"While there is definitely added pressure, with responsibility comes a sense of fulfillment, though it also involves some mistakes and setbacks, which we continue to navigate. Especially during this challenging period for the country, we are doing our best to manage the responsibilities we've accepted. Our main focus is to recover the financial losses and work towards stabilizing the economy to a more normal condition."
In an exclusive interview with the private satellite channel News24, Interim Government Economic Adviser Dr. Salehuddin Ahmed discussed his perspectives on the current situation and ongoing issues.
He stated, "Taking on responsibility inevitably comes with pressure. There's pressure, and while certain tasks may seem easy to suggest from the outside—'just do this' or 'it's possible to do that'—it's not that straightforward. From an internal perspective, it becomes evident that resolving one issue often brings up another. Problems can't be solved by merely simplifying them."
When asked about the country's overall economic situation and inflation, Dr. Salehuddin Ahmed said, "Inflation is definitely a major challenge for us; there's no denying it. This inflation has been ongoing for several years, for about two to three years. However, it is gradually decreasing now. In recent times, the price of non-food items has decreased slightly. The price of food has also decreased a bit. But I wouldn’t say that it has decreased to a completely satisfactory level."
He further said, "People's income and expenditure are under pressure. Inflation occurs due to various reasons, such as demand and supply factors. These demand and supply issues arise not only from domestic factors but also from global ones. As a result, we are feeling the pressure from both sides. Since we came in, the situation has been more pronounced because, after the events of July and August, many things were closed for a long time. Banks, businesses, and trade activities were all shut down, and this has had an impact on business, particularly on supply."
On the other hand, agriculture and other sectors remained relatively stable. Considering this, various measures have been taken to reduce inflation. Although these measures are not entirely sufficient, some progress has been made. However, the biggest challenge is ensuring supply. Several issues have disrupted supply chains, including sudden floods that damaged agriculture in regions like Cumilla and Noakhali, and excessive rainfall in Mymensingh and Munshiganj, which affected vegetable supplies. Fortunately, vegetable availability is now improving.
Dr. Salehuddin Ahmed emphasized that during Ramadan, the truck sales program must not be halted. "We had paused it because market prices were relatively affordable. However, we have decided to resume the program before Ramadan to ensure uninterrupted availability during the holy month," he stated.
When asked if extortion is still a contributing factor, he acknowledged, "Yes, it remains a key issue. However, our buffer stock is stable. Just yesterday, two ships arrived at Chattogram port, and more shipments are expected from Vietnam and Pakistan. We are also importing lentils and wheat, including supplies from Russia."
Regarding public sentiment and expectations, Dr. Salehuddin Ahmed noted, "People are looking for change and relief, but financial pressures are making it difficult. There is a clear strain on household budgets because opportunities for additional income are limited. Business activities, major projects, and employment generation have declined. Additionally, rising energy costs are adding further pressure, prompting us to seek cost-saving measures."
Discussing the industrial sector, he acknowledged that productivity remains inconsistent. While the number of industrial units has increased, growth has not kept pace. Many economists believe this is a concerning trend for the economy. "There are multiple reasons behind this. Historically, Bangladesh has not developed its industrial base significantly. Different sectors have not progressed evenly, and in some cases, production trends have reversed, leading to slower growth in the industry and business sectors. Restoring normalcy in this area is another major challenge for us," he explained.
Dr. Salehuddin Ahmed also addressed issues related to energy infrastructure, productivity disruptions, and banking sector loans and investments. "We have managed to stabilize the power sector to some extent, but gas supply remains a challenge. We are actively working on alternative energy solutions, which may help businesses reduce costs. Additionally, many businesses are struggling to repay loans on time, affecting their ability to secure new financing. We are developing a strategic plan to address these financial challenges. Hopefully, through a structured process, we can achieve economic stability and momentum," he concluded.
Bd-pratidin English/ Afia
