[🇧🇩] Everything about the interim government and its actions

[Saif]

Perceptions on interim government

THE months of July-August 2024 emerged as remarkable on many counts. To say the least, the months marked the end of an era where, allegedly, ‘ development of underdevelopment’ was the order of the day. This was driven by the distorted socio-economic and political policies of the Awami League...

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Perceptions on interim government
Abdul Bayes 19 September, 2024, 00:00

THE months of July-August 2024 emerged as remarkable on many counts. To say the least, the months marked the end of an era where, allegedly, ‘ development of underdevelopment’ was the order of the day. This was driven by the distorted socio-economic and political policies of the Awami League government. After one and a half decades of alleged ‘grievous governance’ and ‘electoral manipulations’ for clinging to power, the regime felt fiercely apart under a student-led, fiery mass uprising. This paved the way for an interim government to power. And, the newly positioned interim government is headed by the earlier regime’s much-hated Dr Mohammad Yunus.

It is only a month or so that the interim government has taken over responsibilities. An evaluation of this government’s activities at this tiny time span would possibly be tantamount to premature and albeit inappropriate exercise. Had it been 100 days or 3 months in office, we could possibly make an assessment of the activities carried out by the present government.

But then, within this shortest time, there is some good news to celebrate; it is surprising that few silver lining steps are afoot, such as attempts at streamlining the fragile financial sector, reducing duties on some essential commodities, earnest eagerness to bring back the laundered money and to bring to book the launderers, attempts on the way to get back the looted money from the banks by unscrupulous business groups, formation of six commissions for reforms in six areas, etc. Side by side, the deteriorating law and order situation, growing hooliganism and toll collections, inflation, and anarchy in educational institutions could blur positive steps.

Interestingly, the Bangladesh Institute of Governance and Development of BRAC University has very recently conducted a nation-wide survey on the public’s perceptions about the most recent national event’. BIGD’s survey was titled ‘Pulse Survey August 2024: A Reflection of Optimism and Endorsement in the Context of a Polycrisis’.

The just-published ‘Pulse Survey: August 2024’ aims to throw light on Bangladeshis’ perception of the political and economic atmosphere of the country from the date the Awami regime fell to date. The survey collected data from 2,363 men and women from all districts through a telephone survey.

Dr Imran Matin, executive director of BIGD, is of the view that , ‘a credible perception survey is important for the practice of deliberative democracy. We will be conducting regular pulse surveys till December 2024 to create a longitudinal picture of citizens’ perceptions on the performance of the interim government.’

The survey results show that a majority of the people are positive about the political and economic direction of the country under the interim government. ‘However, we’ve seen such positive reactions during previous uprisings, such as the 1971 liberation war, the 90’s anti-authoritarian movement, etc, and we have also seen the eventual loss of hope. Citizens want reform, but real reform is only possible if we change our mentality and internalise the ethos of never ever again let anyone take away our democracy.’

Considering the political situation in July-August this year, 71 per cent of the respondents believe that Bangladesh is on the correct path, and 12 per cent cited a wrong path. The findings are in sharp contrast with the findings from the Asia Foundation-BIGD survey in January 2024, when just 43 per cent of people expressed optimism about Bangladesh’s political future, while 41 per cent expressed pessimism. ‘The inflation in political optimism among the public reflected in the August Pulse Survey is most likely based on aspirations from the interim government, rather than being based on their experiences with it’.

Whether Bangladesh was heading in the right or wrong direction economically, 60 per cent responded in the affirmative, while 27 per cent said it was otherwise. In contrast, in the previous survey in January 2024, only about one-third felt optimistic, while nearly two-thirds felt pessimistic, thus indicating complex dynamics and polycrisis.

In the Pulse Survey, 40 per cent of the respondents said that economic issues, including price hikes, business downturns, etc, are the biggest problem of the country at present — a sharp decline from January 2024, when 69 per cent said so. Further, the Pulse Survey in August reflects concerns about a diversity of concurrent issues in a manner not seen in January 2024. While the economy is still the predominant issue, 15 per cent of respondents in the August survey said flooding is the country’s biggest problem, 13 per cent mentioned political unrest and intolerance, and 7 per cent said the deterioration of law and order is concerning. When asked if crime increased in August in comparison to other months (due to the fall of government), 72 per cent said no, and 25 per cent said yes. On a similar question about the relative increase in violence, 75 per cent said no, and 23 per cent said yes.

If they supported the quota-reform movement’s transformation into the one-point demand, an overwhelming majority — 83 per cent — said they supported the movement’s transformation. Again, 38 per cent of respondents thought the government should stay in power for three or more years, while 24 per cent thought six months or less would be fine. Furthermore, 9 per cent of respondents said they would prefer the government to hold power for two years, and 11 per cent said a maximum of one year. ‘However, most respondents — 81 per cent — felt the government should stay in power as long as it needs to do the necessary reforms in order to hold a free and fair election.

