No data manipulation anymore: Salehuddin

"On Monday, when officials presented inflation data, they indicated that it was higher than expected. I made it clear that inflation should be reported as it truly is. There's no reason to underreport it."

This statement reflects the position of Finance and Planning Adviser Dr Salehuddin Ahmed, who on Tuesday categorically said accurate and up-to-date data on economic and social indicators will be released.

"We will ensure that the Bureau of Statistics works with greater precision to eliminate any discrepancies in economic data," Salehuddin said after his first meeting with officials from the Planning Commission, the Implementation Monitoring and Evaluation Division, the Bangladesh Bureau of Statistics, and the Bangladesh Institute of Development Studies at the NEC in the city's Sher-e-Bangla Nagar.

He also assured that discrepancies in economic indicators will no longer occur.  

The former governor of the central bank stated that effective measures will be implemented to ensure the publication of accurate information on economic and social indicators.

Economists and researchers have frequently raised concerns about the accuracy of Bangladesh's data – be it GDP growth, inflation, nonperforming loans, or exports. The long-standing mystery of export data discrepancies finally came to light on 2 July when the National Board of Revenue corrected its estimates, revealing that exports had been erroneously inflated for the past few years. This adjustment led to a significant reduction in export figures for the last nine months, lowering them by a substantial $10 billion.

"In the meeting, we discussed accurate data collection. Updated data should be collected as working with data that is two years old is not appropriate. The data must be thoroughly verified and done transparently," he categorically said.

The finance and planning adviser also said this government's top priority is to tackle persistently high inflation that reached 13-year high in July.

"Effective steps are being taken to control inflation. We will work on market monitoring. Some extortionists stand on the roads and collect money from transporters; I will tell them not to stand there.

"After taking office, we noticed that recent disruptions and conflicts have affected the transportation of goods, leading to price increases. However, prices of some goods have started to decrease, and they are expected to fall further once everything returns to normal," he added.

The finance adviser also highlighted that only urgent projects would receive funding in the interim period.

"To avoid stagnation, we will allocate funds primarily to projects that offer the greatest benefits at the lowest costs," Dr Salehuddin explained.

The implementation rate of the Annual Development Program (ADP) in FY24 is currently at 80.92%.

On the matter of mega projects, Salehuddin remarked that the government will be cautious about funding such projects unless they are of significant public importance.

"There will be no room for wastage of funds. Foreign aid must be utilised responsibly and effectively. We will ensure accountability and transparency in spending," he emphasised.

The adviser stated that merely building ports and roads is not enough; allocations for social security and healthcare must also be increased. He noted that many projects are being undertaken to address climate change, but some waste is occurring in these areas, which must be stopped.

He further emphasised that wasteful expenditure must be completely eliminated in Bangladesh. Administrative costs need to be reduced, and there must be coordination in project implementation. For example, if a new road is built, coordination is necessary to ensure that another agency does not dig it up later.

The adviser also had a meeting with the World Bank's Country Director Abdoulaye Seck at his planning ministry office.

Salehuddin said the World Bank has assured him of continuing support as a key development partner.

Abdoulaye Seck later told reporters that he met the adviser to let him know to renew their commitment to the people of Bangladesh.

He said the WB can support Bangladesh to the reforms that are critically important whether its financial sector reform, trade reforms and business climate. Also, private sector-led job creation for young people of Bangladesh is extremely important.

Asked if there is any concern about loan repayment, he said, "It has never been a concern as Bangladesh has been a very reliable partner over the 50 years. I think this country should be very proud of it."