The reformer and trendsetter
Wednesday, 9 September 2009
Shamsul Huq Zahid
Saifur Rahman, the man who led the move to infuse market-driven dynamism into the Bangladesh economy through reforms since early '90s, is now resting in peace at Baharmordan village home in Maulivibazar.
The pouring of profound shock and condolences from different directions following his tragic death in a road accident last Saturday afternoon highlights the fact that Saifur, an outspoken politician and a successful finance minister, was a popular personality.
The late finance minister was a type of man who aroused a sort of mixed feeling among people around him. One had to admire his sincerity, openness, innovativeness and also seriousness to take the country's economic growth trend upward. And at the same time, his straightforward and open attacks for lapses used to produce both annoyance and subtle anger, though temporarily.
Not just his subordinates, the high officials of public sector banks, central bank and, at times, his cabinet colleagues had to bear with his caustic yet justified comments. All concerned were habituated to receiving criticisms, often laced with humour, from this elderly politician and economic reformer who had a unique ability of analyzing a situation and come out with possible solutions.
There is no denying that most of the reforms Saifur had undertaken from time to time in the macro-economic management were more or less donor-prescribed. But while implementing such reforms, he was extra-careful about their implications. Being fully aware of the domestic conditions, he knew how far to go and where to stop. On occasions, he had been openly critical of the donors' illogical conditionality.
Saifur did not even spare the media. Misreporting or overblown reports used to annoy him most and he used to vent his displeasure in presence of media men. But he had his own style of criticizing someone or something. Instead of producing hard feeling, his criticisms, blended with humour, in most cases used to produce laughter. In fact, he used to maintain an informal relationship with the economic reporters who always had put him in high esteem and enjoyed his company. Not many politicians, these days, do maintain such relationship and draw such respect from the media people.
If not others, the private sector people should also remain indebted to this professional accountant-turned- politician. The private sector has become the main engine of growth in today's Bangladesh is because of Saifur. Through deregulation, reforms and gradual liquidation of state control in areas of industries, trade and commerce, banking, insurance etc., he had smoothened the process of a transition to a system where now private sector calls the shot.
Since the programmes taken to deregulate the economy in the initial years had affected the interests of the beneficiaries under state control, Saifur faced lots of resistance. But he had successfully withstood the same and went ahead with determination. For instance, when he proposed to introduce value added tax (VAT) in the early '90s, there were instant resistance and criticism from both within and outside the then ruling BNP. The effectiveness of VAT in the mobilization of resources by the state to finance its current as well as development expenditure does not require any elaboration.
When Saifur first joined the cabinet of late President Ziaur Rahman as the commerce minister in the fag end of the '70s, he was an inexperienced minister. Following the assassination of Zia, Justice Sattar, the then vice-president, became the acting president and was later elected as president. Saifur Rahman was given the portfolio of finance ministry. And since then whenever BNP came to power, he got the same portfolio.
Saifur, a constant thinker, gained experience over the years and turned out to be a seasoned manger of the macro-economic affairs. What was unique of him was that he was very good at troubleshooting and he had demonstrated his skill to this effect in 1991 and 2001 when he inherited an emaciated forex reserve as the finance minister of the BNP governments. But he had left behind healthy reserves for his successors at the end of both of his tenures as finance minister.
Other bold steps he had taken were introduction of floating exchange rate and making taka partially convertible. However, he always proceeded with caution, taking into cognizance the strength of the domestic economy.
There is no denying that the path through which the economy is traversing now is the one paved by late Saifur. It is expected to remain the same for many more years.
Last thing Saifur, probably, would have relished was a eulogy since he was a practical man. On a number of occasions, he had stopped speakers at open functions from bestowing praises rather profusely on him and expressed his annoyance at it.
But he should get the honour he deserves from everybody, including the state after, his death. If the state failed to extend what was due for narrow political considerations that, surely, would be considered an unfortunate folly on its part.
Saifur Rahman, the man who led the move to infuse market-driven dynamism into the Bangladesh economy through reforms since early '90s, is now resting in peace at Baharmordan village home in Maulivibazar.
The pouring of profound shock and condolences from different directions following his tragic death in a road accident last Saturday afternoon highlights the fact that Saifur, an outspoken politician and a successful finance minister, was a popular personality.
The late finance minister was a type of man who aroused a sort of mixed feeling among people around him. One had to admire his sincerity, openness, innovativeness and also seriousness to take the country's economic growth trend upward. And at the same time, his straightforward and open attacks for lapses used to produce both annoyance and subtle anger, though temporarily.
Not just his subordinates, the high officials of public sector banks, central bank and, at times, his cabinet colleagues had to bear with his caustic yet justified comments. All concerned were habituated to receiving criticisms, often laced with humour, from this elderly politician and economic reformer who had a unique ability of analyzing a situation and come out with possible solutions.
There is no denying that most of the reforms Saifur had undertaken from time to time in the macro-economic management were more or less donor-prescribed. But while implementing such reforms, he was extra-careful about their implications. Being fully aware of the domestic conditions, he knew how far to go and where to stop. On occasions, he had been openly critical of the donors' illogical conditionality.
Saifur did not even spare the media. Misreporting or overblown reports used to annoy him most and he used to vent his displeasure in presence of media men. But he had his own style of criticizing someone or something. Instead of producing hard feeling, his criticisms, blended with humour, in most cases used to produce laughter. In fact, he used to maintain an informal relationship with the economic reporters who always had put him in high esteem and enjoyed his company. Not many politicians, these days, do maintain such relationship and draw such respect from the media people.
If not others, the private sector people should also remain indebted to this professional accountant-turned- politician. The private sector has become the main engine of growth in today's Bangladesh is because of Saifur. Through deregulation, reforms and gradual liquidation of state control in areas of industries, trade and commerce, banking, insurance etc., he had smoothened the process of a transition to a system where now private sector calls the shot.
Since the programmes taken to deregulate the economy in the initial years had affected the interests of the beneficiaries under state control, Saifur faced lots of resistance. But he had successfully withstood the same and went ahead with determination. For instance, when he proposed to introduce value added tax (VAT) in the early '90s, there were instant resistance and criticism from both within and outside the then ruling BNP. The effectiveness of VAT in the mobilization of resources by the state to finance its current as well as development expenditure does not require any elaboration.
When Saifur first joined the cabinet of late President Ziaur Rahman as the commerce minister in the fag end of the '70s, he was an inexperienced minister. Following the assassination of Zia, Justice Sattar, the then vice-president, became the acting president and was later elected as president. Saifur Rahman was given the portfolio of finance ministry. And since then whenever BNP came to power, he got the same portfolio.
Saifur, a constant thinker, gained experience over the years and turned out to be a seasoned manger of the macro-economic affairs. What was unique of him was that he was very good at troubleshooting and he had demonstrated his skill to this effect in 1991 and 2001 when he inherited an emaciated forex reserve as the finance minister of the BNP governments. But he had left behind healthy reserves for his successors at the end of both of his tenures as finance minister.
Other bold steps he had taken were introduction of floating exchange rate and making taka partially convertible. However, he always proceeded with caution, taking into cognizance the strength of the domestic economy.
There is no denying that the path through which the economy is traversing now is the one paved by late Saifur. It is expected to remain the same for many more years.
Last thing Saifur, probably, would have relished was a eulogy since he was a practical man. On a number of occasions, he had stopped speakers at open functions from bestowing praises rather profusely on him and expressed his annoyance at it.
But he should get the honour he deserves from everybody, including the state after, his death. If the state failed to extend what was due for narrow political considerations that, surely, would be considered an unfortunate folly on its part.