Finance Adviser Salehuddin Ahmed said on Tuesday that Bangladesh would negotiate with the United States over retaliatory tariffs, emphasizing that efforts would be made to avoid any actions that could escalate tensions, reports UNB.
“There are 90 days to resolve the issue through discussions. If necessary, we will seek an extension,” he stated while addressing the 45th meeting of the budget consultative committee, organized by the National Board of Revenue (NBR) and the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) at a city hotel.
The meeting, chaired by NBR Chairman Md Abdur Rahman Khan, saw participation from key stakeholders in both the government and business sectors.
Commerce Adviser Sheikh Bashir Uddin attended as a special guest, while BIDA Executive Chairman Ashiq Mahmood Bin Harun was present as the guest of honour.
Regarding the International Monetary Fund (IMF) loan, Salehuddin Ahmed reassured, "We’re not particularly worried about the IMF loan. The macroeconomic situation has already shown some improvements."
He also pointed out that the era of tax exemptions has come to an end, citing pressure from the IMF and the need to increase revenue.
“There’s no room for exemptions. We’re under pressure from the IMF. Revenue must rise for the government to operate, and offering exemptions means we won’t get taxes from that sector,” he added.
Acknowledging the public criticism, the finance adviser remarked, “We are facing a lot of criticism. But when you work, criticism comes with the territory. We don’t take it personally.”
On the upcoming national budget, Salehuddin assured, “We will present a realistic budget. There will be no fireworks of unrealistic promises.”
He also mentioned that discussions with various international organizations are ongoing to support business and trade growth.
“We are trying to work for the marginal sectors and those chambers that are often overlooked. While we are being criticized, we acknowledge our mistakes. Maybe there will be more. But we’re focused on ensuring the common people’s well-being. Businesspeople must show tolerance, as we will. We will work in coordination with you," he added.
Ahmed clarified that negotiations are ongoing with the IMF, and conditions have not been fully agreed upon. “We’re talking to everyone and working towards a solution,” he said.
FBCCI Administrator Md. Hafizur Rahman noted that stakeholders have high expectations from the interim government regarding the next budget, especially given the country's internal challenges and the international economic climate.
"In line with the spirit of the mass movement of July-August 2024, FBCCI believes that a business-friendly budget will be formulated for the next fiscal year, considering the global economic situation, LDC graduation, and other related issues. The goal is to restore business confidence through policy support," he said.
Representatives of the business community, including BKMEA Executive President Mohammad Hatem, BTMA President Shawkat Aziz Russell, and REHAB Director Ayub Ali, presented various proposals and recommendations during the event, moderated by FBCCI Administrator Hafizur Rahman.
Bd-Pratidin English/ AM