When asked about their thoughts on banning party-affiliated student politics, 81 per cent of respondents appeared affirmative and 84 per cent liked a ban on party-affiliated teachers’ politics on campus. ‘The data are indicative of just how much the public’s mood has soured over the unending cycle of corruption and violence in our educational institutions incited by party-affiliated politics, especially by institutional power. And the public feels the necessity to root out the patronage networks that enabled this corruption and violence for so long’.

The first demand from the interim government before the election is economic reform (32 per cent) including a demand for a price reduction, market regulation, employment generation and other economic reforms, followed by 17 per cent demanding political and electoral reforms, and 12 per cent demanding the rule of law, which includes reform of the law, freeing the judiciary from political control, and reforming police and other forces.

When asked how they would rate, between 0 and 100, the reform efforts so far by the current interim government, respondents provided a rating of 75 on average. The dominant mood right now is optimism. Despite different concerns and worries, 53 per cent of survey respondents feel optimistic about the country’s future, both political and economic, while just 13 per cent feel pessimistic. With the fall of the previous authoritarian regime, the current political climate instils among the citizens hope for a better future for the country after a long time.

Abdul Bayes, a former professor of economics and vice-chancellor, Jahangirnagar University, is now an adjunct faculty at East West University.​

 

[Saif]

Ali Riaz named head of Constitutional Reform Commission

Distinguished Professor of Politics and Government at Illinois State University Ali Riaz has been named as head of Constitutional Reform Commission, replacing Supreme Court lawyer Shahdeen Malik. The Cabinet Division announced this in a notification on Wednesday.

thefinancialexpress.com.bd

Ali Riaz named head of Constitutional Reform Commission
FE ONLINE DESK
Published :
Sep 18, 2024 17:47
Updated :
Sep 18, 2024 17:47

Distinguished Professor of Politics and Government at Illinois State University Ali Riaz has been named as head of Constitutional Reform Commission, replacing Supreme Court lawyer Shahdeen Malik.

The Cabinet Division announced this in a notification on Wednesday.​

 

[Saif]

Govt okays draft of an ordinance on its validity

The interim government’s advisory council yesterday approved the draft of the “Interim Government Ordinance-2024”, seeking to provide legal validity to the formation of the government and determine its authority and responsibilities.

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Govt okays draft of an ordinance on its validity

Photo: PID

The interim government's advisory council yesterday approved the draft of the "Interim Government Ordinance-2024", seeking to provide legal validity to the formation of the government and determine its authority and responsibilities.

The approval came at the seventh meeting of the council with Chief Adviser Prof Muhammad Yunus in the chair at the Chief Adviser's Office.

The Cabinet Division issued a press release that said prime minister Sheikh Hasina sent her resignation letter to the president on August 5 amid a mass uprising and left the country.

The president, who dissolved the 12the parliament the following day, took opinions from the Supreme Court as per article 106 of the constitution to form an interim government to conduct the executive work, the release read.

Explaining the context of the interim government assuming office, the release said there was a necessity to have a rule to determine the authority and responsibilities of the interim government, and status and facilities of the chief adviser and other advisers, and other related issues.

The advisory council meeting also approved a draft of a guideline for submitting statements of assets and income for all advisers and other government officials holding the same status.

As per the draft, they will have to submit the statements to the chief adviser through the Cabinet Division within 15 working days after paying their income tax every year, read the press release.​

 

[Saif]

Bangladesh at a crossroads

Very few countries have faced such acute and complex challenges as Bangladesh does now after the overthrow of the autocratic regime. To make matters worse, the challenges are not few and they have come thick and fast. On top of these, is the problem that persons, the chief advisor and advisors of t

thefinancialexpress.com.bd

Bangladesh at a crossroads
Hasnat Abdul Hye
Published :
Sep 21, 2024 22:39
Updated :
Sep 21, 2024 22:39

Nobel laureate Muhammad Yunus takes oath as chief advisor to the interim government at Bangabhaban's Darbar Hall on August 8, 2024 -PID photo

Very few countries have faced such acute and complex challenges as Bangladesh does now after the overthrow of the autocratic regime. To make matters worse, the challenges are not few and they have come thick and fast. On top of these, is the problem that persons, the chief advisor and advisors of the interim government, on whom the responsibility of tiding over the crisis has devolved, are not prepared in the least.

