Report
The local think tank Centre for Policy Dialogue (CPD) Friday said the 7.3 per cent Gross Domestic Product growth for the next fiscal year (FY) 2014-15 is “possibly a desirable target”, which regrettably does not have any substantive basis.
“I think this is merely impossible to achieve the economic growth target. Attraction of huge sums of investment from the private sector in a single year is really impossible,” Dr Debapriya Bhattacharya said.
“If the GDP needs to expand at 7.3 per cent rate in the coming fiscal year 2014-15, an additional Tk 750 billion or US$ 9.5 billion (or extra 4-5 per cent of GDP) private investment will be required. But how much realistic it is!” The distinguished fellow of CPD said when analysing the newly-proposed budget.
The CPD organised the budget analysis programme at the BRAC Centre Inn in the city.
Dr Bhattacharya said although the government has projected enhancement of the public expenditure to 1.2 per cent of GDP, the quality spending of funds and the upgrading of the private investment are really absent which will be a challenge for achieving the economic growth target.
He said: “A kind of anarchy is going on with the ADP (annual development programme) expenditure. If the government fails to ensure quality development spending and successful utilisation of the public fund, the targeted growth will be a far cry.”
The CPD fellow criticised the Finance Minister for overlooking the issue of quality project implementation, lack of adequate fund allocations for both the priority projects and the projects to be finished within the fiscal year and inclusion of number of unapproved projects without fund allocations in the Tk 803.15 billion new ADP.
Dr Bhattacharya was critical of the minister’s stance on using the two base years (1995-96 and 2005-06) for reflecting the macro-economic framework and has urged to depend on the latest base-year aimed at avoiding deviation in the statistics.
He has also demanded setting up of the Independent Statistical Commission to validate the macro-economic correlates, and data and statistics of the Bangladesh Bureau of Statistics (BBS).
The CPD fellow observed that the Tk 81 billion allocations for the Padma Bridge construction project might have an impact on the allocations for the agriculture, health and other social sectors, as those have already been reduced.
“Any other alternative sources instead of the domestic financing for the Padma Bridge project was the best option for the government,” he said.
About the deficit financing of the budget, he said despite a comfortable limit of the budget deficit (5.0 per cent of the GDP), the highly ambitious financing target from foreign sources would be impossible.
“In the history of Bangladesh, the government has never been able to get more than $3.0 billion worth of foreign aid in any fiscal. But the FY 2015 budget has targeted to receive $4.1 billion worth of assistance for minimising the financing gap which is merely impossible,” he said.
The fiscal framework may once again be found to be vulnerable in the face of reality, he added.
The CPD fellow said, “We think the government has fixed its expenditure target first, then the income target from the available local sources. When it has seen some deficit of money, it has planned to supply those from the foreign sources,” he added.
The CPD praised the Finance Minister for tax measures, especially for reducing the corporate taxes. However, the local think tank was critical of the black money whitening provision in the budget.
“The finance minister earlier said that he would not allow black money whitening facilities in the next fiscal. But during his budget speech he did not mention anything about the issue. He ultimately has allowed the undisclosed money whitening facilities through his silence.”
“On one hand, he allows the black money whitening and on other hand, he imposes wealth surcharge and 30 per cent new tax slabs on personal income above Tk 4.42 million which is a “double-standard thinking” on the part of the minister, Dr Bhattacharya said.
He said CPD had supported the finance minister’s new tax measure stance, but reforms of it are required to realise the target as well as to attract more private investment in the country to achieve 7.3 per cent growth.
About the fiscal measures, the CPD distinguished fellow urged the government to offer similar tax-at-source facilities for the struggling jute sector, like the offer to the ready-made garment sector in the upcoming fiscal year.
On the energy and power sector allocations, the CPD fellow said the government should put emphasis not only on allocating higher funds for the base-load power station installation projects, it should also ensure implementation of those on time.
On the district budget, Dr Bhattacharya said: “The government should be more realistic about fund allocation for the seven districts. If we consider the allocation pattern, the government needs 80 per cent of its total expenditure for the 64 districts. How the central government could run with the remaining 20 per cent money!”
About the proposed budget for FY 2015, Dr Bhattacharya said the budget seems to have abandoned the 6th five-year plan and has not made any indication at the coming 7th five-year plan, to be started from FY 2016.
