One hopes that they will find solutions, which will ensure free and fair parliamentary elections to be held in January 2007. We are particularly happy because, on May 13 in a seminar in Dhaka, I, on behalf of the Bangladesh Economic Association (BEA) and the Bangladesh Young Economists Association (BYEA), called for negotiations to be conducted by the two general secretaries on behalf of their respective parties and alliances, given that there was a logjam after several rounds of exchange of letters (See Shaping the Future of Bangladesh, a publication of BEA and BYEA).

We know there are hard days ahead for the two negotiators but we feel strongly that a way forward must be found. This is not a question of compromise to be made by one side or the other. The question is about ensuring that the next parliamentary elections are free and fair and held on time. This the politicians owe to the people of the country and to themselves to ensure.

The country is now at crossroads and it is crucial that the forthcoming elections are properly held and acceptable to all concerned to enable the country to begin in earnest to solve the many problems it faces and carry forward a process of sustainable development. This development path is absolutely necessary to shape the future of the country such that by 2021 or 2025 the country may be characterized by economic vibrancy, tolerable levels of income and human poverty, high levels of equity, participatory democracy, and a fair measure of environmental security.

I was asked by a journalist what if the negotiations expected to start between the two general secretaries fail. I told him and let me repeat that here: in the prevailing political atmosphere, the question asked is surely legitimate, but let us not speculate on the negative side as long as there is an opportunity to think positively and look at the brighter side.

It is in this spirit, which may smack of naivete under the prevailing circumstance but certainly embodies patriotic fervour, I would like to wish Mr. Abdul Mannan Bhuiyan and Mr. Abdul Jalil well and fervently hope that they succeed in negotiating necessary reforms and a caretaker government will be installed in due time, and the elections will then be properly held within the next 90 days.

Of course, the main responsibility of the caretaker government relates to the holding of the forthcoming elections. But, everything else must also move. Therefore, the caretaker government will also need to ensure that the wheel of the economy keeps moving, educational and other key public institutions keep functioning properly, the social and political forces are geared towards free and fair elections, and international and regional relations are friendly and dignified. When installed, it will have to quickly prioritize its tasks.

However, unfortunately, the caretaker government will, in addition to the usual full platter of responsibilities, be saddled with two particularly burning issues which may make its short duration rather trying.

One is the accentuating inflation, particularly the high and increasing prices of basic consumer necessaries. It is well known now that hoarding; unethical behaviour of certain traders in fixing prices; toll collection at various places as goods are moved and also from shopkeepers; and market control by syndicates are the three main reasons of the continuing price increases in both urban and rural areas. As the prices of consumer necessaries have been rising phenomenally, the hardest hit are the poor and various low and fixed income groups; together making up the overwhelming majority of the country's total population.

The second burning issue is the electricity crisis. Against a demand, on the basis of installed distribution lines, of about 5,000 MW, the usual production is between 3,200-3,500 MW. This has been so because while the demand has increased, capacity to generate electricity has not at all been expanded over the past several years.

Moreover, because of tripping of certain plants perhaps due to lack of proper maintenance and the old plants often going out of order due to lack of balancing and modernization, the generation of electricity has in recent months been lower than the usual, sometimes substantially lower.

As a result, the crisis has accentuated. Load-shedding, even in Dhaka, 6 or 10 times a day (24 hours), usually each for one hour, has now become normal. In rural areas and district and upazila towns, the situation is much worse. As a result of non-availability of electricity, irrigation suffers much, impacting on agricultural production and industrial production has been affected, often severely, throughout the country.

People are, therefore, coming out in protest in many places around the country. In recent days, the protest has been very loud as people brought out huge processions in various areas of Dhaka. This crisis seems intractable right now. But, it needs to be addressed to improve the electricity generation and distribution in order to protect the country's economy from collapsing and society from revolting.

Dr. Qazi Kholiquzzaman Ahmad is President, Bangladesh Economic Association (BEA).