Interim governments are not new in Bangladesh. There have been several caretaker governments in the past, formed under the constitution and a special interim government during 2006-08 outside constitution. The role and responsibility of caretaker governments with tenures of three months were to carry on normal functions of the government till an elected government took office of Bangladesh and to make arrangements for holding general election within a deadline. All the existing ministries and departments under them functioned as during political governments and the caretaker governments did not have to work in a vacuum. There was smooth transition of power from the previous to the next elected government through the intermediation of the caretaker government. The army-inspired interim government of 2006-8 was slightly different, both in terms of the duration and its signature campaign against corruption of high profile figures. But like the caretaker governments that preceded it, the full panoply of government machinery was at its disposal and there was no vacuum creating administrative problems. On the economic front also, neither the caretaker governments, nor the two-year long special government of 2006-8 faced circumstances other than normal, both domestically and externally.

But the present interim government, headed by Professor Yunus as chief advisor and his council of advisors that assumed power on August 8, had no precedent to follow, nor were the circumstances the same. Before the interim government took office, for over a month the streets of all towns and cities, particularly in Dhaka, were virtual battle fields where unarmed students and members of public bravely faced heavily armed police, BGB and army, shouting their demands for resignation of the autocratic government. The vast infrastructure of tyranny and murder, particularly police force, built by the autocratic regime over more than 15 years kissed the ground like a house of cards. There were rumblings within civil service as officers deprived of promotions during the former regime demanded justice. On the other hand, officers who were favoured and helped the previous government in taking anti-people measures became unreliable. So, unlike previous caretaker/interim governments, the interim government of Prof Yunus inherited a demoralized police and a shattered civil service. To make matters worse, a highly politicised judiciary also called for re- structuring and re- organising along with civil and police service reforms.

Law and order: The first and immediate challenge to be met was the deteriorating law and order situation in the country and chaotic traffic in the capital and other cities. This was due to the abscission of police from their places of duty. Having committed excesses, firing live bullets on students and others and killing and injuring many, police fled, fearing for their lives. Many police stations were burnt down and weapons snatched. After the collapse of the autocratic government anti-social elements and criminals took advantage of the absence of police and went into a spree, vandalising and plundering shops and houses. More disconcerting were cases where houses of minorities were attacked and damaged.

After winning victory, students again rose to the occasion to meet the emergent situation. Boys and girls from schools and colleges managed traffic on streets of Dhaka and other cities with practiced ease, being courteous to public all the time. Not only traffic management, students also kept vigil at night, guarding homes and shops in neighbourhoods .While doing these onerous works many of them painted multi-coloured graffiti on walls of Dhaka and other cities. The whole world watched the young students of Bangladesh in awe and wonder. They became the subject of breaking news in many foreign TV channels during the anti- autocracy movement. Now their new incarnation as peacetime volunteers drew praise and acclamation from across the world.

Even before the law and order situation became normal, devastating flood engulfed a wide area in the south, marooning thousands. The students from cities rushed to flood affected areas with relief materials that they had collected. Along with army and navy personnel, the students did their utmost to save lives and help the people in distress. But for their spontaneous participation and contribution to relief work, it would have been difficult for the new government to cope with the situation.

In the midst of all these emergencies and crises, the interim government had to take care of the treatment of the injured. Advisors and co-coordinators visited hospitals and it was announced that all expenses for treatment would be borne by the government. The chief advisor announced setting up a Foundation for assistance to families of the dead and injured students and others.

Under autocratic rule during the past 15 years many disgruntled and aggrieved groups kept quiet for fear of reprisal. After the overthrow of the government on August 5 the lid was blown off and crowds of people assembled on streets and before the residence of the chief advisor, placing their demands. A group of para-military force, Ansar, staged a daylong sit -in inside the secretariat, bringing government almost to a crisis point. Again, students came rushing to rescue the situation at great risk to themselves. With the help of the army the situation was brought under control and unlawfully demonstrating Ansars were dealt with disciplinary action.

Another unforeseen incident that caught the government unawares was the countrywide strike of doctors protesting against violent attack on doctors on duty for alleged negligence in Dhaka Medical College Hospital where a student with accident injuries died. This situation, too, was brought under control before it turned worse. Some saw in the incident a creeping tendency among students to be treated differently, perhaps with preference and this thought bothered many.

Industrial unrest surfaced in some areas where factories were damaged and goods looted, taking advantage of the poor law and order situation immediately after the changeover .Worst affected were garment factories in Dhaka where workers went on strike demanding pay rise and other facilities. As on 10 September, 90 garment factories were closed in Ashulia and Gazipur near Dhaka because of labour unrest (Prothom Alo, Sept 10, 2024). Beside strikes by garment workers, there were reports of unrest in industrial belt in different parts of the country which are thought to be the result of turf wars among godfathers trying to establish their authority in the changed environment.