“The budget has had a lack of reflection of the political manifesto. Usually, the newly elected government always proposed budget in a very much enthusiastic mood to implement its election manifesto. But I think the finance minister did not have such enthusiasm in his budget proposal,” Dr Bhattacharya added.
The CPD fellow has urged the government to ensure good political and business environment for improving the public investment for boosting the country’s economy.
CPD’s executive director Professor Mustafizur Rahman and other researchers were also present at the programme.
Published in Dhaka Tribune
CPD: 7.3% growth target unattainable
Sheikh Shahariar Zaman
In the budget it is estimated that an additional $9.5 billion private investment will be needed to achieve the 7.3% growth and $4 billion foreign assistance will be received for the FY15 to finance the deficit
The government set a very ambitious target for the 2014-15 fiscal year budget, but does not conform with its capacity, stated an analysis carried out by the Centre for Policy Dialogue (CPD).
In the budget it is estimated that an additional $9.5 billion private investment will be needed to achieve the 7.3% growth and $4 billion foreign assistance will be received for the FY15 to finance the deficit.
Debapriya Bhattacharya, distinguished fellow of the CPD, presented the analysis yesterday.
Finance Minister AMA Muhith rolled out the Tk2.5 trillion budget, his sixth in a row and eighth in total, on Thursday with massive plans with no clear guidelines on how to achieve the targets.
The CPD analysis also questioned the quality of public spending and justification of the continuation of the black money whitening facility.
It also expressed its surprise that little attention was paid to the priorities stipulated in the election manifesto declared by the government a couple of months back.
“The government has set a growth target of 7.3% and to attain that, private investment has to grow from 21% to 25% of the GDP, which means an additional amount of around Tk75,000 crore will be needed in a single year, which is an impossible target,” Debapriya said.
The government has set a high foreign assistance target of $4 billion, which is 30% higher than the revised foreign assistance target for the current fiscal, he said.
Bangladesh has over $18 billion worth of foreign assistance commitments in the pipeline but due to a lack of absorption capacity, it received the highest $2.8 billion in the last fiscal.
The economist said there was little reflection of political priorities stated in the election manifesto of the Awami League before the January 5 election.
“I don’t see the reflection of the Awami League manifesto in the budget placed by the new government.”
Debapriya said the credibility of the targets set by the government is lost as there is a gap between the targets and actual achievements.
Citing examples, he said from FY12-14, on an average, the gap between the proposed and actual deficit financing was about 13%.
The CPD strongly supported higher tax on income but opposed the continuation of the money whitening scheme and questioned the similar purposes of both the policies.
“Tax on income and wealth is a very positive thing but at the same time it is unfortunate to keep allowing the whitening of black money,” he said.
Debapriya was of the view that social sectors, including education and health, received lower amounts of allocation compared to other years as the government allocated Tk8,100 crore for the Padma Bridge.
The current government has increased the public expenditure and it is about 7% of the GDP which is not that large, but the allocation of money and spending do not necessarily ensure quality of work, he said.
About the ADP implementation, he said the Dhaka-Chittagong four-lane road is supposed to be completed this December but the entire money has not yet been allocated.
He proposed that unnecessary projects should be curtailed and proper mechanisms to implement projects and reduce misuse of money can contain expenditure.
Published in The Daily Star
Private investment the key
CPD says Tk 75,000cr additional investment needed a year to achieve high growth target
Staff Correspondent
The economy faces an impossible task of raising private investment by Tk 75,000 crore in fiscal 2014-15 to achieve the desired 7.3 percent GDP growth, the Centre for Policy Dialogue said yesterday.
To that end, private investment needs to rise to 25 percent of gross domestic product from the present 21 percent, an increase not seen before.
Private investment the key“A 4 to 5 percentage point increase in private investment has never happened in Bangladesh’s history. This is a massive growth,” Debapriya Bhattacharya, distinguished fellow of CPD, said during a media briefing at the Brac Centre Inn on the think-tank’s analysis of the proposed budget for the upcoming fiscal year.
Furthermore, projections show that private investment would continue to decline for the third consecutive year in fiscal 2014-15, according to CPD.
“We expected enthusiasm in reforms to give vigour to the private sector. But we do not see such efforts. Many measures are stalling,” Debapriya said.
