Days of 'patronage economy' over

A priority need of the hour is democratisation of Bangladesh economy so that its benefits reach all the people, new Finance and Planning Minister Amir Khasru Mahmud Chowdhury said Wednesday
"We can't allow a patronage economy to continue," he told reporters at his Bangladesh secretariat office' as the newly elected government got into function.
Mr Chowdhury said the country's economy should be for all and the people would be able to play their role in flourishing the economy.
The minister said public institutions are now in very bad shape. "We have to recover them first from that condition."
He stresses the need to bring professionalism, transparency, and efficiency into institutions. "This is an important issue. Because, in their absence, no matter how big our programmes are, they would not work."
Underscoring further economic reforms, the new custodian of the exchequer said the economy needs to be deregulated and liberalised to get desired success.
"Bangladesh has become an overregulated country. This has happened because of patronage politics," notes about near-past practices that had bred much-talked-about oligarchs.
Later in the day, at his first meeting with the finance ministry officials, the minister reminded that there has been a profound change in the people's mindset since August 5, 2024--when an uprising upset old order. "Economic activities must be taken in line with this change."

syful-islam@outlook.com