The objectives of this paper are to present a summary and critique of the technical framework of the Third Five Year Plan of Bangladesh economy prepared by the economists from Netherlands using the applied general equilibrium approach. There were no explicit optimising criteria excepting that equilibrium between demand and supply was maintained at each point of time or with different simulations attempted by Dr M Keyzer. A model which can possibly permit short-run disequilibria around a long-run equilibrium (in year 2000) will be perhaps more attractive and realistic to planners and such a model can be a planning model with conflicting objectives like growth versus equity.