While the 7.3 percent increase in GDP is “desirable” after achieving an average of 6 percent growth in the past one decade, it “regrettably does not have any substantive basis”.
The finance minister is banking heavily on “favourable weather” and “political stability”, which might not materialise.
The think-tank, however, supported some of the fiscal measures taken by the government to finance the Tk 250,506-crore budget, which is an increase of 16 percent over the current year’s revised outlay.
A new tax bracket for high-income individuals, higher surcharge on wealth of richer people, health surcharge on tobacco products, green tax to curb environmental pollution by industries, imposition of VAT in new areas, increased source tax for land registration, were all welcomed by CPD.
About the revenue growth target of 16.8 percent, the think-tank said it is not attainable considering the dismal growth in the outgoing year: the overall revenue collection may fall short by Tk 12,000 crore from the target.
CPD said the budget was not properly designed, as financing it would require $4.1 billion, which is quite high and seems unachievable in a single year.
Its alternative is to borrow from domestic sources, which comes at an average cost of 8.75 percent as opposed to 0.97 percent for foreign funds, meaning increased interest payment burden, which already got the third biggest allocation in the proposed budget.
“The fiscal framework may once again be found to be vulnerable in the face of reality,” the analysis said, adding that the quality of planning in the area of fiscal framework in Bangladesh remain wanting.
The report went on to question the significant increase in block allocation, an aspect of expenditure that lacks transparency. Some Tk 1,428 crore has been set aside for block allocation in the proposed budget.
CPD came down heavily on the continued provision to legalise black money via investment in residential buildings.
“This provision is an unjust scheme that creates a culture of tax evasion. This is also discrimination against honest taxpayers and contradicts other measures of taxation,” Debapriya said.
Private investment the keyThe think-tank also criticised the extension of phase-out period of quick rental power plants, while calling out on the government’s failure to implement large power sector projects.
“Is it for keeping dependence on the quick rental power plant forever?” questioned Debapriya.
About the 67.35 percent slash in fuel subsidy, he said the petroleum prices would increase, which might trigger inflation.
The CPD distinguished fellow slammed the government move to extend the highest cut tax at source — from 0.8 percent to 0.3 percent — to the garment sector.
“It is surprising why other sectors face discrimination. The jute industry is suffering the most now. It should receive no less support than garment.”
CPD, however, lauded the tax holiday and tax rebate facilities extended to encourage industrialisation in the less-developed regions of the country and the exemption of duty on pre-fabricated building and fire safety equipment.
To conclude, it said budget implementation will critically hinge on non-economic dimensions of institutional and policy environment, such as implementation capacity of the state, oversight capacity and capacity for reforms.
There must also be political stability and a participatory electoral process to create a conducive environment for businesses, who, ultimately, want to take the country to a higher growth path, it said.
Fahmida Khatun, research director of CPD, and Khondaker Golam Moazzem, additional research director of CPD, also spoke on the occasion.
Published in New Age
CPD terms budget lofty target-centric
Staff Correspondent
The Centre for Policy Dialogue on Friday termed the proposed budget a lofty target-centric and said that the target of achieving GDP growth at 7.3 per cent was not achievable due to lack of desired private sector investment.
CPD, the independent think-tank, in its analysis of the national budget for fiscal year 2014-15, said that key fiscal targets did not reflect reality and there was inconsistency in projection related to income, expenditure and deficit financing and implementation.
The government’s commitments made in the election manifesto also remained absent in the budget document which is ridiculous, it said.
CPD also criticised the finance minister, Abul Maal Abdul Muhith, for continuing the scope of legalising undisclosed money in the next fiscal year.
‘The finance minister set ambitious target in the budget proposals, but the problem is that such target is inconsistent with the government’s capacity to implement,’ CPD distinguished fellow Debapriya Bhattacharya said at a press briefing on the budget.
CPD raised questions on logical basis of setting the GDP growth target at 7.3 per cent.
‘Growth target is possibly a desirable target but regrettably the target does not have any substantive basis,’ it said.
Private investment has to grow to 25 per cent from the existing 21 per cent for achieving the targeted GDP growth and around Tk 75,000 crore additional investments will be needed to raise the ratio by more 4 percentage points within a single year which is impossible and never happened in the history of the country, CPD said.
Debapriya said that it was very regretful that Muhith allowed the scope of legalising untaxed money for next year though he had assured the nation of not giving the opportunity further.
