Economy must be inclusive so every citizen benefits: Amir Khasru
Finance minister calls for an inclusive, democratic economy, institutional reform, and serious deregulation to end patronage-driven practices.
Finance Minister Amir Khasru Mahmud Chowdhury said today (18 February) that a patronage-driven economy cannot continue and stressed that Bangladesh's economy must be inclusive, with a level playing field allowing all citizens to participate and benefit.
He made the remarks today (18 February) while speaking to journalists at the Ministry of Finance on his first day in office at the Secretariat.
"The immediate problem is that some state institutions are in extremely poor condition," he said.
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He further said, "We must initially address this by recovering the institutions. Professionalism, transparency, and efficiency need to be introduced in these institutions. This is a crucial matter because, in their absence, no matter how large a programme we have, it will not function properly."
He described institutional reform as the 'number one' task before the ministry, underscoring that rebuilding governance structures is a prerequisite for sustainable economic management.
"Subsequently, the economy must be democratic. A patronage-driven economy cannot be allowed to continue. Bangladesh's economy must be for all people. There must be a level playing field, and every citizen should have the opportunity to participate in the economy and access its benefits," he added.
Amir Khasru said, as his third point, that serious deregulation is necessary to achieve these goals, adding, "Bangladesh has become an over-regulated country due to patronage politics. We need serious deregulation, liberalisation, and a level playing field so that everyone has equal rights to participate in the economy and access its benefits."
The minister also argued that excessive regulation often creates opportunities for corruption and rent-seeking, adding that rationalising the regulatory framework would reduce barriers, improve competitiveness and enhance investor confidence.
When asked to summarise his priorities, he responded succinctly that the economy would remain his central focus, with institutional reform, deregulation and inclusive participation forming the core pillars of his agenda, reports UNB.
Yesterday afternoon (17 February), BNP Standing Committee member and Chattogram-11 MP Amir Khasru Mahmud Chowdhury took oath as the new Minister for Finance and Planning.
He previously served as Commerce Minister from 2001 to 2004 but resigned amid allegations that he allowed a syndicate to raise the prices of essential commodities.
