Restoring private sector confidence still a challenge: Salehuddin
“No business in the world can have 100% certainty. The whole world has become uncertain. Trump is the biggest player of uncertainty,” he said.
Restoring confidence in the country's private sector remains a major challenge for the government, Finance Adviser Salehuddin Ahmed said today (12 August).
Speaking at a press conference at the Secretariat to present the finance ministry's progress over the past year, he noted that the private sector's trust will largely depend on the policies adopted by the new government after the national election.
"The new government will come in February. What policies they will adopt is also an uncertainty for businesses. However, businessmen, who used to make a lot of noise on various issues two to three months ago, have now become quieter," he told reporters.
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"No business in the world can have 100% certainty. The whole world has become uncertain. Trump is the biggest player of uncertainty," he added.
Acknowledging that the banking sector is still facing a regulatory crisis, the adviser said many banks are unable to return depositors' money.
"A large sum was given to one bank to repay depositors, yet the bank has failed to do so. We will look into where that money went," he said.
Looking back over the past year, the adviser described the current economic situation as "reasonably satisfactory and stable", noting that inflation has decreased, stability has returned to the banking sector, and improvements are being seen in the balance of payments, exchange rates, and foreign currency reserves.
"We haven't achieved everything in the past year, but we have started moving in the right direction. It would have been better if progress was faster. There may also have been mistakes in our work," he added.
