Finance Adviser Salehuddin Ahmed said on Saturday the interim government is facing many questions from the donor agencies due to data window dressing by the previous government during the last 15 years.
“Although some unintentional mistakes played a role behind the wrong data on inflation and GDP, the policymakers have also tried to hide information. Proper policies in the financial and social sectors cannot be formulated without the correct data,” Salehuddin said while unveiling sixth edition of ‘Banking Almanac’ at the CIRDAP Auditorium in Dhaka.
“Donor agencies are raising questions about high commodity prices, but we are trying to convince them by saying that we are now presenting the correct figures,” he added.
Alleging the immediate past government tried to keep inflation rate within 8-9 percent, he said the Bangladesh Bureau of Statistics (BBS), the state statistics agency, has been asked to publish accurate data.
“The interim government did not take office to show power. We have taken up a responsibility. We are trying to change and reform the data mishap of the last 15 years,” he state further.
The finance adviser said the government is trying to trying to create a national single window so that businessmen can get all the information from one place.
He went on to say, “More problems will be created if we cannot manage information properly. We need to update the information. Measures cannot be taken with data that are 10-15 years old.
Presiding over the event, Chairman of the Almanac and former adviser to the caretaker government Hossain Zillur Rahman identified five problems that are plaguing the economy.
“One of the problems is financial discipline and balance in the overall economy. Another one is correctness of information and professionalism. The government has made improvements on these two issues, the economy has bounced back slightly from a weak position,” Zillur said.
Terming discipline in the financial sector as very important, Zillur added that the wheels of economy must be in motion.
“The processes need to be sped up. Inflation is another big challenge, as its impact is huge on families despite the overall economy being stable. Another challenge is oligarchic market power,” Zillur added.
“The finance ministry alone cannot turn the wheels of the economy. Although the government is eager enough, the individual sector needs to be made more active. The lack of trust among everyone from the root level to the mid-level businesses in the SME sector should be eradicated. Law and order situation has to be improved,” Zillur further said.
Speaking on the occasion, Finance Secretary Khairuzzaman Mozumder said, “The government is trying to bring back discipline in various sectors. We have asked for the assistance of our development partners to bring back discipline in the financial sector. The government has already made changes to different boards.”
Abdul Hai Sarker, chairman of Bangladesh Association of Banks (BAB), said, “The Banking Almanac will be useful for public and private sectors if it is based on real data. Old and false information do not help anyone.”
