At an event organized by the National Citizen Party (NCP), economists and policymakers emphasized the urgent need for Bangladesh to boost revenue generation through immediate implementation of reform initiatives, hastening automation processes, and gradually phasing out existing tax exemptions. The national convention focusing on energy, economy, human rights, reform, and referendum took place at the Institution of Diploma Engineers in Dhaka.
M Masrur Reaz, the chairman and CEO of Policy Exchange Bangladesh, expressed concerns over the lack of significant progress in the revenue sector despite numerous discussions and committee formations. He highlighted the absence of reforms during the previous government’s tenure and stressed the importance of launching reforms promptly under the new administration to seize the current opportunity.
Describing the economic challenges facing the country as a “four-plus-one dimension,” Reaz pointed out four internal weaknesses compounded by a global factor. He highlighted issues such as stalled drivers of employment and growth, economic governance breakdowns, banking irregularities, energy sector control issues, and mismanagement of public funds. Additionally, he flagged concerns regarding revenue reform, informal economy regularization, and escalating external debt reliance.
During the event, Hasnat Abdullah, a lawmaker and chief organizer for the Southern Region of the NCP, emphasized the necessity of automating tax and customs systems by adopting cashless and paperless processes integrated with the National ID system. Abdullah highlighted that transitioning to automated systems linked with NID could enhance transparency and reduce under-the-table dealings, citing successful practices in several European nations.
AKM Waresul Karim, the dean of the School of Business and Economics at North South University, attributed stagnation in the banking sector to governance failures characterized by corruption, nepotism, politicization, and prolonged authoritarian practices. He raised concerns about the erosion of trust in state-owned commercial banks, citing high non-performing loan ratios in institutions like Janata Bank. Karim also criticized certain provisions in the Bank Resolution Ordinance, which he perceived as facilitating the return of control to specific individuals.
Addressing the employment landscape, AKM Fahim Mashroor, the CEO of Bdjobs, highlighted that while overall unemployment in Bangladesh remains relatively low at 4 to 5 percent, youth unemployment rates are significantly higher. He underscored the need for promoting entrepreneurship and facilitating overseas employment opportunities through government-backed loans to address the social and political implications of unemployment.
The event also featured discussions led by Sarjis Alam, the chief organizer for the Northern Region of the NCP, with contributions from Shams Mahmud, former president of the Dhaka Chamber of Commerce, Chartered Financial Analyst Asif Khan, and Javed Rasin, joint convener of the NCP.