After completing one month in office on September 8, the most important achievement of the interim government can be said to be restoration of normalcy in law and order to a reasonable degree, thanks to the salutary role played by the army who are still on duty at field levels. Army commissioned officers have been given the power of executive magistrate so that they can perform law and order duty more effectively. Meanwjile, many among police, who do not have prima facie cases of committing excesses and cognisable crimes, have reported back for duty.

Administrative: One of the strategies of the autocratic government was to fill up important posts in various offices with party faithful, irrespective of their competence. After the interim government took office many of the politicised personnel left of their own accord while others’ contracts were terminated. Appointments to vacant posts in secretariat, universities, and various organisations took up some of the valuable time of the government, when it had very little to spare. Within one month, appointments of vice chancellors in at seven universities and principals in 21 colleges have been made. A number of ministries have now new secretaries while deputy commissioners in 25 districts have been replaced. An untoward incident took place in secretariat where a senior officer was heckled and manhandled by juniors unhappy over selection to the post of deputy commissioners, indicating absence of discipline in civil service during the transition. It seems normalcy through transfers and retirement of political appointees will take some more time. Major changes have taken place in police department, with many senior officers transferred, retired or suspended. The immediate past head of police is under arrest and is being investigated. A police commission has been set up to have recommendations for reform of the department. This is going to be a very delicate exercise as the government needs the devoted service of police and taking reform measures that clip their wings may not be to their liking. But the excesses committed by police during the students protest movement showed how important it is to change the mind-set of police through reform. The government cannot downplay the urgent need for this but should tread carefully. This is the most opportune time for police reform, when many in the force realise their mistakes and are full of contrition.

The interim government is committed to try all cases of killings and injuries under the autocratic government. Already UN Human Rights Commission has been contacted for undertaking the investigation. For its part, the government has taken steps for prosecuting offenders of human rights violation through the International Criminal Tribunal in the country for which a prosecutor has been appointed. Trials of many political bigwigs of the former government have been initiated in existing courts some of which may be transferred to the tribunal. But the number of charges against the accused and number of accused in a case have raised doubts among legal experts about the viability of proving the charges. There is a need for scrutiny of each case by a team of legal experts headed by Attorney General to prevent mistakes being made that allows accused to get away or miscarriage of justice taking place for some of them.

The interim government has formed a five-member investigation committee to probe the incidences of forced disappearances people by law enforcement agencies during 2010-2024 ( till August ).The government signed the UN Convention on Disappeared Persons last week, giving the matter high priority as this was among the most notorious heinous crimes of the ousted autocratic government. Six commissions have been formed for recommendations on law, constitution, judiciary, civil service, police and corruptions. Since reform has become an agenda for the interim government because of the demand of the students community, their representation in the committees has to be ensured so that there is ownership of the reform programmes from their side .

In respect of public services supply of power has become irregular in recently as less power is being generated due to shortage of gas and diesel. On average load-shedding of 2000 megawatts is taking place in Dhaka every day (Prothom Alo, September 10, 2024). Outside Dhaka, in rural areas, there is load-shedding for 8-10 hours on average daily, Apart from shortages of diesel and gas, supply from Adani’s power plant in India has been curtailed due to non- payment of US$ 800 million by the previous government, it is reported by the same source. Private Quick Rental Pants, that came into operation, beginning from 2008 and vastly expanded later by the autocratic government, also are not supplying power to the national grid for non-payment of arrear dues. The autocratic government made investment for generation of 27,791 megawatt against demand of 16,000 megawatt and the country is now faced with a situation of excess capacity but unable to generate power for shortage of funds.

To give some relief to consumers, the present government has reduced the prices of octane and diesel. It has also been decided that tariff rates of utilities, including electricity, gas and water will not be raised without consultation with users’ association. These are all positive measures which will some comfort to public.

Economy: On the economic front , the picture is rather bleak, a legacy left by the self-serving and imprudent policies of the former autocratic government. The foreign exchange reserve has now come down to US$ 19.5 billion dollar after paying US$ 1.37 billion to Asian Clear Union (ACU) for imports in July- August. Good news on this front is that bi-lateral and multi-lateral agencies have come forward with assurances of financial assistance. The World Bank, the Asian Development Bank (ADB) and the US government have recently committed $1 billion, $ 1.5 billion and $ 200 million respectively. The IMF has also responded favourably to the request for $ 3 billion in loan. This news was preceded by reports about remittance is rising in volume from the start of September. According to reports, migrant workers have sent Tk 97.4 million daily in the month of August, as against Tk 73.70 million in August last year. On the external side, in spite of curfew, quota movement, political unrest and flood, exports in July have increased by 3 per cent and in August by 5 per cent. However, the stoppage of work in more than 100 garment factories in September is likely to depress foreign exchange rate earnings through exports.

