The World Bank has dissatisfied with work Bangladesh interim government Chief Adviser Prof Dr. Muhammad Yunus. The World Bank deeply concerns about the present Bangladesh situation and its government activities. There are many reason behind this unstable Bangladesh. The Indian Popular Bengali Newspaper the Anandabazar has published a story regarding the presenting current social economic status of Bangladesh.
Despite the exit of the Sheikh Hasina government, the sufferings of ordinary people have not diminished. The law and order situation remains dire. However, the government of the country is either targeting the President or attempting to “divert attention” by altering national narratives and historical events.
The interim government has recently decided to cancel eight national days, including March 17 as Children’s Day on the birthday of Sheikh Mujibur Rahman, August 15 as the National Mourning Day on Sheikh Mujib’s death anniversary, and March 7 as Independence Declaration Day. South Block believes that decisions on whether or not to cancel national days are matters for Bangladesh’s government. However, Bangladesh is facing much larger issues that need to be addressed first.
New Delhi believes that the government is, at every step, fostering extreme anti-Indian sentiment. At the same time, the same government is seeking to curb inflation by importing essential items like eggs, onions, and green chilies from India. People are demanding elections, but the Yunus government is not providing any roadmap for elections. Additionally, in the October issue of the “World Bank Bangladesh Development Update,” concerns have been raised about Bangladesh’s law and order situation and its uncertain future. The report also warns of pushing the country towards instability due to the electoral impasse. The skyrocketing prices and lack of new investments in industries, resulting in a shortage of employment, are worrying economists. Experts suggest that the interim government should focus on controlling food inflation and generating new employment. Currently, essential items are beyond people’s reach. Despite importing from India, there are no benefits in sight, as syndicates of profiteering businesses control the markets. According to Dhruva Sharma, a top-level economist from the World Bank’s Dhaka office, food prices have increased by 45% this year. Additionally, the economic growth rate for Bangladesh is projected to drop to 4% in the current fiscal year.
Abdoulaye Seck, the World Bank’s Country Director for Bangladesh and Bhutan, warns that inflation, fragility in the financial sector, and non-performing loans will become even more dangerous in the coming days. He reminds us that non-performing loans in Bangladesh are considerably high. According to the World Bank’s forecast, Bangladesh’s GDP is declining this fiscal year, and it will take considerable time for it to recover to its previous level.
The World Bank has urged financial sector reforms and ensuring political stability to address the current crisis. They suggest that export diversification, increased foreign investment, and improvement in education quality are immediately necessary. And for this, a democratically elected government is essential.