The newly appointed Finance Adviser, Dr. Salehuddin Ahmed, has inherited a daunting economic landscape.
The country is grappling with a perfect storm of political instability, institutional decay, and economic turmoil.
Economists unanimously agree that his immediate priority must be to stabilise the financial system, rein in rampant inflation, and restore credibility to economic data.
The banking sector is in dire straits, burdened by a mountain of bad loans and a leadership vacuum.
Appointing competent leadership at the Bangladesh Bank is crucial to restoring confidence in the financial system.
A comprehensive overhaul of the sector, including the establishment of a banking commission to differentiate willful from genuine defaulters, is long overdue.
Simultaneously, the issue of data integrity cannot be overstated. Reliable figures on exports, imports, GDP, and other key indicators are essential for effective policymaking.
Combating money laundering, stabilising the foreign exchange market, and streamlining the stock market are additional challenges that require immediate attention.
To ensure sustainable economic growth, a well-defined, long-term economic policy is essential.
This includes revamping the tax system, improving trade facilitation, and optimising public spending. However, before any of these can be effectively implemented, restoring law and order is paramount.
The prevailing chaos has crippled businesses, disrupted supply chains, and eroded investor confidence.
The challenges facing Dr. Salehuddin are immense, but his appointment offers a glimmer of hope.
As a seasoned economist, he possesses the expertise to navigate these turbulent waters.
His success in stabilising the economy and laying the groundwork for sustainable growth will be crucial in determining the country’s future trajectory.
The economic crisis demands immediate and decisive action. It is imperative that the government and the newly appointed Finance Adviser work collaboratively to address these challenges.
We urge policymakers to prioritise the stabilisation of the financial system, the restoration of law and order, and the establishment of a credible data framework.
The business community, civil society, and the general public must also play their part in supporting these efforts.
By working together, we can overcome these challenges and build a stronger, more resilient economy for Bangladesh.
