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Business Report
Bangladesh is in a fragile position regarding external debt repayments. There is no scope for populist measures at this moment, Citizen’s Platform for SDGs, Bangladesh said yesterday.
The civil society initiative identified fragile macroeconomic stability, weakened private investment and employment, and diminishing fiscal space as major challenges for the newly formed government.
The Citizen’s Platform organised the event titled ‘Macroeconomic Benchmark for the New Government ‘ at BRAC Inn Centre in the capital on Thursday.
The Convenor of the Citizen’s Platform, Debapriya Bhattacharya, and CPD Distinguished Fellow Mustafizur Rahman were also present at the event.
Addressing the BNP-led government at the event, Debapriya said restraint in fiscal management would be crucial. “You may not call it austerity, but discipline is essential. Without fiscal restraint, inflation and other macroeconomic vulnerabilities will intensify in the next fiscal year.”
Describing macroeconomic stability as “the mother of all reforms,” he emphasized the importance of addressing inflation, interest rates, exchange rates, and the domestic and external debt situation.
Debapriya also expressed developed countries, it is common practice to form transition teams during a change in government. Such a team would conduct a transparent and systematic assessment of financial liabilities, public procurement contracts, decisions on mega projects, and various foreign agreements undertaken by the previous administration.
The Convenor of the Citizen’s Platform clarified that this would not be an act of political retaliation, but rather an institutional “forensic review” – akin to a post-mortem examination – aimed at ensuring objective evaluation.
He also suggested preparing briefing documents for each ministry, clearly outlining the current situation, risks, liabilities, and future course of action.
In particular, he stressed the importance of presenting an accurate picture of domestic and foreign debt, interest payment pressures, and the long-term implications of foreign agreements to the new government.
Dr Bhattacharya also identified restoring law and order as a major challenge. Unless mob culture, extortion, bribery, and harassment are curbed, the rule of law cannot be established. He emphasised that the rule of law is not merely a political issue but has deep economic implications – without a secure and predictable environment, investment and job creation will not increase.
Debapriya categorically ruled out printing money as a solution to the crisis, stressing the need for structural reforms and prudent macroeconomic management.
At the event, Towfiqul Islam Khan, Additional Director (Research) of the Centre for Policy Dialogue (CPD), delivered the keynote paper.