Unwavering commitment needed to guide economy, but country has capable individuals: Fahmida Khatun
She said rectifying the “chaos caused by the Awami League administration over the last 15 years would need extensive effort and resolute decision-making"
Significant exertion and unwavering commitment will be required to effectively guide the trajectory of Bangladesh's economy, Fahmida Khatun, executive director of the Center for Policy Dialogue (CPD) said today (5 August).
"Nevertheless, Bangladesh has a pool of competent, devoted, and honest individuals capable of doing challenging tasks," she said in a statement following Sheikh Hasina's resignation in the face of a mass uprising led by the Anti-Discrimination Student Movement.
"I extend my sincerest congratulations to the young individuals in our community. They have achieved the seemingly unachievable," said the CPD executive director.
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"Their courageous deeds have not only converted the quota reform in government employment into a powerful popular revolt for political transformation but also resonated with the aspirations of every individual in the nation," she added,
Speaking about the state of the economy of Bangladesh during the AL-led regime, she said for the last 15 years, individuals have been denied economic advantages as a result of persistent corruption and prejudice.
"The government's exclusive preoccupation was with economic expansion, which failed to significantly impact the lives of broader segments of the populace.
"It only favoured dishonest politicians, bureaucrats, and entrepreneurs," she added.
Fahmida Khatun went on to say that the administration has methodically destroyed the government institutions.
"The scarcity of employment prospects and the practice of preferential treatment via the quota system are indicative of the marginalisation experienced by the youth in the nation. The state and its dysfunctional systems must be rebuilt. The economy must be salvaged from the turmoil caused by the despotic administration and its supporters," she said.
She said rectifying the "chaos caused by the Awami League administration over the last 15 years would need extensive effort and resolute decision-making".
"Individuals are experiencing the adverse effects of significant inflationary pressure and insufficient money. The economic foundations have been severely compromised," said the economist.
Consequently, she said all economic indices are under strain. Every institution has been methodically dismantled to enable corruption and maintain an undemocratic grip on power.
"The heads of regulatory agencies responsible for governing the economy exhibited complete obedience to the government and made erroneous and detrimental choices in order to appease party members and those with connections to those in power," she said.
"Some examples are Bangladesh Bank, National Board of Revenue, and Capital Market. Consequently, these entities have implemented various discriminatory and erroneous policies," she noted.
She stated amending the Banking Company Act to benefit the board directors, refraining from taking any measures against intentional bank loan defaulters, altering the definition of classified loans, maintaining fixed interest rate caps for an extended period, and neglecting to make autonomous decisions to manage inflation as some such policies.
