RRC to submit its first reform proposal to CA today
Monday, 3 December 2007
The Regulatory Reforms Commission (RRC) would submit two recommendations to Chief Adviser Dr Fakhruddin Ahmed today (Monday) as part of its efforts to guide the government to update the old regulations, reports UNB.
One of the recommendations is to disseminate information to elicit public opinion on any regulation before its formulation and another is to post any government decision on the website, RRC chairman Dr Akbar Ali Khan told reporters Sunday.
"Delegated legislation affects the rights of the people… hurts business confidence," he said, explaining the importance of the recommendations.
The recommendations would be the first after the government formed the 17-member Commission on October 30.
Dr Akbar was talking to reporters at the planning ministry after a meeting with Finance and Planning Adviser Dr Mirza Azizul Islam in his office.
Dr Akbar accompanied one of his relatives, Dr Ehsanur Rahman, former president of Bangladesh Medical Association of North America, who handed over a cheque for US$ 10,000 for the relief of the cyclone-hit people.
It was the first installment from the association as they were mobilising more funds there for the affected people, officials said.
Replying to a question, Dr Akbar said they would soon submit another recommendation to simplify the regulatory complexities for the foreign investors.
The Commission has got a paper in this regard from the International Finance Corporation (IFC) and sent it to the Bangladesh Bank for necessary scrutiny.
Later, he said, the recommendation in this regard would be forwarded to the Chief Adviser for necessary actions.
He added that the recommendation would be relating to simplifying regulations on exports, imports and foreign investment. He said the recommendation would look into the problems of delaying repatriation of profits by the foreign investors.
About repayment of micro-credits in the Sidr-hit areas, the former Finance Adviser said realisation of the installments from the borrowers would be inhuman and, on the other side, the NGOs would face fund crisis if they stop realising the installments.
He said the Microcredit Regulatory Authority could ask the NGOs not to realise the installments for the time being and, at the same time, the NGO Foundation could provide the NGOs some fund support.
About economic situation, the BRRC chairman said foreign aid is essential at this moment, as the budgetary estimates could not be maintained. The budgetary targets could be met with available local resources and increased foreign aid, he added.
"Local resources have so far been good. Let's see how much of the foreign aid pledges are disbursed," Finance Adviser Dr Aziz told reporters, adding that things would be clear during the months of December and January.
One of the recommendations is to disseminate information to elicit public opinion on any regulation before its formulation and another is to post any government decision on the website, RRC chairman Dr Akbar Ali Khan told reporters Sunday.
"Delegated legislation affects the rights of the people… hurts business confidence," he said, explaining the importance of the recommendations.
The recommendations would be the first after the government formed the 17-member Commission on October 30.
Dr Akbar was talking to reporters at the planning ministry after a meeting with Finance and Planning Adviser Dr Mirza Azizul Islam in his office.
Dr Akbar accompanied one of his relatives, Dr Ehsanur Rahman, former president of Bangladesh Medical Association of North America, who handed over a cheque for US$ 10,000 for the relief of the cyclone-hit people.
It was the first installment from the association as they were mobilising more funds there for the affected people, officials said.
Replying to a question, Dr Akbar said they would soon submit another recommendation to simplify the regulatory complexities for the foreign investors.
The Commission has got a paper in this regard from the International Finance Corporation (IFC) and sent it to the Bangladesh Bank for necessary scrutiny.
Later, he said, the recommendation in this regard would be forwarded to the Chief Adviser for necessary actions.
He added that the recommendation would be relating to simplifying regulations on exports, imports and foreign investment. He said the recommendation would look into the problems of delaying repatriation of profits by the foreign investors.
About repayment of micro-credits in the Sidr-hit areas, the former Finance Adviser said realisation of the installments from the borrowers would be inhuman and, on the other side, the NGOs would face fund crisis if they stop realising the installments.
He said the Microcredit Regulatory Authority could ask the NGOs not to realise the installments for the time being and, at the same time, the NGO Foundation could provide the NGOs some fund support.
About economic situation, the BRRC chairman said foreign aid is essential at this moment, as the budgetary estimates could not be maintained. The budgetary targets could be met with available local resources and increased foreign aid, he added.
"Local resources have so far been good. Let's see how much of the foreign aid pledges are disbursed," Finance Adviser Dr Aziz told reporters, adding that things would be clear during the months of December and January.