Dhaka, Friday


29 March 2024


Business Insider Bangladesh

TIB calls for formation of advisory committee on economic strategy

BI Report || BusinessInsider

Published: 20:09, 20 May 2022   Update: 21:08, 20 May 2022
TIB calls for formation of advisory committee on economic strategy

TIB logo

Transparency International Bangladesh (TIB) has called for an immediate formation of an independent economic strategy advisory committee to assist the government in tackling the economic crisis arising out of the Ukraine war and the post-Covid-19 supply disruption.

The civil society organisation in a press statement on Friday also praised Prime Minister Sheikh Hasina for some of the steps she has taken to tackle the economic crisis facing Bangladesh.

The committee can act as an assistant to the government consisting of economists, sociologists and other internationally renowned experts in relevant fields, the statement said, adding that it can provide independent and impartial direction to the government.‎

Iftekharuzzaman, director of TIB, in the statement, said a balanced approach is needed to control rising inflation and reduce pressure on foreign reserves.

To achieve these, a well-thought-out economic strategy must be set up with the highest priority on public welfare and inclusive development, he said. “At the same time, it is also important to implement it with courage.”‎

The statement also indicated that multi-faceted international instability caused by the post-covid-19 supply crisis and Russia's invasion of Ukraine is leading to an economic crisis. ‎

There is a growing concern that Bangladesh, like all other countries, will have to face a multi-faceted crisis, including potential food shortages, the statement said.

In such a crisis, according to global experience, good governance in any country is further disrupted. Multi-faceted irregularities in the financial sector, including corruption and money laundering, are deepened and become widespread. “Especially, socioeconomic inequality, poverty and marginalization develop. In addition, the protection of basic human rights faces a greater challenge.”

In this context, objective, professional and scientific and impartial guidance will be particularly helpful for the government in formulating a strategy to deal with the crisis, TIB said.

In particular, the committee can make an important contribution to the formulation of specific strategies to ensure zero poverty by 2041, achieving higher-middle income status by 2031 and higher income by 2041.

Nagad
Monetary Policy Stance
Budget 2020-21
Walton