TIB calls for independent Economic Strategy Advisory Committee

Transparency International Bangladesh (TIB) has called upon the government to form an independent Economic Strategy Advisory Committee to advise on ways to address the potential fallout from the global economic crisis to ensure the commendable economic performance achieved so far, continues.

The call comes against the backdrop of the impending global economic crisis triggered by Covid and the Russian invasion of Ukraine, said a TIB press release. 

In a statement issued on Friday, TIB Executive Director Dr Iftekharuzzaman said, "At a time when the world has already been struggling hard to cope with the Covid fallout, the Russian invasion of Ukraine has exposed the global economy to an unprecedented crisis, including a collapse of the global food system that threatens a worldwide rise in hunger and famine."

Dr Iftekharuzzaman said it is obvious Bangladesh cannot remain immune to the impending global economic challenges and uncertainties, as evidenced by the prime minister's thoughtful call to exercise austerity and explore other means of preventing the crisis from affecting Bangladesh.

"We have no doubt the government will do everything in its capacity so that Bangladesh not only successfully confronts the impending crisis but also continues its commendable performance in terms of growth and the socio-economic indicators remain on course," said the TIB executive director.

"However, in this extraordinary context we are calling upon the government to form an independent Economic Strategy Advisory Committee to complement and strengthen the efforts of the government by way of strategic advice on ways to address the potential economic crisis and ensure the enviable economic performance achieved so far, continues," he added.

Drawing attention to the ever-increasing socio-economic fallout of climate change that has been severely exacerbated by the twin evils of Covid and the Russian aggression in  Ukraine, Iftekharuzzaman said international experience has shown that in such crisis situations, economic and financial management challenges in nearly every country are exacerbated by a deeper and wider governance deficit, corruption and illicit financial transfers, including money laundering which contribute to increased poverty, marginalization, and the deprivation of fundamental human rights of the people.

As such, strategic guidance from the proposed independent committee consisting of nationally and internationally reputed Bangladeshi economists, financial experts, and other relevant social scientists, will add great value to the government's efforts. 

The main task of the committee would be advising in preparing strategic guidelines on how Bangladesh can escape and minimise the adverse effects of the global crisis in the short and medium term, and at the same time ensure the lofty goals of the Perspective Plan 2021-2041 remain on course, like achieving the status of high middle-income by 2031, and high income by 2041, alongside achieving the specific targets of eliminating extreme poverty by 2031, and achieving zero poverty by 2041.