Reform success tied to economic stability

Staff Reporter :

Economic stability is essential for the success of both institutional and electoral reforms in Bangladesh, stated Debapriya Bhattacharya, head of the White Paper Committee, during a dialogue on democratic reconstruction in Dhaka on Saturday.

Hosted by the Centre for Governance Studies (CGS) at the BIISS in Eskaton, the event highlighted the challenges of balancing economic fragility with critical reforms.

Bhattacharya emphasized that pursuing reforms while the economy remains fragile could hinder progress.

“If anyone thinks we can advance with only institutional and electoral reforms, ignoring economic issues, we are mistaken,” he cautioned, noting that economic health will ultimately determine the speed and scope of potential reforms.

Focusing on immediate needs, Bhattacharya urged the government to prioritize protecting real wages, ensuring fair prices for agricultural products, and strengthening social security programs.

He also underscored the need to reintegrate students into educational institutions, improve healthcare services, and maintain public safety through effective law enforcement.

“A sense of certainty and comfort must be established within the country,” Bhattacharya said, emphasizing that economic policymakers must clearly communicate their plans.

He suggested that adjustments could be made by revising the budget or preparing the upcoming one, adding that clarity is not sufficient without efficient and accountable implementation.

Bhattacharya also raised concerns about the impacts of political control on economic activity. “When we discuss political control over individuals, groups, or parties, it has economic implications,” he explained.

He noted that restricting an individual’s political rights can impede their ability to contribute economically, potentially affecting future savings, investments, and job creation.

In conclusion, Bhattacharya remarked that this period presents a unique opportunity for reform but warned against expecting the interim government to singlehandedly enact all changes.

“This is a collective responsibility. If we believe this government will do everything alone, then we are deluded. It was misguided to expect a revolution to change everything-everyone must fulfill their responsibilities,” he said.