United News of Bangladesh

Prominent businessman and BNP leader Abdul Awal Mintoo has said that a legitimately elected government is crucial for fostering real economic growth, as it remains accountable to people and prioritises their welfare. Speaking in an interview with UNB, Mintoo criticised the introduction of a forced electoral system by the Awami League, claiming that it led the party away from its commitment to public welfare. He alleged that the Awami League engaged in bank fraud and illicitly transferred money abroad due to a loss of confidence in people. "Political parties can learn from the downfall of autocratic regimes in Bangladesh. No party should attempt to establish autocratic rule or conduct an election without voters in the future," said Mintoo, who is also the Vice Chairman of BNP. Elected government crucial for economic stability and public trust: Abdul Awal Mintoo He described the widespread discrimination in Bangladesh, citing last year’s student movement against job quota discrimination as an example. "Discrimination exists across various sectors of society, including the education system." In the absence of an elected government, Mintoo said, disparities have emerged in crucial areas such as healthcare, education, resource allocation and citizen opportunities. Bangladesh Bank Governor has assured liquidity crisis resolution for pvt banks: Abdul Awal Mintoo He pointed out that many schools in Bangladesh suffer from a shortage of skilled teachers, which negatively impacts students' ability to acquire essential skills. "In today's competitive job market, skills are crucial, yet the government has shown little concern for this matter," Mintoo said. He stressed that students, regardless of whether they live in rural or urban areas, deserve quality education in government institutions. But the primary and secondary education sectors suffer from mismanagement, with teachers more involved in politics than in their professional duties. "Who will ensure quality education if teachers are preoccupied with political activities?" asked Mintoo, the former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI). "Once a nation is well-educated, discrimination can be eradicated, as we have seen in Western countries, where quality education for all has been prioritised," he said. Mintoo asserted that the primary objectives of an elected government should be to eliminate discrimination and ensure equal rights in asset distribution, as well as equitable access to education, healthcare and financial inclusion. In response to a query, Mintoo said that when the BNP and Awami League previously assumed power through neutral elections, they did not cause harm to the country. Regarding Bangladesh’s progress in achieving the Sustainable Development Goals (SDGs), he stated that transparent and accurate data on development is essential. "If development is measured using manipulated data, it will ultimately be detrimental to the country," he warned. Mintoo also criticised the influence of academics and intellectuals in policymaking, arguing that many lack practical knowledge of Bangladesh's socio-economic context. "Their policies have yet to produce the desired results," he said. He also criticised Bangladesh Bank's tight monetary policy, stating that reducing money circulation is ineffective under current conditions, given the fluctuating exchange rate, high energy costs, and wealth disparity. "A balanced policy is required to generate new assets, expand investment, and create employment opportunities," he suggested. According to Mintoo, such measures would enhance people's purchasing power, stabilise inflation and support the manufacturing sector’s growth. He claimed that many business figures and politicians associated with the autocratic government have amassed vast wealth through bank fraud and extortion, making them largely unaffected by inflation and rising commodity prices. "But common people and small traders are severely impacted by soaring inflation and high interest rates on bank loans," he said. "The government must facilitate low-cost investment funds and employment generation while ensuring affordable gas and electricity to sustain economic growth," said Mintoo. He said, “An unelected government lacks the vision and legitimacy to implement such policies effectively. To achieve meaningful reform, a strong government must be established through a participatory election."  

Abdul Awal Mintoo, a former president of the FBCCI and a senior BNP leader, has stressed that only an elected government can ensure accountability to the people and steer Bangladesh out of its current economic challenges. Speaking at a discussion titled "Current Business and Economic Scenarios: The Way Forward," held at the ERF Auditorium in Paltan on Monday, Mintoo highlighted the urgent need for an elected political government to restore investor confidence and promote economic recovery. Mintoo criticized previous unelected governments for derailing the country’s macroeconomic stability by undertaking unplanned and unproductive mega projects. Bureaucrats appear before people in many forms, it’s a problem: Dr Debapriya He noted that the reliance on costly short-term foreign loans to fund these projects has contributed to inflation and placed a burden on the economy that will take years to resolve. Highlighting the dire employment situation, Mintoo said that around 22-23 lakh youths are ready to enter the workforce each year, but job creation has stagnated due to dwindling investment and reduced private-sector credit flow. The government’s high-value foreign loan repayments are adding to the economic strain, forcing them to borrow from domestic banks. This is further limiting credit availability for private businesses, he explained. Mintoo argued that Bangladesh currently lacks an environment conducive to investment, deterring much-needed foreign investors. Mintoo also criticized some economists for making statements that he believes have exacerbated public anxiety during the ongoing economic crisis.  Indian FS Vikram Misri to brief media this afternoon “These economists do not contribute to asset or job creation. Their irresponsible comments have caused unnecessary panic among the public,” he said. Mintoo called on the government to create a trade- and investment-friendly environment, emphasizing that this is key to increasing job opportunities and fostering economic growth. If the private sector cannot operate in a free and fearless environment, investment will not grow, and neither will job creation, he said.