We must move forward to stabilise economy by overcoming reality

The new BNP government has embarked on a huge challenge of rebuilding the fragile and troubled macro-economy. At a ‘Budget Dialogue’ organized by the private research organization Center for Policy Dialogue (CPD) at a city hotel on Sunday, Finance and Planning Minister Amir Khosru Mahmud Chowdhury candidly spoke about the real and harsh reality of the country’s economic crisis.

He clearly stated that it is not possible to completely stabilize the economy and return it to a path of prosperity overnight, standing on the back of the huge debt and structural ruins of the financial sector left behind by the fallen government.

This open admission by the current government proves one thing very strongly – it is not hiding anything from revealing the truth and reality, even if it is unpopular.

According to the information that emerged in the dialogue, the fallen government has left behind a debt of about 50,000 crore taka in the energy sector alone. Taking on this huge responsibility, the government had to announce the budget in just one and a half months of preparation, which is an unprecedented challenge by any standards. This honesty is much more acceptable than false and cheap assurances.

However, it is not enough to just present the account of the crisis, but the reform-oriented and bold steps taken by the government to resolve this crisis must also be clear. Hopefully, the government has taken several steps to eliminate the past stagnation and procrastination in project implementation.

It has been decided to launch a ‘special digital dashboard’ from the first week of July, which is a groundbreaking step.

It should not be forgotten that low-income people, trapped in the grip of inflation, are living a difficult life today, with reduced access to food and medical services. Proper and transparent implementation of budget allocations is essential to address the three major crises of employment, investment, and quality of education that emerged in the dialogue.

Clear policies are needed to ensure that industries are not shut down due to the energy crisis and that the private sector is not crippled by the pressure of high interest rates. Since the government has acknowledged the shortcomings at the outset it is making long-term investments in basic infrastructure such as gas, electricity, and internet, with a goal of becoming a trillion-dollar economy by 2041.

We believe that the government by overcoming this difficult reality through honesty, transparency, and accountability, it will place the country’s economy on a strong and self-reliant foundation.