Dhaka: Finance Adviser Dr Salehuddin Ahmed today emphasized the necessity of establishing countervailing power to ensure effective governance in the country, which has become increasingly challenging over the years. "The governance has become difficult over the years. Countervailing power is needed to ensure check and balance," he stated at a book launch and discussion event for Dr Hossain Zillur Rahman's latest book "Orthoniti, Shashon O Khomota: Japito Jiboner Alekkho" at the CIRDAP auditorium in the capital. According to Bangladesh Sangbad Sangstha, Dr Salehuddin highlighted the absence of checks and balances on the powers of the prime minister and members of parliament, noting that without reforms in this area, other reforms would be ineffective. He also stressed the need for political party reforms. Drawing from his experience in the Ministry of Finance, he acknowledged the difficulties in governing a country like Bangladesh, stating, "We're trying our best to deliver but can't advance as per our full e xpectations." Dr Salehuddin remarked that political arrangements are crucial for development and noted that while the interim government has been attempting reforms, the limited tenure hampers significant accomplishments. He expressed hope that their efforts would leave a lasting impact for future governments to build upon. Since assuming office in August last year, the interim government has grappled with unprecedented economic challenges, a situation echoed by central bank governor Dr Ahsan H Mansur. The Finance Adviser alleged that significant amounts of bank funds had been misappropriated by the chairmen of various banks, estimating that $35 billion would be necessary to rehabilitate the banking sector, despite the IMF's initial estimate of $18 billion. He described the task of economic recovery as a major challenge for the future. Reflecting on the last 16 years, Dr Salehuddin observed that essential institutions have deteriorated, with legal deviations and a low tax-to-GDP ratio of about 7.5 percent. He stressed the importance of improving this ratio, drawing comparisons to higher figures in countries like Norway and Sweden. Dr Hossain Zillur Rahman, in his speech, underscored the importance of addressing economy, governance, and power simultaneously to improve the national situation. Meanwhile, Prof Mahbub Ullah warned of potential disasters if political and other stakeholders fail to address longstanding discrimination. Dr Fahmida Khatun from CPD pointed out the weakening of institutions due to a lack of competitive politics, and M Humayun Kabir advocated for the maintenance of the democratic system in the country.
