Tributes to Saifur
Monday, 7 September 2009
Saifur Rahman, the main architect of modern Bangladesh economy, is no more. He was killed in a road accident near B'baria on his way back to Dhaka from Maulavibazar Saturday afternoon. The Financial Express deeply condoles the demise of the longest serving finance minister of the country, who initiated pro-active policy moves for transformation of its economy to essentially a market-led one. The FE pays its glowing tributes to his memory. The nation is deeply shocked at the loss of this veteran politician who made his mark in the management of one of the world's most impoverished economies.
Notwithstanding the fact the country is still far away from the goal of eliminating poverty from its landscape, there has been appreciable progress in this direction for nearly two decades with an otherwise impressive annual average economic growth rate. Deregulation through appropriate reforms in various sectors of the economy did play a key role in this process of transformation and Saifur was the key man behind most of these reforms. For instance, during his tenure as the finance minister between 1991 and 1996, Bangladesh became the first South Asian country to introduce the value added tax (VAT), which over time has become the largest source of government revenue earning. Also then, the financial sector reforms programme was yet another forward-looking move to discipline the banking sector, which is now otherwise stable and vibrant.
Saifur also deftly handled, at least twice, the country's problematic balance of payments (BoP) situation in 1991 and 2001. On both the occasions, the foreign exchange reserve was well below $1.0 billion mark. Side by side with efforts to bolster export earning, the professional accountant-turned-articulate politician took effective actions to reduce the inflow of remittance money through illegal hundi channels and encourage the expatriate Bangladeshis to send the same through banking and relevant networks. Similarly, he had stepped up efforts in support of privatization and introduced floating exchange rate and food for education programme. All these steps, being time befitting, have paid dividends to the economy.
As in the case of economic management, Saifur, a straight-talker, made a space for himself in the political arena. He had his unique style of making serious and critical remarks tinged with humour and the audience developed a sort of liking for his deliberations. Saifur who ascended to the hierarchy of the BNP used to draw deep respect from within and outside. Of late, he, however, did not involve himself much in the party matters because of health reasons. Saifur was not the kind of politicians who coming from nowhere impose themselves on the people. Knowingly or unknowingly, he became a part of politics by joining the great 1952 Language Movement and other progressive organizations.
Moreover, he belonged to the rare breed of politicians in this part of the world who have the courage to admit mistakes publicly and make attempts to amend the same. Not only well-wishers and admirers but also his political adversaries do openly admire him for his bold and pragmatic macro-economic management that largely paved the way for the country's achieving the current level of economic progress. In Saifur, the country has lost a great politician and a deft manager of finance and economy and the media, a great friend and newsmaker. The FE prays for the salvation of the departed soul.
Notwithstanding the fact the country is still far away from the goal of eliminating poverty from its landscape, there has been appreciable progress in this direction for nearly two decades with an otherwise impressive annual average economic growth rate. Deregulation through appropriate reforms in various sectors of the economy did play a key role in this process of transformation and Saifur was the key man behind most of these reforms. For instance, during his tenure as the finance minister between 1991 and 1996, Bangladesh became the first South Asian country to introduce the value added tax (VAT), which over time has become the largest source of government revenue earning. Also then, the financial sector reforms programme was yet another forward-looking move to discipline the banking sector, which is now otherwise stable and vibrant.
Saifur also deftly handled, at least twice, the country's problematic balance of payments (BoP) situation in 1991 and 2001. On both the occasions, the foreign exchange reserve was well below $1.0 billion mark. Side by side with efforts to bolster export earning, the professional accountant-turned-articulate politician took effective actions to reduce the inflow of remittance money through illegal hundi channels and encourage the expatriate Bangladeshis to send the same through banking and relevant networks. Similarly, he had stepped up efforts in support of privatization and introduced floating exchange rate and food for education programme. All these steps, being time befitting, have paid dividends to the economy.
As in the case of economic management, Saifur, a straight-talker, made a space for himself in the political arena. He had his unique style of making serious and critical remarks tinged with humour and the audience developed a sort of liking for his deliberations. Saifur who ascended to the hierarchy of the BNP used to draw deep respect from within and outside. Of late, he, however, did not involve himself much in the party matters because of health reasons. Saifur was not the kind of politicians who coming from nowhere impose themselves on the people. Knowingly or unknowingly, he became a part of politics by joining the great 1952 Language Movement and other progressive organizations.
Moreover, he belonged to the rare breed of politicians in this part of the world who have the courage to admit mistakes publicly and make attempts to amend the same. Not only well-wishers and admirers but also his political adversaries do openly admire him for his bold and pragmatic macro-economic management that largely paved the way for the country's achieving the current level of economic progress. In Saifur, the country has lost a great politician and a deft manager of finance and economy and the media, a great friend and newsmaker. The FE prays for the salvation of the departed soul.