“Interim Govt inherited economic crisis from AL”: Adviser

Finance Adviser Dr. Salehuddin Ahmed

Dhaka, Nov 19 - The interim government has inherited a devastated economy from the previous Awami League administration, Finance Adviser Dr. Salehuddin Ahmed said today. 

Speaking at a press briefing held in the Multipurpose Hall of the Finance Ministry, he highlighted widespread irregularities and corruption in sectors ranging from banking to development projects.

“From the banking sector to the capital market, there is a bleak scenario everywhere. Irregularities and corruption in development projects have compounded the crisis,” the Adviser added.

He assured that the government is working diligently to address the issues. “We are trying hard to correct all these anomalies,” he said, emphasizing efforts to restore order and stability across key economic sectors.

Outlining the government’s fiscal priorities, the adviser said austerity measures are being implemented to reduce the budget deficit. “With that, we face the challenge of increasing revenue. Without improving revenue, we will not be able to finance our development projects,” the Adviser added.

To bring the discipline in the financial sector, he said that the government is scrutinizing the annual development projects to figure out which projects were taken politically or unnecessarily.

Turning his attention to the banking sector, the Adviser noted that significant steps have been taken by Bangladesh Bank to stabilize the system. “As a result, the banking sector is reviving,” the Adviser assured.

However, he acknowledged lingering weaknesses within the central bank. “Bangladesh Bank itself needs to be reformed,” he said, pointing to deficiencies in supervision, monitoring, and policymaking.

“Reforms must go beyond amending laws,” Dr. Salehuddin said.-UNB