Centre for Policy Dialogue distinguished fellow Mustafizur Rahman speaks at a discussion organized by the Economic Reporters Forum at the ERF auditorium on Tuesday. Photo: Courtesy
MM Rahmatullah: Professor Mustafizur Rahman, distinguished fellow of the private research institute Center for Policy Dialogue (CPD), commented that reforms are necessary in three areas for the sake of the country’s economy. Reforms should be done, even if it is painful, he added. It will bring some sort of balance to the economy.
Dr. Mustafizur Rahman, special fellow of CPD, said these things in a event titled “Conversation with Professor Mustafizur Rahman”.
Economic Reporters Forum (ERF) President Refayet Ullah Mirdha presided over the event, while General Secretary Abul Kashem moderated the exchange event at the ERF office at Purana Paltan, Dhaka on Tuesday.
Mr. Rahman also said that besides passing the new Income Tax Act, the government has amended the Bank Company Act. The International Monetary Fund (IMF) has suggested that therefore, laws passed or amended should not be viewed as such but rather from the perspective of improving governance and increasing revenue in the banking sector. If the laws are to be implemented properly, the pressure will increase on some people. Politicians will need to deal with that situation.
Professor Dr. Mustafizur Rahman thinks that the price of the dollar should be coordinated with the open market. He said shock therapy should be given in terms of dollar price, maybe waiting for the election. A large adjustment in the value of the dollar will increase the cost of importing goods. Then financial initiatives like reducing import duty should be taken. However, if the value of the dollar increases, the competitiveness of goods exports will increase. Exporters do not have to give incentives. On the other hand, expatriate income will increase through banks. Apart from this, he gave an opinion on adjusting the interest rate of bank loans with the market.
Mustafizur Rahman spoke on various topics including price inflation, export of goods, politics, upcoming parliamentary elections. Later he answered the questions of journalists.
After the US government announced new labor policies last November, entrepreneurs are worried that there may be some kind of restrictions on trade. In response to the question whether there is a threat of sanctions or not, this special fellow of CPD said, “It is difficult to predict whether any kind of sanctions will come or not, and if so, in what manner.” As we have seen, the United States has raised several questions about labor rights and the working environment. In such a context, we want to say that we need to improve in those areas. We can do that by talking to the workers.
In this regard, Mustafizur Rahman also said, ‘The workers are not asking for everything in one day. Problems are compounded when decisions are made by bypassing them or without talking to the right representatives. As a result, it is important to formulate a roadmap to solve the problem by listening to them. They know what the US will not do, can also ban. But the more relaxed we are, the more the desire of the country will increase.
When asked about the financial resources of the government party candidates increasing several times, Mustafizur Rahman said, “I was surprised, surprised and surprised to see the affidavits of the candidates. How they became owners of so much money in such a short time is a question. Although the land price of Tk one crore is mentioned as Taka one lakh. As a result, the amount of real property will be much higher than the affidavit. Political parties should analyze the assets of their candidates. The Anti-Corruption Commission (ACC) also needs to work on whether these huge amounts of wealth of candidates are justified, unjustified, or unethical.’
