Finance Minister Amir Khasru Mahmud Chowdhury has said the country can no longer afford to run a patronage-driven economy, stressing that Bangladesh’s economic system must serve all citizens.
Speaking to reporters on his first day at the Ministry of Finance at the Secretariat on Wednesday, the minister said the economy must offer a level playing field so that every citizen has the opportunity to participate and benefit.
He, also planning minister, said the immediate priority was to restore the country’s state institutions, many of which he described as being in a poor condition.
“We must first address the institutions. They need to be recovered and rebuilt with professionalism, transparency and efficiency,” he said, adding that without these qualities, even the largest programmes would fail to deliver results.
The minister said the second priority was to “democratise” the economy. “We cannot allow a patronage-based economy to continue. The economy of Bangladesh must be for all people. There must be a level playing field so that everyone can participate and share the benefits,” he said.
As a third step, he called for serious deregulation, arguing that the country had become over-regulated over time due to patronage politics.
“Bangladesh has turned into an over-regulated country. We need serious deregulation and liberalisation to ensure equal opportunities for all,” he said.
He emphasised that creating equal rights and opportunities in economic participation would ensure that the benefits of growth reach all segments of society.
bd-pratidin/GR
