BRAC University hosts policy dialogue on Financial and Economic Reforms in Bangladesh

The BRAC Business School of BRAC University organised a policy dialogue titled "Policy Dialogue on Financial and Economic Reforms in Bangladesh" on November 16, 2024, at its Campus.

The event brought together prominent policymakers, financial leaders, industry experts, and academics to explore critical reforms needed to strengthen Bangladesh's economic landscape. Through high-level panel discussions, poster presentations, and critical analyses, participants proposed transformative strategies to address current challenges and pave the way for Bangladesh's resilient, transparent, and inclusive financial system.

The event featured a plenary session, four panel discussions, and approximately 15 poster presentations. It focused on critical issues in the nation's financial ecosystem and the urgent reforms needed. Discussions covered essential areas: Banking and Financial Institutions, Capital Markets, Financial Crime and Compliance, and economic policy and Financial Systems.

Key topics included modernising and improving the state of banking and financial institutions. Experts explored strategies to boost capital market efficiency and transparency, addressing concerns like Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and preventing capital flight. The dialogue also underscored the necessity of sound economic policies, emphasising Central Bank independence, effective monetary and fiscal strategies, and comprehensive tax reforms to drive sustainable economic growth.

The event commenced with an opening plenary session, "Actionable Financial and Economic Policies for an Inclusive, Equitable, and Prosperous Bangladesh." Dr Salehuddin Ahmed, Advisor for Finance and Science & Technology to the Interim Government, delivered the keynote address as the Chief Guest. Special guests included Dr Debapriya Bhattacharya, Distinguished Fellow at the Centre for Policy Dialogue (CPD); Professor Syed Ferhat Anwar, Vice-Chancellor, BRAC University; Selim R.F Hussain, CEO and Managing Director of BRAC Bank PLC; and Farzana Lalarukh, Commissioner, Bangladesh Securities and Exchange Commission.

Professor Mujibul Haque, Acting Dean of BRAC Business School, opened the session by highlighting BRAC University's dedication to nation-building. He explained that, as a leading academic institution, the university actively contributes to this cause through its reform proposals.

Dr Salehuddin Ahmed, Advisor for Finance and Science & Technology to the Interim Government, stated that the administration has taken charge during a critical time, tasked with driving reforms, particularly in the financial sector. He noted that the economic damage is unprecedented, making reform urgent and essential.

He added that effective reform requires a strategic approach that benefits the grassroots level. He noted that the interim government's reforms will leave a lasting footprint for future policymakers, assuring that the administration is committed to stabilising and advancing the economy.

Dr Debapriya Bhattacharya commended BRAC University students for their inspiring role in the July movement, emphasising their crucial contributions toward a more inclusive Bangladesh. He highlighted the need for integrity among those in power, noting that misleading statistics only obstruct genuine progress. Dr. Bhattacharya also warned that reforms would fail without market stability, cautioning that economic discontent could trigger widespread public anger.

He paid tribute to Sir Fazle Hasan Abed, the founder of BRAC University and BRAC, stating that Sir Fazle's visionary work continues to inspire both him and the nation.

Farzana Lalarukh, highlighted the pressing issue of trust deficits in the capital market. She emphasised that efforts are underway to address these challenges and rebuild confidence among investors and stakeholders.

She further added that financial literacy is a critical tool for empowering individuals, particularly at the grassroots level.

Selim R.F. Hussain stressed that central banks must act as strict enforcers to ensure successful reform implementation. He warned that without sustained effort, there is a risk of regressing to previous conditions.

Professor Syed Ferhat Anwar emphasised that today's Bangladesh is a gift and essential to ensuring its sustainability. He highlighted financial reform as a key area that requires attention, among other things. He also noted that BRAC University's initiative underscores its commitment to becoming a leading academic institution driving efforts for meaningful reform.

Throughout the day-long event, insightful panel discussions featured key industry experts, including Naser Ezaz Bijoy, CEO of Standard Chartered Bank Bangladesh; Humaira Azam, Managing Director of LankaBangla Finance PLC; A B Mirza Azizul Islam, Professor at BRAC University and former Caretaker Government Advisor; Md. Abdur Rahman Khan, Chairman of the National Board of Revenue (NBR); Dr. Selim Raihan, Executive Director of SANEM; and Michael Trueblood, Director of Economic Growth and Governance, USAID, among others.

By bringing together leading minds across sectors, the event aimed to identify systemic challenges and propose innovative solutions to enhance the country's financial and economic framework. The recommendations put forth are expected to foster a monetary system that is not only transparent and efficient but also inclusive and resilient, laying the groundwork for a thriving economy that benefits every segment of society, from individual citizens to businesses and beyond. Additionally, the most impactful recommendations will be published as a comprehensive white paper in the event proceedings, empowering participants to share their transformative insights with a global audience.