‘On the one hand, tax rates and tax net have been expanded and widened for rich people while non-compliant wealthy people were provided the scope of legalising their black money which is contradictory with taxation policy and cannot go together,’ he said.
CPD executive director Mustafizur Rahman, quoting finance minister AMA Muhith, said that achieving the target would depend on favorable weather and political stability.
‘So political stability is important to achieve the growth target and we emphasise on compromising and inclusive political system in the country for ensuring political stability,’ he said.
CPD said that the quality of fiscal planning and implementation should be increased along with bringing discipline in executing the annual development programmes.
CPD lauded the tax measures particularly imposing higher tax on rich people but it demanded to raise the tax-free income limit for individual taxpayers to Tk 2.50 lakh considering the current inflation rate.
The government should find out the source of revenue generation in local government to implement district budget as it would not be possible to implement district budget with resources of the central government, it said.
The research organisation also proposed to set up an independent statistical commission for ensuring authenticity of statistics, set up an agriculture price commission for ensuring fair prices both for producers and consumers, set up a local government financing commission for ensuring resources to implement district budget and constitute a public expenditure review commission for ensuring result-oriented ADP implementation.
Published in Daily Sun
Budget a luxury of target, says CPD
Staff Correspondent
Terming the proposed budget for 2014-15 fiscal a ‘luxury of target’, local think-tank Centre for Policy Dialogue (CPD) Friday said it will be impossible to achieve the 7.3 growth target unless political stability is ensured and private investment is increased to 25 percent of the GDP.
CPD researchers also felt that macroeconomic correlates in the FY2015 budget were inconsistent while key fiscal targets did not reflect reality and lack rigour in designing of the framework.
“Luxury is sometimes good, but it may not come true with the existing perspective,” CPD Distinguished Fellow Dr Debapriya Bhattacharya said while addressing a post-budget press conference at BRAC Center Inn at Mohakhali in the capital.
He opined that the estimation of the budget has been done on the basis of political stability, which has also been focused in the finance minister’s budget speech, and if the economy faces disruption due to this reason, the government itself will be responsible for the slowdown.
He recommended forming four separate commissions for capacity building of budget implementation. The proposed commissions include an ‘independent statistics commission’ to remove the confusion in financial statistics, a ‘price commission for agriculture sector’ to provide stimulus to crop growers, a ‘local government financing commission’ for building capacity to generate income and spending for development and a ‘government-expenditure audit commission’.
CPD observed that deficit financing through foreign funds will be a major challenge for the government. “Foreign resource mobilization was targeted to be $4 billion, which never could be met in the past,” CPD experts said.
CPD Executive Director Prof Mustafizur Rahman, Research Director Dr Fahmida Khatun, Additional Research Director Dr Khondaker Golam Moazzem and other research fellows were present at the briefing.
The CPD, however, appreciated the government for creating a new group of taxpayers by fixing 30 percent income tax for them. But it criticized the finance minister for keeping continued the scope for whitening of black money.
“The finance minister kept mum about whitening of black money,” the think-tank observed.
Dr. Debapriya said the government is increasing state investment which is now 7 percent, “This is necessary, but quality assurance is a big factor.”
He found no such inspiration and stimulation in the budget speech of the finance minister as expected from a newly sworn-in government that has started its second term.
The CPD also termed ‘discriminatory’ the decrease in tax at source for the garment sector, saying it should be applicable for other industries in general, the jute industry in particular.
Dr Debapriya raised question about the base year of the GDP growth, saying that the finance minister himself has reservation about the base year.
The CPD welcomed the steps for increasing the allowances for the ‘Muktijoddha’ and other groups of the society, tax exemption for small industries, incentives for entrepreneurs to set up industry outside Dhaka, increasing tax for land procurement, and also separate budget for eight districts.
But it observed with a negative view that the allocation for education, agriculture and health sector is decreasing in the new budget. It said the defense budget is static, but while revised budget is prepared, saying “It increases every year.”
“The quality of implementation of projects has deteriorated over the last few years,” Dr. Debapriya said, adding that it would not be possible for NBR to increase the revenue collection by Tk 26,283 crore.
Expressing concern over the increasing trend of interest payment, the CPD distinguished fellow said: “Payment of interest is eating up most of the government expenditure as one-third of revenue earning will go to meet the interest payment.”
