Political interference in the regulatory bodies, such as the Bangladesh Bank (BB), the National Board of Revenue (NBR), and the Bangladesh Securities and Exchange Commission (BSEC), must be stopped to ensure economic stability, said Dr Fahmida Khatun on Saturday.
The Centre for Policy Dialogue (CPD) executive director (ED) also stressed the need for allowing such institutions to make independent decisions, particularly highlighting the importance of strengthening the BB as an autonomous central bank.
She made the remarks while speaking as the chief guest of a student debate competition, titled "A new government can meet public expectations through achieving economic stability." The programme was organised by the Debate for Democracy (DfD) at the Bangladesh Film Development Corporation auditorium in the capital.
Dr Fahmida Khatun noted that Bangladesh's economy is currently at a critical juncture, facing multiple pressures, including high inflation, limited revenue mobilisation, weaknesses in the banking sector, and challenges in the energy sector.
She also warned that the recent conflict in the Middle East could have further economic repercussions for the country. In such a situation, the new government would face major challenges in adopting appropriate policies and ensuring their proper implementation.
The CPD ED noted that the central bank plays a crucial role as a regulatory authority by supplying liquidity to the economy while safeguarding public money. However, political influence has affected the institution at times, including in the appointment of governors.
According to her, influential borrowers, in many cases, have deliberately defaulted on loans by leveraging political connections, while the central bank has often been unable to take action for political reasons - contributing to the rise in non-performing loans.
She also emphasised the role of the private sector. To revitalise the economy, a supportive environment for the sector is essential. Wrongdoing by businesses should be addressed through legal measures, rather than indiscriminate criticism.
Dr Fahmida Khatun highlighted the importance of improving the quality of development, rather than focusing solely on numerical growth indicators.
She also stressed the need to expand technical and vocational education to equip a large number of people with employable skills.
DfD chairman Hassan Ahmed Chowdhury chaired the event. He stressed the need for not blaming the businesses on wholesale basis, and focusing on ensuring a business-friendly environment. Bank account freezing and harassment of businesses must be stopped to enable the private sector do businesses.
"Bank accounts of a large number of businesses are now frozen, which must be opened through proper review, as many of them are victims of vindication after the political regime change."
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