Regarding inflation, the most critical problem facing the public, particularly, middle, lower-middle class and the poor people, there is no good news. The advisor in charge of finance has told newsmen that the former government borrowed Tk 600 billion from Bangladesh Bank to meet budget deficits which is mainly responsible for rise in prices. Besides, syndicates controlling markets of different items have remained intact even after the fall of the former government, changing their ownership only. According to the finance advisor, the rates of inflation (headcount and core) may come down slightly after four to five months. While it is understandable that significant improvement in inflationary situation is not possible in the near term, some measures to reduce public expenditures could be announced. To facilitate this, a revision of the current budget could be undertaken, an idea that seemed to have occurred to the finance advisor sometime after he assumed office but placed on the backburner now. While decision to resume sell of essential items through TCB is a welcome step, the fixing of prices of some items in retail market appears unrealistic, given past experience. Unless syndicates controlling wholesale markets are controlled the retail market will remain skittish

The interim government has decided to scrap the black money-whitening decision of the previous government in line with its policy of campaign against corruption. But the proposal is yet to be placed before the council of advisors.

In the economy, the banking sector has remained sick for quite some time due mainly to the huge amount (Tk1.10 trillion) of non- performing loans. One source of this default loan is the role of board of directors of seven sick banks. The present governor of Bangladesh Bank (BB) has reconstituted the boards with new chairmen. To assist the sick banks with liquidity, arrangements have been made for them to borrow from inter- bank money market, with the central bank standing as guarantor. To discourage affluent banks from buying government treasury bonds in consideration of safety (as against lending to sick banks), the central bank may consider raising the repo rate.

Management of the macro economy of Bangladesh at this juncture is tricky but assuming no deterioration in law and order takes place, the present policymakers’ decisions may succeed in steering clear of any major turbulence in the near term. The market and the donors/ lenders seem to have got back their confidence in the ability of the present government to act skilfully and honestly.
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[Saif]

In need of a biz-friendly environment

A new chapter of democratic struggle was added to the country's history in the months of July and August this year through the sacrifices of students and mass people. Our business community will always work with the current interim government to make the sacrifice meaningful and fruitful. Within j

thefinancialexpress.com.bd

In need of a biz-friendly environment
Mahbubur Rahman
Published :
Sep 23, 2024 21:55
Updated :
Sep 23, 2024 21:55

Chief Adviser Dr Muhammad Yunus is delivering his speech at the National Business Dialogue, jointly organised by ICC Bangladesh and 15 national trade organisations in Dhaka on September 12, 2024 Photo : FE Photo

A new chapter of democratic struggle was added to the country's history in the months of July and August this year through the sacrifices of students and mass people. Our business community will always work with the current interim government to make the sacrifice meaningful and fruitful.

Within just a month of assuming office by the interim government; led by Professor Dr Mahammad Yunus, our nation has already started reaping the benefits. An increase in remittance inflow, turnaround of the stock market, improvement in Bangladesh Bank reserves, reduction in fuel price, loan facility on easy terms for payment of salary of workers engaged in export industry, formation of banking commission to consolidate fragile bank operations, economic stability and formulating the White Paper on the country's economic condition are among the noteworthy measures initiated by the government. Some steps taken by the Bangladesh Bank, such as increasing the flow of credit to the export sector and easing import restrictions, are also commendable.

The export sector of Bangladesh not only earns foreign exchange for the country, but also employs a large number of people, keeping the wheels of the economy rolling. However, today the country's economy is under threat due to dishonest practices and financial irregularities of some unscrupulous businessmen. The business community wants the government to take strict legal actions against those dishonest businesses and their associates.

This government should create a conducive environment for carrying out business activities safely and responsibly. Right now, improving the law and order situation remains to be the number one priority. In order to create a business-friendly environment in the country, I would like to highlight some specific crucial issues on behalf of the business community, and seek the government's prompt intervention in this regard.

LAW AND ORDER SITUATION: Since the student uprising, there has been a big vacuum within the law enforcement agencies in the country, resulting in deterioration of law and order situation. Taking advantage of the situation, some miscreants are trying to create a state of anarchy within the country, which has plagued all our industries including exports. Our industrial areas are experiencing constant unrest at the instigation of outsiders who are not anyway related to the industry. Even the labour unions have given statement that they are not associated with such activities. These offenders are carrying out robbery, vandalism, arson and looting in industrial establishments. To date, more than 100 factories have been vandalised and 200 more have been subjected to forced closure due to such attacks. It is estimated that industries have uffered losses worth more than Tk 5,000 crores due to the prevailing situation.

With inadequate presence of industrial police and limited general police activities, the situation is far from being under control. As a result, our economic capacity has suffered greatly, which will directly reduce employment. We strongly appeal to the government immediately ensure 24-hour presence of the joint forces in all industrial areas.

