Unless we can break free from the clutches of the two most affective tools of the modern day colonialists namely, the IMF and the World Bank, all our efforts for long term national development and standing on our foot will fail.

We have only to look to the happenings in Indonesia and other South Asian countries that occurred a few years ago. The fallout from WB-prescribed floating exchange rate had such a devastating effect in Indonesia a country of about 250 million people that there was tremendous economic and social upheavals including food riots. The economy which was approaching a per capita GDP of US$ 1,500.00 was reduced by almost two-thirds and hundreds of thousands of industrial and business concerns became bankrupt, millions of people lost their jobs and livelihood.

As the country was brought to its knees, saviours arrived and who are they? Obviously the IMF and the World Bank. They offered new loan proposals with of course their conditionalities. So, the game goes on and on.

The only country that was able to avoid the economic catastrophe was Malaysia because under the wise and honest leadership of Dr. Mahathir Mohammad Malaysia ignored the WB's suggestions and refused to implement the floating exchange rate formula.

In the case of Bangladesh, if we could eliminate rampant corruption especially by the high ups, break free from the international lenders and make proper use of our human and natural resources, we can achieve the level of development equal to that of Malaysia within a short span of time.