Finance Adviser Salehuddin Ahmed on Tuesday claimed that the economy of the country has turned around from the verge of collapse.
“I think that this is the beginning to the right direction, we are heading towards right direction,” he told a press conference marking one year of the interim government at the finance ministry.
He said that although the government has been able to solve many issues related to the country's economy, it is not possible for this interim government to solve everything.
“We do not have the magic wand,” he added,
The adviser, a former governor of the central bank, said no country in the world has seen the banking sector plundered like the way it was done during the fallen Awami League regime.
He mentioned that the interim government has taken many steps to rebuild the banking sector of the country.
“I can assure that no deposit will be lost in any banks,” he said.
The adviser also said that the Annual Development Programme (ADP) and budget for the 2025-26 fiscal has been prepared in a pragmatic way leaving out unnecessary projects.
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Salehuddin said the economy of Bangladesh has become stable over the past year, showing more or less satisfactory performance despite challenges in certain areas.
“From what we’ve inherited in August last year, I will say after one year, the country’s economy is more or less satisfactory and it has become stable although there may be different opinion from some people,” he said.
He said the balance of payments, current account and financial account — which were negative during the previous regime — are now on a positive trend.
“Now almost everything is positive like foreign currency reserve, exchange rate,” he noted, adding that the general point-to-point inflation rate has come down below 9 percent from the peak of 14 percent during the Awami League regime.
Acknowledging that revenue generation remains a challenge, Salehuddin said the government is working relentlessly to boost collections by strengthening the manpower of the National Board of Revenue (NBR).
He highlighted the government’s achievements in multiple economic fronts — including the financial sector, banking sector, tax and non-tax revenue, financial institutions, non-bank financial institutions, capital market and the insurance sector.
On the external front, inward remittance flows and export earnings have remained strong over the last year, he said, while noting that not all reforms can be achieved within the short tenure of the interim government.
“Our aim is to build a welfare-oriented state. Short-term reforms are likely to be completed during our tenure, but the mid-term and long-term reforms will be left for the successive elected government,” he said, expressing hope that future governments will retain ongoing “good works” despite any weaknesses.
Addressing concerns about GDP growth, the finance adviser said Bangladesh has never experienced negative growth, unlike countries such as Indonesia and Sri Lanka, and predicted that growth would exceed 5 percent this year.
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“On the whole, light is there at the end of the tunnel,” he said, criticising economists who fail to see any positive signs. “By February next year, the country will get an economy which is much better.”
He said efforts are underway to retrieve laundered money from abroad through proper legal procedures, while the government is also working to identify institutional weaknesses and strengthen organisational capacity.
Asked about the draft Bank Resolution Ordinance 2025, he said he has yet to review it.
“We all want the country to progress more. Bangladesh has immense potentials with hard working and intelligent people. We just need to ensure they work with honesty, integrity and sincerity,” Salehuddin said.
Special Assistant to the Chief Adviser Anisuzzaman Chowdhury, Finance Division Secretary Md Khairuzzaman Mozumder, NBR Chairman Md Abdur Rahman Khan, ERD Secretary Md Shahriar Kader Siddiky and Financial Institutions Division Secretary Nazma Mobarek were present.
Anisuzzaman said Bangladesh is the only country in the world where inflation has declined while GDP growth remained positive.
Finance Division secretary said the external sector has performed well over the last year, with the taka gaining strength.
NBR Chairman Abdur Rahman Khan said the revenue board aims to create awareness among taxpayers about the consequences of submitting false information in returns, rather than instilling fear.