The New Nation - Internet Edition

AFTER elapse of seven months of the financial year 2007-08, only 31 per cent of the total ADP allocation has been utilised so far. Though by accounting principles there should not be any strict equation between the percentage of expenditure, the real spending and the volume of work done. But the matter being inexact would suggest that an equation has to be drawn. To be precise, by spending 31 per cent of the budgetary allocations around 31 per cent of the development targets have been achieved. That the snail's pace of implementation has made the achievement of targets uncertain is being admitted by the government. It has already taken steps to slash the ADP allocation by 15 percent.

Despite political turmoils, law and order and interruption in aid flow over the years the GDP growth was 6.5 per cent which was commendable. Economists are of the opinion that to be a middle income country within a short period of time an 8 per cent GDP growth without break is necessary. Many of the common pitfalls of development, such as political topsy turvy, labour unrest and donor nuances, were absent over the last three quarters of the current financial year. Moreover, the government being not political one did not have to face exigencies which an elected government has to face.

Good governance, transparency, honesty and accountability are the pronounced principles of the present caretaker government. Achievement of development targets should come first as examples of good governance where the government is lagging behind. The Asian Development Bank (ADB) forecasts 5.6 per cent and World Bank (WB) 6 per cent. If the achievement is not at par with the earlier levels a big gap may be created in the economy which would take many many years to bridge.