The head of the committee constituted for preparing the 'White Paper on the State of Bangladesh Economy', Debapriya Bhattacharya, on Saturday said that the economic condition of the country would determine the pace and the extent of the reforms.
He made the remarks while addressing a dialogue in Dhaka where businesses, however, demanded a roadmap for the next national election.
They expressed their views as they were speaking on 鈥楨conomic Policy鈥� as part of a series of dialogues titled 鈥楧ialogue for Democratic Reconstruction鈥� organised by the Centre for Governance Studies at the Bangladesh Institute of International and Strategic Studies auditorium in Dhaka.
The discussion was arranged when the interim government, which assumed power on August 8, has been struggling to tackle many problems--inflation, law and order situation, lack of confidence among businesses-- left mainly behind by the Awami League regime that was ousted on August 5 amid a student-mass uprising.
Economist Debapriya, who was the guest of honour in the discussion, said that both institutional and electoral reforms initiated by the interim government would be impacted if the economy would not function properly.
It will be a mistake if anyone thinks that the interim government can proceed only with the electoral and institutional reforms by neglecting economic issues, he said.聽
Debapriya hoped that economic policy makers of the interim government would come up with clear idea by revising the current budget or formulation of the next budget while businessmen and academicians were observing that the uncertainties in business and lack of improvement in law and order situation were not good sings.
Around 20 speakers gave their views on 11 topics鈥攄ollar crisis, inflation and syndicate, revenue mobilisation, bringing back smuggled money, people鈥檚 friendly projects, checking bad loans, banking commission, SMEs, RMG, growing inequality and ensuring transparency in the financial sector鈥攑ut forwarded by CGS executive director Zillur Rahman during the discussion.
Abdul Awal Mintoo, a former president of the Federation of Bangladesh Chamber of Commerce and Industry, said that the interim government could not end all discrepancies that were the basis of the July-August mass uprising that ousted the Awami League regime on August 5.
Only a democratic elected government can ensure reforms, he said.
Mintoo was critical of the Bangladesh Bank policy on interest rate hike that, according to him, impede private investment and discourage employment, one of the major reasons behind the student-led protests.
Echoing the same view, Mir Nasir Hossain, another former president of the FBCCI, said that inflation could not be checked without stopping extortion in the city鈥檚 trading hubs like Gabtali, Karwanbazar and Jatrabari.
Extortion in the areas has been continuing despite the fall of the AL regime, he alleged.
Economist Rashed Al Titumir wanted to know whether the interim government had a meeting with trading houses engaged in the import of essential commodities.
He also wanted to know whether employment generation opportunities by establishing industries through utilising the image of chief adviser Professor Muhammad Yunus had already been taken.聽聽聽聽聽聽聽聽聽
Jashim Uddin, another former FBCCI president, said that easy loan access to small and medium entrepreneurs should be extended for the creation of employment opportunities.
Quoting officials of around a dozen multinational companies, Bangladesh Chamber of Industries president Anwar-Ul Alam Chowdhury highlighted the falling business confidence and said that the companies were facing undue pressure to remove executive directors or engineers.
He, however, did not mention anything about the quarters that were creating pressure on the multinational companies.
He noted that such measures should be taken against bad businesses only, not all.
Debapriya observed that those in power should take calculative actions.
He said that they often heard demand for bans and added that the implementation of those for political reasons had serious economic implications.
鈥業f anyone鈥檚 political rights are infringed, his or her economic rights on future savings, investments, and job creation are affected,鈥� he said.
He expressed dismay over the topics of the discussion as the issues including landless farmers, the wage of the RMG sector, price and health were not included.
Noting that the interim government would not be able to do all the reforms, he urged everyone to be patient and responsible to uphold the spirit of mass uprising.