“In terms of expenditure it was not possible to keep the words in the ADP, net revenue income has also gone through ups and downs, question also rise regarding the estimation as there is mismatch between estimation and implementation. But for the revenue collection, it will be most from the income tax, this is expected”, Debapriya added.
He said the transport sector took huge amount of allocation because of Padma Bridge, adding that “If the financing could be arranged from any alternative sources the social sectors like health, education, elderly, distressed etc could get more allocation.”
Dr Debapriya said disorder has been observed in the annual development programmes (ADP) although the government is spending huge money in this head—but people are not getting any result of it.
There are 688 projects without any approval. Similarly, there are more than 10 big projects, including some power projects those implementation is being delayed.
“The delay of power plants implementation will increase dependence on the rental and quick rental power plants,” he said.
“The budget has rejected sixth Five-Year Plan while there have no indication about the 7th and 8th five-year plans,” Dr Debapriya said.
Implementation of the newly proposed green tax measures and effective measures to restrict capital flight were emphasised during the briefing.
Published in People’s Time
7.3pc GDP target not achievable: CPD
Staff Correspondent
Centre for Policy Dialogue (CPD) yesterday said ensuring the desired investment to achieve the proposed GDP growth to 7.3 percent in the budget for 2014-’15 fiscal year is not possible.
To achieve the growth target “private sector investment should reach at least at 25 percent from 21 percent. That means, around Tk 75,000 crore additional amount of investment will be needed.” Which CPD said “an impossible target”. To achieve the target, the total investment should be at 83-84 percent. Of the amount, around 7-8 percent may come from the public sector.
But in the proposed budget it was assumed that around 21 percent investment would come from private sector, said Dr Debapriya Bhattacharya, distinguished fellow of CPD. The economic value of the four percentage point investment in private sector is Tk 75,000 crore ($950 crore), he said. So, it is a matter of concern that what will be the source of the additional amount of investments. In the history of Bangladesh,this has not happened, he said. The quality of investments, both public and private, is needed to be increased to achieve the target, Dr Debapriya told media while presenting comments and analysis on National Budget at Brac Centre Inn in capital’s Mohakhali yesterday morning. Quader, also a presidium member of ruling Awami League, said construction of Dhaka-Chittagong four-lane highway will be completed by December next as 95 percent earth filing works has already been completed.
“Like you all, we also want the target be achieved. But to achieve the desired target, the most important thing is investment. Without investment no target can be achieved.” Meanwhile, the CPD questioned the base year for setting the target of GDP growth rate in the proposed budget. The target of growth rate has been set by selecting 2005-2006 fiscal as base year, while the other calculations have been done on the basis of 1995-1996 fiscal, he said. But the booklet on the budget provided by the finance ministry reads as all calculation have been done by taking 2005-2006 fiscal as base year, he said. So, there will be some confusion – which year will be the base year for the 7.3 growth rate, he added. “We fear that the double use of statistics, in one hand 1995-1996 fiscal and on the other hand 2005-2006 fiscal, will affect our various discussions,” he said. “So, we suggest all the budget discussion and calculation should be done immediately by taking 2005-2006 fiscal year as base year.” he added. Commenting on the vision of the budget, he said the Sixth Five Year Plan has completely been ignored and there is no clear direction or seventh five year plan. From regional perspective, the budget is average in quality. BLACK MONEY : The think tank CPD yesterday criticised Finance Minister AMA Muhith for sustaining the provision of whitening of black money through his silence on the issue in the budget proposal for FY 2014-’15. “It is very regretful for us as the finance minister, despite his assurance of giving no scope of whitening black money in the budget, did not make it clear in his budget speech,” alleged CPD distinguished fellow Dr Debapriya Bhattacharya. We understand that the minister like before approved the provision of whitening black money with his silence and it should not be,” Dr Debapriya said. “In one side, tax has been increased, tax sectors and tariff have been expanded while the tax-non-payers are getting all advantages-it is a contradictory policy and cannot go together,” he said. It weakens the policies of the whole economic structure, observed the economist while presenting the analysis on the proposed National Budget for 2014-15 fiscal year at Brac Centre Inn in Mohakhali in the capital yesterday morning.
