Commerce Minister Khandakar Abdul Muktadir has said ensuring accountability, transparency and good governance is essential to restore sustainability in the country’s economy.
He said “Past failures in accountability and irrational project approvals have created economic instability, the impact of which is still present.”
He made the remarks on Monday afternoon in the capital while speaking as chief guest at a pre-budget discussion titled “Pre-budget Discussion: Expectations of the Private Sector” organised by the Dhaka Chamber of Commerce and Industry (DCCI).
The minister said ‘The government is not a separate entity from the people and a healthy economic environment is built through public participation, transparency and effective engagement with economic stakeholders.”
He warned that a breakdown of this linkage creates instability and imbalance in the economy.
He said “The optimal use of limited resources remains the core goal of economic management. However, some past projects lacked proper justification and failed to deliver results.”
He added that reviews by the Implementation Monitoring and Evaluation Division (IMED) under the Planning Commission have also found evidence of inefficiency and irregularities in several projects.
The commerce minister said increasing government spending alone cannot ensure sustainable growth. He stressed the need to expand private investment by improving the investment climate, ensuring ease of doing business and removing administrative complexities.
He farther noted “The government has already taken steps to simplify processes and introduce digital services so that businesses can obtain licences and registrations online.”
“Global conditions have increased import costs of fuel and fertiliser, putting pressure on fiscal management” he added.
Khandakar Abdul Muktadir cited that the cost of importing LNG, crude oil and fertiliser has more than doubled, creating major challenges for expenditure management.
“To address the situation, the government is focusing on improving energy supply systems, increasing domestic gas extraction and building strategic reserves” he said.
The minister explained “Expanding the tax net is essential for sustainable economic management. Instead of increasing tax rates, the government is focusing on increasing the number of taxpayers.”
He expressed hope that positive changes will be visible in the upcoming budget and beyond.
He urged the private sector to maintain confidence in the government, saying, “We can stabilise and strengthen the economy by working together.”
DCCI President Taskeen Ahmed moderated the discussion. Members of the General Economics Division Manzur Hossain, International Chamber of Commerce Bangladesh President Mahbubur Rahman, and other leading economists and business leaders attended the event.
