Transparency, good governance, lack of capacity are the major problems in the financial sector

Global events are being blamed as the main reason for the problems that have arisen in the financial sector in the country. It is said that the impact of Corona and the Russia-Ukraine war have created problems in this sector. But three problems have long existed in the financial sector. First, transparency; Secondly, good governance and thirdly, lack of capacity. These problems have accumulated and created the current problem.

Former Bangladesh Bank Governor Salehuddin Ahmed said these things at a working session on the opening day of the three-day annual conference of the Bangladesh Institute of Development Research (BIDS). The conference was organized in a hotel in Gulshan of the capital.

He said these things in the president’s speech during the discussion program on the recently published three books on the economy of Bangladesh in the last part of the opening day. Three former BIDS Director General Kazi Shahabuddin, Mustafa K Mujeri and KAS Murshid spoke in the main discussion session of the meeting. Apart from this, Mozammel Haque, a former professor of Stretchclite University of the United States, gave a speech.

In their speech, the speakers highlighted the pattern and path of economic development from British rule to Pakistan rule to Bangladesh. They said that after the independence of Bangladesh, the new entrepreneurial class of the country has built new industries with courage. Bangladesh is exporting manufactured garments, medicines and services to the world market despite many obstacles. The country’s domestic market has also grown.

At the end of the main discussion in the session, someone asked a question in the question and answer session, even after so much improvement in the country’s economy, we see that there are some ‘blind holes’. Then all the achievements of the economy are exhausted. And the country’s politicians and bureaucrats are becoming economists. They are determining the dynamics of the country’s economy. What should be the role of economists in this situation?

In response, Salehuddin Ahmed said, “Since this morning, the media workers have been asking me questions one after another about the country’s banking and financial sector scandals.” I am tired of answering these questions. But yes, even if the country’s economy is not in the abyss, it is standing on the edge of the abyss. He said, bureaucrats always want to convince the government that there is no problem anywhere, everything is fine.

Salehuddin Ahmed said that the solution to the crisis is not to listen only to bureaucrats. Economists should also be listened to. And if there is a problem in the country’s banking sector, visible action should be taken against the people responsible for solving that problem.
Kazi Shahabuddin said on the occasion that there has been a lot of progress in the country’s economy. However, regional disparities remain in the country.

Mustafa K Mujeri said, the agricultural sector is still very important in our country. The additive sector began to play a major role in economic development. But service sector has become more important now. However, the economy will not go far with the service sector alone.

KAS Murshid said, before independence, the main strength of the economy was paddy and rice. Even before independence there were many industrial groups like Square. But as the political power came into the hands of Bangladeshis after independence, the domestic industries got a chance to grow. And the role of private development organizations has also played an important role in rural development.