Dhaka: Press Secretary to the Chief Adviser, Shafiqul Alam, stated today that the interim government’s efforts to uplift the economy from a ‘very fragile’ state to its current position is nothing short of a ‘miracle’. He made these remarks while addressing the ‘Development Journalist Forum of Bangladesh (DJFB) Talk’ at the NEC Conference Room in Sher-e-Bangla Nagar.
According to Bangladesh Sangbad Sangstha, Alam highlighted that the interim government inherited an economy on the brink of collapse following the ouster of the Awami League government. Over the past six months, significant progress has been made in stabilizing the economy. Alam attributed the economic recovery partly to the focus on fixing the energy sector, which he described as a critical component for economic efficiency.
Alam criticized the previous Awami League regime for attempting rapid fixes to the energy system that resulted in serious financial mismanagement. He alleged that the revenue system developed under the former government was inefficient, with a tax-GDP ratio of only 7.3 percent, compared to 12 to 20 percent in advanced economies. These inefficiencies, he claimed, hindered development initiatives.
The Press Secretary also addressed issues of corruption and financial mismanagement during the previous regime, citing independent panelists who indicated a 70 percent hike in project costs to satisfy political interests. He referenced a White Paper that reported $234 billion had been laundered abroad during the previous regime, funds that could have been reinvested domestically to create jobs.
Alam discussed the interim government’s focus on restoring macroeconomic stability, noting that inflation had declined for two consecutive months. He projected inflation to decrease further, reaching around 7 percent by June, which would help stabilize the exchange rate and positively impact the development budget.
He accused the previous government of damaging the country’s macroeconomic stability through uniform deposit and lending rates. Alam also mentioned the interim government’s efforts to reform the banking sector and address unemployment through increased foreign direct investment (FDI).
Alam expressed confidence in the interim government’s ability to attract more FDI by restoring energy sector discipline, improving Chattogram Port efficiency, and implementing labor sector reforms. He noted that the government is pursuing solar power initiatives and regional electricity grid collaborations to enhance energy resources.
Regarding law and order, Alam stated that nine measures had been taken to improve the situation, with expectations of swift improvements. He assured that the central bank is focused on restoring banking sector discipline and protecting depositors.
In response to questions, Alam emphasized the government’s commitment to ‘data sanctity’ and agricultural self-sufficiency. The interim government’s proactive measures send a positive signal to global investors, reinforcing Bangladesh’s readiness for enhanced economic performance, he concluded.