'There are other ways to address the deficiencies'

The IMF's conditionality for giving out the proposed $4.5 billion loan to Bangladesh is based on several objections it has with previous and concurrent government policies. For example, the IMF has continually criticised the 'one-sided' emphasis of previous government policies on export promotion and the reluctance to withdraw massive subsidies given to the fuel, power and fertiliser sectors.

The IMF also requires concessions to the private sector and emphasises on the de-regulation of markets in Bangladesh. 

But Bangladesh, at present, needs selective import substitution, selective subsidies for food and agriculture given the recent global shortage of food grains as well as high import price of imported raw materials like fertiliser to ensure food security. Moreover, there are other ways to address the deficiencies such as, strict punishment of debt defaulters, illicit money launderers, tax avoiders and black money holders. 

The government also needs a more democratic, more transparent and more accountable political system and a non-bureaucratic state machine. The issues addressed by the IMF are mainly emblematic of the failure of state in its duties. 

That being said, it is true that the state has many failings, but the market and private sector too have failures. IMF conditionalities are also oblivious of these failures.