About 70 million people are directly and indirectly employed in formal sectors, including readymade garments, medicine, food and agro-processing, leather and footwear, small and cottage industries, jute products, light engineering, and ICT.

If the wheels of the industrial sector are halted due to the unrest, a significant portion of this large section of the population could become unemployed, creating a social and economic uncertainty. An improvement in the overall situation has been observed in areas where the joint forces have been deployed. We believe that if such move is replicated in the entire industrial zones, the situation will improve soon.

DEVELOPMENT OF ICT SECTOR: Although the contribution of the information technology industry is relatively small in the economy of Bangladesh, the potential of this sector is enormous. Currently, more than 3 lakh talented young people are working in this industry. The information technology sector can make an important contribution to economic prosperity, especially with regard to creating employment. Presently, the export income from this sector is about one and a half billion dollars. Despite the immense potential of this sector, it has not been possible to achieve the desired success due to the lack of various policy measures. Therefore, apart from developing our technological infrastructure, we need to train the youth to transform them into a skilled workforce of the global standard. The private sector, especially those who are associated with the information technology sector, is keen to work together with the government in this aspect.

DEVELOPMENT OF THE INSURANCE SECTOR: I would like to bring to the kind notice of the government that the "Road Transport Act 2018" has been enacted by scrapping the former "Motor Vehicles Ordinance, 1983" Act. Due to the turbidity of the changed law, commercial and other vehicles are currently plying on the roads without any insurance and at the risk of peoples' lives - a phenomenon that is unheard of anywhere in the world. An urgent solution to this situation is crucial. In addition, a reform of the insurance industry is the call of the hour.

STABILITY OF THE FINANCIAL SECTOR: The present government has already taken several effective steps to eliminate irregularities and restore stability in the financial sector. The business community appreciates these prudent steps. It is important to bring back the money laundered abroad in the past. We hope that the government will carry out the necessary restructuring activities to bring stability to the financial sector, including the implementation of the autonomy of Bangladesh Bank. Increasing liquidity flow in banks is essential for all businesses, especially the SME sector. At the same time, there is a need to improve the balance of payments by relaxing import restrictions and increasing foreign current loans. People will be greatly relieved if the government adopts urgent measures to control inflation and take other policies including contraction of fiscal expenditure. We believe that some of the steps taken by the Bangladesh Bank will accrue benefits help tame inflation.

ENSURING UNINTERRUPTED ENERGY SUPPLY: There is no alternative to ensuring uninterrupted power and gas supply to keep production and services running in all industries. The economy of the country will remain active if all-important fuel imports are ensured. I would like to make an appeal to give preference to renewable energy and solar power generation over coal, gas and fuel oil based power plants. Besides, I would like to request adopting appropriate measures to extract our own gas and coal resources.

PROCESS OF REFORM: We are hearing that reforms will be initiated in various sections. This reform process should be universal. Depending on the sector, businessmen are also keen to get involved in this process of reformation and provide the necessary support.

ENHANCEMENT OF THE IMAGE OF THE COUNTRY: It is well known that all our economic activities were disrupted for several days due to the recent student uprising. During that period, foreign media, especially those of a neighbouring country, have spread various rumours about the torture and intimidation, which has created a crisis of trust among foreign investors and buyers, and even negatively impacted the existing investors in Bangladesh. As a result, the image of Bangladesh as a reliable sourcing destination is being eroded. This needs to be dealt with right now. At present, some important nations including USA, UK, Canada, Germany, and India have issued travel advisories while visiting Bangladesh, for which investors and buyers are hesitant to travel to Bangladesh. It is imperative that necessary top-level communication initiatives are taken to withdraw these travel advisories.

Due to the prevalent law and order situation, brands and buyers in the outside world are expressing adverse reaction to Bangladesh's export industry, a phenomenon that is further fueled by our rival countries. In absence of reliance, there are fears about receiving future work orders. Therefore, it is very important to develop an urgent and well-thought-out strategy to restore relationships with major export destinations and importers. In this regard, I recommend the formation of a task force under the leadership of Chief Adviser, with participation from concerned ministries and the private sector.

We have recently witnessed the release of 57 expatriate Bangladeshis living in the UAE following personal initiative of the CA. We believe that CA's image in the outside world will take Bangladesh further ahead.

We are focusing on a particularly important issue at this juncture. Bangladesh is going to become a middle income country in 2026. Eventually, the trade advantages we enjoy as an LDC will be phased out, and our industrial production and exports will face tough competition. Considering the current holistic economic status of the country, we, the business community, request the government to consider the stipulated timeframe of LDC Graduation.

Oour country has a large number of young manpower. They are the future of the country. In order to create adequate employment and economic growth opportunities for these young people, there is no alternative to strengthening and expanding the private sector.

