Tarique becomes PM, envisions unity, stability

After years in exile, BNP Chairperson Tarique Rahman took oath as the Prime Minister of Bangladesh yesterday (17 February), envisioning national unity, political and economic stability, and rule of law, as he said on several occasions before polls.

For the first time in Bangladesh's history, the president administered the oath to the prime minister and cabinet members under the open sky in front of the Jatiya Sangsad Bhaban, in the presence of high-level representatives from India, Pakistan, China and other South Asian nations.

As a mild spring afternoon breeze lent a sense of calm to the ceremony, the new prime minister stepped into office facing immense expectations from a nation grappling with a severe economic crisis, investment stagnation and unemployment.

Although Tarique Rahman formed a strong government with more than a two-thirds majority in parliament and a 49-member cabinet blending experienced and new faces, the road ahead is far from smooth.

Beyond reform pressures, Tarique faces the immediate tasks of curbing post-election violence, restoring law and order, and managing tensions with the Jamaat-NCP alliance, which has signalled it may keep the streets politically charged from the opposition benches.

Following the prime minister's oath, the president administered the oath separately to 25 ministers and 24 state ministers. Later, the government appointed 10 individuals as advisers to Prime Minister Tarique Rahman, granting five of them the status of minister and the remaining five the status of state minister.

After the ceremony ended, Tarique returned to his Gulshan residence. Later, along with his family members, he visited the graves of his father, martyred President Ziaur Rahman, and his mother, former prime minister Khaleda Zia at Zia Udyan in Sher-e-Bangla Nagar in the capital.

Finance Minister Amir Khasru Mahmud Chowdhury told TBS that the new cabinet's first meeting will be held at the Secretariat at 3pm today. Officials from the Cabinet Division indicated that courtesy meetings with secretaries may also take place.

Earlier in the day, Chief Election Commissioner AMM Nasir Uddin administered the oath to MPs from various political parties and independent candidates in phases. After BNP MPs were sworn in, the party's parliamentary meeting elected Tarique Rahman as leader of the parliamentary party.

However, BNP MPs did not take oath as members of the Constitution Reform Council, prompting Jamaat and NCP – now in opposition – to boycott the cabinet oath ceremony and signal political agitation.

Economic and political pressures mount

Analysts say the new government must confront multiple economic and political pressures from the outset. Within its first 100 days, it must announce the next fiscal year's budget – closely watched by government and private-sector employees, the unemployed, and investors alike. The government must also stabilise the Ramadan market, where price volatility is already emerging.

The BNP's electoral pledges – including introducing family cards, waiving agricultural loans up to Tk10,000, implementing a new pay scale for government employees, increasing allocations for education and health, and creating 10 million jobs — will require significant direct budgetary expenditure.

Yet fulfilling these promises while tackling high debt burdens, one of the lowest tax-to-GDP ratios, persistent inflation, and a fragile banking sector – without imposing additional tax burdens on citizens and businesses – poses a formidable challenge for Rahman and the new finance minister.

Reviving private-sector confidence, easing the energy crisis, resolving bottlenecks at the country's main port, and restoring a business-friendly environment are also seen as urgent priorities.

Finance Minister Amir Khasru Mahmud Chowdhury told TBS that the government plans to ensure a conducive investment climate through deregulation, reducing bureaucratic complexity, and lowering bank lending rates to cut business costs. This, he said, would stimulate investment, employment and revenue collection.

Tarique Rahman emphasised national unity, political and economic stability, rule of law and law and order. His pre-oath visits to Jamaat Ameer Shafiqur Rahman, NCP Convener Nahid Islam and Islami Andolon Ameer Mufti Syed Mohammad Rezaul Karim generated optimism about his political outlook.

Political analyst Altaf Parvez said the greatest challenge would be delivering on reform. "If reforms fail, public anger will rise. At the same time, managing an opposition like Jamaat, which has strong street mobilisation capacity, will be a major test for the Tarique Rahman-led government," he said.

Early rift over Reform Council oath casts shadow on political harmony

Economist Dr Zahid Hussain noted that many BNP pledges must be reflected in the first budget. "Failure to deliver on social protection commitments could lead to public disappointment."

Dr Fahmida Khatun, Executive Director of the Centre for Policy Dialogue (CPD), said the new government faces many challenges but has limited economic capacity. Public expectations are high and difficult to meet.

Former senior secretary of the finance ministry Mahbub Ahmed said, "Attracting private and foreign investment would be essential to fulfil the pledge of creating 10 million jobs over five years."

Towfiqul Islam Khan, Research Director at CPD, said the government must revisit and revise the interim budget estimates and adopt a pragmatic action plan for the new budget aligned with its election manifesto. Otherwise, public frustration could surface from the very first budget.

Former diplomat Humayun Kabir said, "For an integrated economic diplomacy, as envisaged in BNP's election manifesto, there must be effective coordination among the foreign, commerce and finance ministries and institutions like the NBR and Bida," said.