Bangladesh economy is left in a state even more alarming than the "dangerous economic situation" perceived by the masses because of corruption and looting during the last regime, says Dr Debapriya Bhattacharya.
The CPD Distinguished Fellow and head of the committee on preparation of White Paper on the economy urges formulating an immediate comprehensive action plan prioritizing inflation control, ensuring food security and social protection, expediting private investment, disciplining public financing and increasing domestic resource mobilization for the next seven months ahead of the next national budget.
Mr Debapriya made the recommendations Thursday while speaking as chief guest at a seminar titled 'Current Economic Situation and Launching of Open Budget Survey 2023 Results' jointly organised by Economic Reporters' Forum (ERF) and Research and Policy Integration for Development (RAPID) at the ERF auditorium in Dhaka.
He told the event that the committee on the preparation of 'White Paper on the State of Bangladesh Economy' would submit the final report to Chief Adviser of the interim government Prof Muhammad Yunus next Sunday. The committee will disclose details of the white paper at a press meet following the submission.
He said the major irregularities during the last 15 years have been found in banking and energy sectors.
He emphasized reclamation of the wealth looted through corruption and asked why the government failed to recover such money. He also suggested acquisition of collaterals against the bad debts.
"If we cannot retrieve the wealth that has been created through corruption to the people, what kind of revolution is that?" The economist posed the question.
He analyzed some of the initiatives by the interim government and said, many initiatives have been taken to bring about changes in the economy through the change of government.
He suggested a comprehensive action plan to restore economy for next seven months ahead of the next budget with a highest priority on controlling inflation.
He also suggested proper initiatives to ensure food security for all and social protection.
The economist also urged accelerating private-sector investment through clearing the roadblocks. "One major obstacle is the liquidity crisis, which runs deeper than just the issue of interest rates. Additionally, the energy crisis further compounds the challenges."
Presenting the keynote, RAPID chairman Dr MA Razaque said the country's economy may face crisis moment in next six-nine months if macro-economy is not stabilized.
"We have to increase reserves to control inflation. Our demand side is well but supply-side management should be improved now," he added.
He said that the economy is counting the burden of the Awami League government's failure, which had introduced many reckless policies.
"Is government spending transparent? The people are very little aware of it," RAPID Executive Director Dr M Abu Eusuf said presenting the keynote on open budget survey.
He pointed out that Bangladesh scored 37 out of total 100 in the field of budget transparency which is far lower than India, Nepal and Sri Lanka's but ahead of only Pakistan in the subcontinent.
The country scored only 11 in the field of public perception about budget and scored 37 in the budget oversight out of total score of 100.
Joint Secretary of the Ministry of Finance Anarul Kabir said, "Bangladesh is lagging behind in some areas in budget implementation. Efforts will be made to speed this up. The Ministry of Finance will work on several recommendations made in the survey."
ERF general secretary Abul Kashem moderated the function while its president Mohammad Refayet Ullah Mirdha chaired the seminar.
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