Khaleda Zia, leader of Bangladeshi parliamentary opposition, the Bangladesh Nationalist Party (BNP), has suggested that the acceptance of a $1 billion loan from India is ‘suicidal’ for Bangladesh. But in fact, her harsh condemnation of this loan is actually quite hypocritical. When in power, the BNP has routinely complained that India is a less-than-generous neighbor and has sought all manner of trade and other concessions from its powerful neighbor. However, now that Zia and her party are the opposition, she cannot eschew the temptation to whip up nationalist fervor against India on utterly specious grounds.
In reality, the loan that India has given Bangladesh involves unusually generous terms. It is repayable over a period of 20 years, includes a grace period of 5 years and has an annual interest rate of 1.75 percent. Given the global financial crunch it is most unlikely that Bangladesh, a desperately poor nation, could obtain such financing from either multilateral institutions or private banks on such easy terms.
Apart from this rank political grandstanding, Zia’s behavior also underscores a deeper political malaise that afflicts Bangladesh. The country, which obtained its independence from Pakistan in 1971 after a sanguinary civil war and subsequent Indian intervention, has failed to develop some elementary norms that sustain a democratic political order. Specifically, it lacks the principle of a loyal opposition. Consequently, when a political party loses office it resorts to shrill denunciations of the ruling party in parliament and if that fails to achieve its ends—to extra-parliamentary tactics.
Sadly, to varying degrees, both the country’s two major political parties, the ruling Awami League and the BNP are guilty of these unwholesome practices. As a consequence, the quality of the country's democracy is compromised, governance becomes difficult and economic and social progress suffers. The latest fracas is emblematic of the corrosive politics of the country.
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Akash
“Desperately poor nation”? Where did you get that fact? India may have given the loan but parameters of desperation you might be using for Bangladesh would also place India in that category. When you write on Bangladesh, you should avoid such condescending language that US media often used for India, and does so even now.
Mashroof
To Mr.Sumit Ganguly:
While labelling Bangladesh as “Desperately poor”, did you forget the facts and figures of Indian poverty? Moreover,while writing in “The Diplomat”,did it ever occur to you that words like “Desperately poor” might sound politically incorrect and not-too-diplomatic? How about using “Developing nation”?
It sounds simultaneously funny and sad when pot calls the kettle black,specially in a well reputed magazine like The Diplomat.
Henry
What’s with the picture? Yes, the country is poor, or developing. What’s your point?!
Rudayna
Well said, Akash and Mashroof! And as of India being a ‘less-than-generous neighbour’, is Mr. Ganguly trying to say that India has given the loan to Bangladesh as an act of generosity?? Surely the business sense that the loan and its terms and conditions mean to India would be well known to Mr. Ganguly?