We want an overhaul of the politically blessed business culture in Bangladesh. In addition, we are interested in initiating a new chapter of responsible business operation within the country's business community.

We the business community will move forward by working together with the cooperation of younger generation. We believe that their intellect, their philosophy and wisdom will present Bangladesh in a new dimension to international platforms.

However, there is a vested quarter, who are desperate to discredit the interim government by creating chaos and unrest within the society and the economy. We must resist this unholy alliance and counter it with full force.

Business as a whole have full trust and confidence in the interim government of Bangladesh headed by Professor Dr. Muhammad Yunus, which came into being as a consequence of student-led mass movement to create a "New Bangladesh". Businesses will work as a catalyst to realise the dream of our martyrs.

Mr Mahbubur Rahman is the President of ICC, Bangladesh.​

 

[Saif]

Yunus seeks US partnership in Bangladesh's new journey

Bangladesh is strategically positioned to become a significant partner, he says

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Yunus seeks US partnership in Bangladesh's new journey
Bangladesh is strategically positioned to become a significant partner, he says

Seeking partnership in Bangladesh's new journey, Chief Adviser Prof Muhammad Yunus on Thursday said they are firm to improve the business environment through multi-prong reforms that they have initiated.

"I am here to hear from you and open to suggestions to improve our investment climate. We seek your partnership in this new journey," he said in a business luncheon meeting at a hotel in New York, reports UNB.

President of the US-Bangladesh Business Council (USBBC) Ambassador Atul Keshap, among others, spoke at the event.

Bangladesh market is not just a market of 170 million people that is fast emerging as one of the top ten consumer markets of the world, but is also strategically located in the proximity of three billion people of South and Southeast Asia and China, Prof Yunus said.

"No country is perfect. Neither is Bangladesh. But I see an emerging Bangladesh that is committed to uphold freedom and justice," said the Nobel Laureate who is leading the Bangladesh delegation at the United Nations General Assembly.

"To be candid, we had been facing an external account deficit over the past couple of years. This situation arose due to unbelievable sum of money siphoned out of the country in the recent years. So, we in government are cracking down hard on such activities to stop further depletion of foreign reserves," Yunus said. He said the government is strengthening accountability and monitoring of banks and NBFIs. Installing of competent leadership has revamped the central bank, he added.

The governor has already formed a taskforce on banking sector reform, with ADB's support. Segregation of non-performing loan assets of those banks are being done, Yunus said.

"The US Treasury has assured us to support our troubled asset rehabilitation efforts. We are also receiving words of supports from our international partners on stolen asset repatriation."

A new Bangladesh should offer international businesses and foreign investors, a desired level playing field with much greater transparency and predictability, he hoped.

He also told the US business leaders that the United States has long been a key economic and development partner for Bangladesh.

"The US is our number one single-country export destination and the top source of our FDI. But the trade basket is unusually narrow," he said.

Prof Yunus observed that investment is heavily concentrated in non-risk/low-risk sectors like energy.

"As the US looks for its supply-chain diversification under its Indo-Pacific Policy, Bangladesh is strategically positioned to become a significant partner in fulfilling that goal," he said.

Prof Yunus said they will do everything to help US businesses grow alongside Bangladesh businesses to diversify the supply chain.​

 

[Saif]

Interim govt prioritises health, education over 'grandiose infrastructure'

Prof Yunus tells UNGA

www.thedailystar.net

Interim govt prioritises health, education over 'grandiose infrastructure'
Prof Yunus tells UNGA

Muhammad Yunus, chief adviser of Bangladesh addresses the 79th United Nations General Assembly at UN headquarters in New York, US, September 27, 2024. Photo: Reuters/Eduardo Munoz

Chief Adviser Prof Muhammad Yunus today called on the international community to continue and deepen engagements with Bangladesh in meeting people's quest for democracy, rule of law, equality, and prosperity.

In his speech during the 79th session of the United Nations General Assembly, the Nobel Peace Prize-winning economist stressed for Bangladesh to emerge as a "just and inclusive democratic society".

Prof Yunus, who took charge after fall of the previous Awami League government in face of a student-led mass uprising, said after taking to the office the interim government has initiated reforms in certain prioritised sectors in order to restore people's trust and confidence, and to ensure that the "tragic past" never recur in future Bangladesh.

He said as the new government took to the office, to its utter shock and dismay, it discovered how endemic corruption in a "functioning democracy" was brought to farce.

It discovered "how key institutions were ruthlessly politicised, how public coffers were reduced to rubble, how oligarchs took over business, how 'chosen few' concentrated wealth in their hands and amassed and laundered wealth out of Bangladesh," he added.

On the reform measures, he mentioned, the interim government launched independent commissions to reform electoral system, constitution, judicial system, civil administration, law and order sectors.

A few more commissions are on the cards to reform other sectors, including press and media, he added.

