AL election manifesto promises to fix financial, energy sectors

Prime Minister and Awami League President Sheikh Hasina announced her party's manifesto for the 12th general elections, with a slew of pledges to address critical issues raised by economists and businesses about the country's financial sector, trade, energy, and the economy.

Sheikh Hasina said if voted to power again, her party will work on balancing export-import trade to ensure an adequate supply of forex reserves, expanding industries with investments, enhancing efficiency in the financial sector including banking and ensuring uninterrupted power and energy supply, among other issues, in the next five years.

She unveiled her party manifesto with the slogan "Smart Bangladesh: Visible Development, Increased Employment" at a programme at the Pan Pacific Sonargaon Dhaka on Wednesday (27 December), 10 days before the election.

"Bangladesh will become a high-middle-income country by 2031 and a developed, prosperous, smart one by 2041, if the people once again allow us to serve them by voting for the boat," she said.

"If elected, the AL government will adopt necessary policies and strategies to implement the goals and plans. A correlation between market value and income will be established," the AL chief said.

She said import and export trade will be balanced, reducing uncertainty in the supply of foreign exchange.

"Laws will be strictly enforced to recover defaulted loans," she said, adding that effective action will be taken against money launderers.

"Eradication of bribery and corruption at all levels of the state and society, prevention of unearned income, and punishment of debt-tax-bill defaulters and corrupt persons will be executed through the judicial system. Their illegal money and property will be confiscated," Sheikh Hasina said.

The premier said policy interest rates would be the main means and instruments for controlling the money supply and inflation, and loans for self-employment of employable trained youth will be extended.

Sheikh Hasina said uninterrupted and quality power and energy supply will be assured.

"In the last three terms, groundbreaking and revolutionary developments have been made in the country's power sector," she said.

She also said long-term plans have been adopted to increase power generation capacity to 40,000MW by 2030 and 60,000MW by 2041.

Sheikh Hasina said 10,000MW of electricity will be produced from clean energy while gas supply will be ensured in the northern and western regions of the country.

"Bangladesh has been transformed in the last 15 years. Today's Bangladesh is by no means poverty-stricken or economically fragile," the premier said.

"Technological capabilities are essential to survive global competition in the fourth industrial revolution era. That is why we announced the building of Smart Bangladesh. Smart Bangladesh has four pillars – Smart Citizens, Smart Government, Smart Economy, and Smart Society," Sheikh Hasina said.

"Minor setbacks cannot hinder our economic progress today. We have proved that by facing various challenges, including the pandemic," the premier said.

"As a continuation of the past, this time, we have prepared an implementable election manifesto by setting specific targets. The continuity of the long-term action plans announced in the 2008, 2014, and 2018 election manifestos has also been maintained in this manifesto," she said.

Agriculture Minister Dr Abdur Razzaque inaugurated the election manifesto announcement programme.

Speaking at the event, AL General Secretary Obaidul Quader said, "We are not afraid about the outcome of the election." 

"Despite recurrent arson attacks and violence, we remain resolute. Under Sheikh Hasina's leadership, we will overcome these conspiracies and terrorism, preserving the honour of the red-green flag and securing victory, Insha Allah," he added.

Experts urge implementation over promises

Dr Fahmida Khatun, executive director of the Centre for Policy Dialogue, welcomed the ruling party's specific recognition of the economic challenges, especially the challenges in the banking sector, such as high levels of non-performing loans.

"But promises mean nothing unless implemented," she told The Business Standard in her reaction to the AL's manifesto.

Dr Fahmida noted that many of the issues highlighted in this manifesto were also mentioned in previous election manifestos. However, their implementation was stalled due to a lack of political commitment. 

She specifically cited the banking sector, which has shown a worsening situation over time despite issues in this sector being identified in earlier manifestos.

Drawing attention to promises made in previous manifestos regarding inflation, Fahmida expressed disappointment at the apparent lack of implementation. 

Ahsan H Mansur, executive director of the Policy Research Institute of Bangladesh, said manifestos versus realities are different. Like Dr Fahmida, he pointed out the paramount importance of political will for the implementation of these promises. 

Mansur expressed scepticism about the feasibility of fulfilling these 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 powerful quarters. 

Despite his doubts, the economist expressed a willingness to be proven wrong and said he will eagerly await to see if the AL can translate their promises into action.

Stressing the need for a robust democracy, he said good governance is not possible without democracy.

Key pledges in the manifesto 

In the manifesto, the AL pledged to keep commodity prices within everyone's purchasing power and ensure job-oriented education and employment for youth.

It also pledged to bring everyone under the coverage of a universal pension system, as well as making healthcare accessible for lower-income people.

The party said it will work on boosting investment in integrated farming, mechanisation, and processing to make agriculture more profitable.

In the manifesto, the AL vowed to show zero tolerance against corruption and terrorism.

The AL manifesto also put more focus on press freedom and the practice of transparency, accountability, and good governance as well as strengthened democratic values in all aspects of state management.

Freedom of media

Noting that the Awami League government has ensured the free flow of information and freedom of media, Sheikh Hasina said arrangements will be made so that journalists do not face torture, intimidation, or false cases.

"As per the newly enacted law, The Cyber Security Act of 2023, the privacy and information of individuals will be protected, and appropriate measures will continue to be taken to prevent misuse," she said.

Health care and family welfare

In continuation of Vision-2021, basic health, and family welfare services will be enhanced and expanded under the programs of Vision-2041, the AL chief said.

To ensure digital healthcare, a unique health ID will be provided to every person in the country and hospital automation management will be introduced, she said.

A universal health system will be established to ensure equal health care for all citizens.

Health Insurance will be introduced, and Centers for Non-communicable Disease Treatment and Rehabilitation of Senior Citizens will be set up under the Healthy Aging Scheme, the premier said.

Mental health and autism healthcare facilities at all levels will be made more effective.

Industrial development

"If elected, we will formulate appropriate policies and programs to attract the entrepreneurial class," she said, adding that small, medium, and cottage industries, handloom, and sericulture will be preserved, and competitiveness will be enabled for employment expansion.

"We will take initiatives to diversify leather and jute products and make these industries profitable. Private sector initiatives in the jute industry will be encouraged," she continued.

Agriculture, food and nutrition

"If we are elected, support and subsidies for agriculture, i.e., investment support in agricultural materials to increase agricultural production, will continue. Usable agricultural machinery will be made readily available and accessible. Subsidy on agricultural machinery will be continued," she said.

She also said steps will be taken for development of commercial agriculture, biotechnology, genetic engineering, robotics, artificial intelligence, nano-technology, including the development of rural non-agricultural sectors, and suitable strategies will be adopted to deal with globalisation.

Zero-tolerance policy against corruption

"Awami League has adopted a zero-tolerance policy against corruption. To this end, the government has taken a concerted initiative with the people and is working to root out societal corruption," she said.

"To inspire an anti-corruption attitude among the students, book chapters on the evils of corruption and what to do to prevent corruption will be added to the education curriculum," she said.

Terrorism and communalism

The Awami League is committed to fighting terrorism, establishing democratic rights of all citizens, and improving people's quality of life, the premier said.

"The supremacy of the constitution in the country's governance, the establishment of the rule of law, and the formation of a society free from terrorism will be ensured," she said.

"Bangladesh is home to people of all religions, castes, and professions. We want a non-communal Bangladesh," she added