IMF loan programme is sort of surrendering sovereignty in some policies: Debapriya

Noted economist and Distinguished Fellow of the Center for Policy Dialogue (CPD) Dr Debapriya Bhattacharya opined that the $4.7 billion IMF loan programme is sort of surrendering sovereignty in several policies of the country.

"We have surrendered the sovereignty at least in some policies through taking the IMF loan. We have accepted their terms and conditions," Debapriya said while speaking at a dialogue titled "Taxing the Digital Economy: Trade-offs and Opportunities" jointly organised by the CPD and the European Union at the Bangabandhu International Conference Centre in the capital on Saturday (29 April).

He said major economic decisions like opting for the International Monetary Fund (IMF) support programme were taken bypassing the key stakeholders including the elected representatives of relevant parliamentary committees.

"There had been no discussion in the parliamentary committees, not even in the cabinet subcommittee on economic affairs before approving the IMF programme," Debapriya said.

The economist also criticised sluggish economic reforms in the country until foreign development partners like the IMF enters the scene.

He stressed political engagement in major economic decision making processes, alongside reflecting the view of stakeholders for reforms.

The dialogue was chaired and moderated by CPD Executive Director Dr Fahmida Khatun where CPD distinguished fellow Professor Mustafizur Rahman presented the keynote.

In the keynote, Rahman suggested bringing the fast growing digital economy under the tax purview.

He urged the government to take measures for bringing the global tech giants like Facebook, Google and Youtube under the tax net.