Interim govt focused on executing key reforms before leaving office: Lutfey Siddiqi

Referring to the white paper on Bangladesh's economy and other reforms proposed by various commissions, Lutfey Siddiqi, the chief adviser's special envoy on international affairs, said the interim government is sharply focused on executing some of these critical recommendations. 

"There are a few things we want to accomplish before the interim government's tenure ends," he said at a book launch event, jointly organised by the Policy Research Institute of Bangladesh (PRI) and Nymphea Publication, held at the Sheraton Dhaka today (10 May).

Sadiq Ahmed, vice chairman of PRI, is the principal author of the book titled "Bangladesh 2030: Pathways to Shared Economic Prosperity", which was co-edited by Ziaul Karim of Nymphea Publication.

CPD Executive Director Fahmida Khatun and Sanem Executive Director Selim Raihan also spoke at the event, moderated by PRI Chairman Zaidi Sattar.

Reflecting on the book, Lutfey Siddiqi said, "It is certainly a treasure trove — not only because it is a comprehensive treatment of the entire landscape, but also because it is highly accessible and relates to theory."

Addressing the event as the chief guest, he expressed the interim government's desire to work on key reforms before exit.

"We need reforms in the governance structure, bureaucracy, and institutions responsible for driving change — and we must figure out how to implement them at an industrial scale. Ultimately, the goal is to boost total factor productivity," he said.

"A foreign investor once told me that he pays his Vietnamese workers 40% more than his workers in Bangladesh, yet his operations in Vietnam are more profitable," he said.

"We are also keen on labour reforms — for example, concerning migrant workers. When I speak to foreign governments and propose a new era for our migrant workers, they confront me with a long list of past abuses. We are working to sort these issues out," Lutfey said.

PRI Vice Chairman Sadiq Ahmed, the book's principal author, introduced the publication and emphasised its message of hope. 

He asserted that Bangladesh has the resilience to overcome its current stagflationary phase and transition toward sustained and inclusive economic prosperity. 

Drawing on over five decades of development experience, the book highlights the pivotal roles of farmers, entrepreneurs, non-farm workers, migrant labourers, and youth in driving national progress—often in the face of weak governance, external shocks, and policy missteps.

Fahmida Khatun, executive director of the Centre for Policy Dialogue (CPD), said that discontinuing certain policies could harm the private sector. "In the past, we've seen instances where policies were shaped to benefit specific business interests," she noted.

"The structure of revenue collection—relying more on indirect taxes than direct taxes—is not an isolated issue," she added. "We can connect the dots across sectors like banking and others."

Selim Raihan, executive director of the South Asian Network on Economic Modelling (Sanem), said, "Despite all the progress made over the last five decades, challenges remain. For instance, while we've seen significant growth in the RMG sector, it has, to some extent, constrained the development of other industries."

He further stated, "We spend a very low proportion of GDP on health and education. How can a middle-income country succeed under such conditions?"

The session facilitated a robust and engaging dialogue on translating the book's recommendations into effective policy actions, bringing together policymakers, economists, business leaders, and development experts to deliberate on Bangladesh's economic challenges and strategies for achieving inclusive and sustainable growth by 2030.

The book was critically reviewed and discussed by a panel of eminent experts, including Syed Nasim Manzur, president of the Leather and Footwear Manufacturers and Exporters Association of Bangladesh (LFMEAB) and MD of Apex Footwear Ltd, and Martin Holtmann, country manager of the International Finance Corporation (IFC) for Bangladesh, Bhutan, and Nepal.

What's the book about

The book offers an in-depth and data-driven analysis of the country's economic outlook in the face of political transitions and global uncertainties. 

It identifies key structural challenges—such as inflation, weak investment, inefficiencies in the banking sector, and youth unemployment—that threaten long-term growth. 

The book proposes actionable reforms to stabilise the macroeconomy, improve institutions, and unleash the potential of micro and small enterprises.

With its evidence-based insights and practical recommendations, the book presents a strategic roadmap to help Bangladesh restore economic momentum and advance toward a future marked by inclusive and sustainable prosperity by 2030.