He said in order to create a conducive environment for business, the government has rolled out extensive reforms in banking and financial sectors, affirming not to let any foreign business interest to be affected.

"Beyond rhetoric and numbers, we aim to establish effective safeguard mechanisms to ensure the sustainability of these reforms and create an enabling environment towards conduct of free, fair and participatory elections," he added.

Prof Yunus said the government is committed to promote and protect the fundamental rights -- for people to speak in freedom, to assemble without fear or inhibition, to vote whosoever they choose, to uphold the independence of the judiciary and freedom of press, including in the cyber domain.

He said the government prioritises allocation in education and health sectors over grandiose infrastructure development in order to ensure that child of a farmer or worker can scale the highest in the society.

"A key priority for us is also to make all in public positions and institutions to account for their decisions and actions," he further said.

Prof Yunus said Bangladesh is open to nurture friendly relations with all countries based on mutual respect, upholding dignity, pride and shared interests.

"I wish to assure that our government shall adhere to all international, regional and bilateral instruments that Bangladesh is party to," he said, adding, Bangladesh will continue to remain an active proponent of multilateralism, with the UN at the core.​

 

[Saif]

Govt nonchalance irks political parties

The absence of initiatives from the interim government to coordinate with the political parties either formally or informally is annoying the parties whose leaders view the lack of effort as the...

www.newagebd.net

Govt nonchalance irks political parties
Ahammad Foyez 29 September, 2024, 23:37

The absence of initiatives from the interim government to coordinate with the political parties either formally or informally is annoying the parties whose leaders view the lack of effort as the government’s unwillingness to involve the political parties in the decision making process.

Several members of the Bangladesh Nationalist Party standing committee at the committee’s last meeting held on September 23 expressed frustration over the situation.

Several members of the party confirmed New Age that they told the meeting that the interim government had yet to develop a close relationship with the political parties.

When asked about the situation, party standing committee member Khandaker Mosharraf Hossain told New Age that political parties were keen to cooperate with the interim government as it was formed through a student-mass uprising.

‘But the government should decide whether or not it wants the cooperation of the political parties,’ he said, adding that the government has yet to seek any support from the political parties.

Socialist Party of Bangladesh general secretary Bazlur Rashid Firoz said that the administrative activities of the interim government were very slow and it was increasing frustration among people.

‘To increase the speed of work, the government should engage political parties in various processes formally or informally,’ he said, adding that otherwise, the distance between the government and political parties would increase.

He also said that the distance between the political parties and the government would become a major reason for the possible failure of the government.

‘The government has taken some reform initiatives. Fine, but unless it ensures strong coordination with the political parties, it would fail in properly prioritising issues,’ he observed.

Echoing the same concern, Bangladesh Communist Party general secretary Ruhin Hossain Prince said that the incoordination of the interim government with the political parties would cause problems for the government in the future.

‘The interim government should ensure engagement of political parties in various processes of its activities. The people in the government should be connected with politicians as politicians have connections with the people,’ he added.

Revolutionary Workers Party general secretary Saiful Huq said that the existing distance between the political parties and the interim government was somewhat concerning.

‘Political parties are the main stakeholders... they [government] should increase engagement with the parties to meet people’s expectations from them,’ he said, adding that if the interim government had no hidden agenda, they should come forward to build a fruitful relation with the political parties.

‘Proper understanding between the government and political parties would make many difficult things easy. The distance would create greater problems for the government,’

Jatiya Party secretary general Mujibul Haque Chunnu said that the government should increase communication with the political parties considering them as major stakeholders.

‘Good relationship between the political parties and the interim government will ultimately bring positive impact for the government,’ he said, adding that it would help the government to do its work smoothly.

‘Otherwise, doubt about the government will increase,’ he said.

Ganosamhati Andolan chief coordinator Zonayed Saki said that the political parties’ engagement with the interim government was a must for a new political settlement, formulation of a democratic constitution and carrying out reforms to ensure a democratic election process.

‘The government should fix the way regarding how it would work with the political parties,’ he said.

Islami Andolan Bangladesh senior joint secretary Gazi Ataur Rahman said that it was very clear that the interim government had no strong coordination with the political parties yet.

‘A strong relationship between the parties and the government is a must. Otherwise, confusion and doubt will increase,’ he said.

Amar Bangladesh Party member secretary Mojibur Rahman Manju said that the distance between the political parties and the interim government had caused some problems.

‘The government should come up a way for holding cooperation with the political parties and should also take steps to mitigate the distance that currently exists,’ he said.

Professor Muhammad Yunus assumed office on August 8, following the ouster of Sheikh Hasina on August 5 amid an unprecedented student-mass uprising.

After taking responsibility, the Yunus-led government held meetings twice with the political parties.​