Despite having passion for reforms, people might lose patience, if an economic relief and an improved law and order situation are not ensured, eminent economist Dr Debapriya Bhattacharya said on Sunday.
“Politicians are asking for a roadmap on how the elections will be held. But how much smooth the political roadmap will be and how much we can deepen the reforms –all will depend on how much relief we can provide to the people,” he said, while addressing the annual conference of the International Business Forum of Bangladesh (IBFB) at Gulshan Club in the city.
To maintain the patience, coordinated, effective and confidence-building programmes are required as investments are made with a long-term perspective in mind, according to Debapriya.
He further said, “A mid-term plan has become very urgent as it can give us some comfort on another issue — our relationship with other countries.”
“We’re exiting the LDCs, we need certainty about what market benefits we will get after that,” he added.
Addressing the event as the chief guest, Finance Adviser Salehuddin Ahmed Financial advisor Salehuddin Ahmed is deeply concerned that the market has not been relieved even after reducing taxes on imports of essential goods.
He also believes that it is difficult to reduce the prices of essential goods as the culture of extortion and collusion is prevalent in the market.
The finance adviser laid emphasis on narrowing gap between production costs and end price of commodities by addressing the issues behind it.
“The inflated prices consumers pay often stem from unnecessary intermediaries in the supply chain,” he said.
Salehuddin said there are legitimate middlemen who facilitate the supply of products, but extortionists are entirely different.
“For instance, when a truck carrying goods worth Tk5 lakh enters the market, extortionists demand Tk500 each at various points. By the time the goods reach their destination, the value inflates to Tk7 lakh,” he added.
Reflecting on corruption during the Awami League regime, Salehuddin noted that while corruption exists in many countries, in Bangladesh, it has become so pervasive that it defies imagination.
“This is a clear case of regulatory failure. Institutions have been dismantled, and policymakers, bureaucrats, and businessmen alike have blatantly violated the rules,” he added.
