A short-term development strategy would be crafted for Bangladesh to bring a better economic outcome within the next one year or two, chief of the taskforce Dr KAS Murshid has said.
"First, we'll identify current leakages. Then we'll devise a sustainable and effective development strategy recommending the way forward to tackle those loopholes."
Mr Murshid, also former director general of the Bangladesh Institute of Development Studies (BIDS), told the media in Dhaka on Thursday.
The 12-member taskforce on reframing economic strategies and mobilising necessary resources to achieve inclusive and sustainable development, formed by the interim government on September 11, hosted its maiden meeting at the Planning Commission.
Planning adviser Prof Dr Wahiduddin Mahmud attended the meeting and gave some directives to the taskforce.
Dr Murshid said, "The taskforce will suggest a mid- to long-term implementation strategy... to achieve the desired result within a year or two."
In reply to a media query, he said this short-term development strategy was not for replacing the government's existing five-year plan (FYP) or not against it, the strategy would only be a unique short-term document.
However, we would advise the government for framing the long-term strategy for the desired growth of the Bangladesh economy, added the former BIDS DG.
On September 18, the planning adviser said the 9th FYP, which was being drafted by the ousted Awami League government, would be suspended.
The taskforce would submit its first report to the government in three months from now, Mr Murshid said, adding that they would work to determine what strategies could be taken to bring the economy in order.
"How do we move forward, what kind of programmes can be taken, where are the gaps, will be identified. If any economic sector is found lagging behind, we will work on it to bring it up to the mark."
"You know that many issues have already been identified. There are lacks of governance almost in every sector. We will recommend plans for checking those leakages," added Mr Murshid.
"We may not be able to do everything, but we will work on the issues where there are economic vulnerabilities," he continued.
"Prof Wahiduddin Mahmud sir gave us some ideas about the areas of economic vulnerabilities. So, we will work on specific issues from the next meeting," cited the ex-BIDS chief.
He said, "We'll work to take the economy on track and move it forward for a better future. The agriculture, industrial production, trade and development projects will also get a special focus."
Replying to another query, Dr Murshid said: "Currently, we have several issues in our economy. We have many projects in the pipeline, while many others are ongoing. So, we'll bring some discipline.
The taskforce will work in sectors like transport or digitalisation which need reforms or solutions, according to him.
"We are not worried about financing of the projects. We are concerned about the problems that exist in the economy. The government has already taken up many initiatives, such as to reform the banking sector."
The chief of the taskforce said they would determine and finalise agenda of work by next week.
On the scope of work of the government's white-paper committee and the task force in question, he said issues like macro-economy and good governance were being discussed and that everyone was working on common issues.
"But the main task of the white-paper committee will be to create a baseline for the economy. They are tasked with figuring out what the current state of the economy is and what its strengths are," he added.
"On the other hand, our work will be to find out directions to be taken and sectors to be prioritised in the one, two or three years."
DU economics professors Dr Selim Raihan and Dr Rumana Huque, former World Bank official Akhtar Mahmood, ex-research department head at Commonwealth Secretariat Dr Abdur Razzak, Yale University's economics professor Dr Mushfiq Mobarak, BUET professor Dr Shamsul Haque, former MCCI president Syed Nasim Manzoor, BIDS research director Dr Monzur Hossain, CPD executive director Dr Fahmida Khatun, bdjobs.com CEO AKM Fahim Mashrur and member of the General Economics Division of the Planning Commission Dr Md Kawser Ahmed (as the member Secretary of the committee), among others, were present at the meeting.
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