Ex-BGMEA president Siddiqur concerned over implementation amid existing challenges

Responding to the freshly announced national budget for FY2023-24, Siddiqur Rahman, the former president of BGMEA, has said that the global situation presents an extraordinary set of circumstances, making the execution of the budget particularly challenging for the finance minister.

Rahman acknowledged that the past few years have been marked by numerous challenges, and the road to recovery has been gradual. He stressed the importance of addressing pressing issues, such as reducing the burden of bad loans in banks and effectively combating money laundering. As per Rahman, the timely recovery of bank loans is crucial.

To address the prevailing $ crisis, Rahman recommended limiting the import of non-essential products in FY24. He proposed that the government consider imposing restrictions or bans on the import of specific items.

Highlighting a previous successful initiative by the Bangladesh Bank (BB), the former BGMEA boss pointed out that conserving reserves by restricting dollar withdrawals from banks had mainly benefited large businesses, while small businesses faced significant struggles.

Rahman urged the government to intervene actively in these matters to ensure a better balance of credit and debit with export earnings, remittances, and foreign investments.

By taking decisive actions, the government could help stabilise the economy and foster a healthier business environment for all stakeholders, he added.