Published in The Daily New Nation
Target impossible
Tk 75,000cr addl investment urgently needed to achieve 7.3 pc GDP growth: CPD
Centre for Policy Dialogue (CDP) on Saturday doubted that ensuring the desired investment to achieve the proposed GDP growth to 7.3 percent in the budget for fiscal year 2014-15 would not be possible.
“To achieve the target, private sector investment should reach at least 25 percent from 21 percent. That means, around Tk 75,000 crore additional amount of investment will be needed,” which it said is ‘an impossible target.’
The CPD, a social think-tank, termed the proposed budget a ‘luxury of target’, saying it would not be possible to achieve the GDP growth if political stability and investors confidence could not be ensured and private investment increased. It added that the total investment should be at 83-84 percent.
Of the amount, around 7-8 percent may come from the public sector.But in the new budget it was assumed that around 21percent investment would come from the private sector, said Dr Debapriya Bhattacharya, a distinguished fellow of CPD.
The economic value of the four percentage point investment in private sector is Tk 75,000 crore ($9.5 billion), he said.So, he said, it is now a matter of concern that what would be the source of the additional amount of investments. The quality of investments, both public and private, is needed to be increased to achieve the target, Dr Debapriya told reporters while presenting comments and analysis on the National Budget at Brac inn centre in the capital’s Mohakhali on Saturday morning.
CPD executive director Prof Mustafizur Rahman, research director Dr Fahmida Khatun, additional research director Dr Khondaker Golam Moazzem and other research fellows were present at the briefing.
Dr Debapriya said the new budget has been set by selecting 2005-2006 fiscal as base year, while other calculations have been done on the basis of 1995-1996 fiscal. “We observe two negative trends in the economy — registration of foreign investment decreasing and a fall in remittance inflow.” But the booklet on the budget provided by the finance ministry reads as all calculation have been done by taking 2005-2006 fiscal as base year, he said.
So, there will be some confusion — which year will be the base year for the 7.3 growth rate, he added.”We fear that the double use of statistics, in one hand 1995-1996 fiscal and on the other hand 2005-2006 fiscal, will affect our various discussions,” he said.”
So, we suggest all the budget discussion and calculation should be done immediately by taking 2005-2006 fiscal year as base year.” he added.
Commenting on the vision of the budget, he said the Sixth Five Year Plan has completely been ignored and there is no clear direction or seventh five year plan.In addition, he said, foreign exchange reserve may come down to below $ 17 billion because of Padma Bridge payment.
The CPD, however, appreciated the government for creating a new group of taxpayers by fixing 30 percent income tax for them. But it criticized the Finance Minister for keeping continued scope for whitening of block money. “The Finance Minister deliberately kept mum about whitening of black money,” it claimed.
It also welcomed the steps for increasing the allowances of the Muktijoddha and other groups of the society, tax exemption for small industries, incentives for entrepreneurs to set up industries outside Dhaka, increasing tax for land procurement, and also separate budget for eight districts.
The CDP observed that the allocation for education, agriculture and health sectors had been shown decreased in the proposed budget. It said the defense budget is static, but while revised budget is prepared, it increases every year. About black money, the CPD criticised the finance minister for sustaining the provision of whitening of black money through his silence on the issue in the budget proposal for next fiscal.
“It is very regretful for us as the finance minister, despite his assurance of giving no scope of whitening black money in the budget, did not make it clear in his budget speech,” alleged CPD distinguished fellow Dr Debapriya Bhattacharya.
“We understand that the finance minister like the previous fiscals approved the provision of whitening black money with his silence and it should not be,” he said.
He said the budget has no commitment for overcoming the political crisis through holding dialogue and election. Since the quality of implementation of projects has deteriorated over the last few years, it would not be possible for NBR to increase the revenue by Tk 26,283 crore, he said.
In the analysis, the CPD identified that the budgetary measures have objectives to attain fiscal consolidation backed up by high growth revenue; to revitalise economic growth momentum; to revert the downturn of investment and to further control inflation.
However, the budget has not provided for necessary institutional reforms towards improved fiscal-budgetary management as well as supportive policy environment.
In order to achieve a comprehensive economic goal, the CPD proposed establishing an Agricultural Price Commission to ensure fair prices of agricultural commodities, to ensure incentive price for the producers while maintaining market stability.
It also suggested establishing of an Independent Statistical Commission to validate the Macroeconomic correlates; a Local Government Financing Commission and a Public Expenditure Review Commission.