A deregulated liberalized economy emerging out of Bangladesh's LDC graduation needs full-blown information support to sustain, noted economists said Tuesday and suggested immediate cure for 'data blindness'.
Bangladesh cannot make her LDC graduation sustainable with 'data-blindness approach', said distinguished fellow of the Centre for Policy Dialogue (CPD) Dr Debapriya Bhattacharya.
He finds 'information blindness' still prevailing in the country although the nation is moving towards a deregulated liberalised economy.
"So, it contradicts the government policy," Dr Debapriya, also a member for the UN Committee for Development Policy (CDP), made the remarks while addressing a discussion on the use of financial information and right to information towards ensuring transparency and accountability.
The discussion was jointly organised by the Asia Foundation, CPD and the Economic Reporters' Forum (ERF) at the ERF auditorium in Dhaka.
The noted economist says since Bangladesh is now on way to graduation from LDC status, such a country needs to have "trigger indicator" to avail support from the international community if it faces any challenge after graduation.
"So, the situation of graduation from the LDCs by Bangladesh has increased the demand for financial information hundred times. Although the matter is acknowledged verbally, but no such action is still evident," he noted.
After LDC graduation, he adds, sufficient support would not be available if there is no timely supply of full-fledged information. It will also tarnish image of the country.
Mr Bhattacharya says either the government or the authorities concerned could not perceive that information could be a supporting force. "There is also a lack of modern mindset on effectiveness of information towards optimum utilization of limited resources, which is also not consistent with the moderate world."
During the COVID-19 pandemic, the renowned economist notes, global production and supply chain was halted, which led to a decrease in demand. Under the circumstances, the governments had to increase expenditure, especially to the laggard communities, through various support measures.
It was "a matter of surprise" that there was no lack of funds for the government of Bangladesh although there was dearth in funding for various countries of the world.
"But, the main problem for Bangladesh was to spend that fund properly. It was not possible to reach the amounts of the stimulus packages to the targeted beneficiaries," he told the meeting of economic reporters.
Dr Debapriya said even the public representatives were not fully aware of the fact as to what was the overall stimulus- package amount, who were the recipients and how much was disbursed in their localities.
"It was not possible to disburse even 20 percent of the Taka 2,500 cash support (Eid Gifts) to each beneficiary for a lack of data and information," he said.
He suggests creating demand for information where the researchers, public representatives and the media would have to play their due role.
"Such section of professionals could return back the country the sight from blindness," he comments.
In a keynote presentation, CPD research fellow Dr Towfiqul Islam Khan said the necessary data and information for framing budget and determining deficit financing are not available from the different government offices concerned.
As a result, Bangladesh is lagging behind gradually in open- budget index where the country's score declined to 36 in 2019 from 56 in 2015, he mentioned.
"The latest score of the country has stood at 42. This indicates that the position of Bangladesh has downgraded a bit in terms of information," he says.
ERF general secretary SM Rashidul Islam moderated the event where its executive committee member and former Bureau chief of Reuters Sirajul Islam Qadir delivered the welcome remarks.
