Dhaka: Finance Adviser Dr Salehuddin Ahmed announced that Bangladesh’s interim government is leaving the economy in a ‘satisfactory and stable’ condition for the incoming administration, though he acknowledged ongoing challenges.
According to United News of Bangladesh, Dr Salehuddin emphasized that while borrowing had increased, significant debt repayment had also been achieved, avoiding costly mega projects to maintain manageable public debt levels.
Speaking after a Government Purchase meeting, Dr Salehuddin noted that the economy is no longer fragile and that foundational stability has been established for future progress. He highlighted employment generation as a key challenge, with a focus on supporting small and medium industries to create jobs.
Dr Salehuddin addressed concerns regarding economic risks, stating that while stability has been achieved, ongoing reforms are necessary. He emphasized the need for time, cooperation, and procedural discipline to strengthen the economy further, despite the complexities of Bangladesh’s administrative system.
Highlighting governance reforms, Dr Salehuddin mentioned progress in digitizing land records, which has made services cheaper and more accessible to citizens. He also confirmed the government’s preparation to face international arbitration involving financial disputes linked to S Alam Group, engaging international legal counsel for the case.
On power sector reforms, Dr Salehuddin clarified that electricity tariffs are being rationalized rather than increased. Despite criticism, he insisted that fundamental procedural reforms have been undertaken.
The government has appointed the British law firm White and Case LLP to contest an international arbitration case filed by S Alam Group founder Saiful Alam and his family. The arbitration involves allegations of money laundering and is filed under the 2004 Bangladesh-Singapore Bilateral Investment Treaty.
Following the fall of the Sheikh Hasina government, the interim administration led by Prof Muhammad Yunus initiated investigations into alleged money laundering by major business groups, including S Alam Group. The group denies the allegations, claiming a lack of credible evidence from the government.