Economy
Fair, participatory polls to be held after necessary reforms: Prof Yunus
Chief Adviser Professor Dr. Muhammad Yunus today said a free, fair and participatory election will be held in the country after necessary reforms to administration, judiciary, the Election Commission (EC), electoral system and law-order sector.
“A free, fair and participatory election will be held after necessary reforms to administration, judiciary, the Election Commission, electoral system, law- order sector and free flow of information to give the student-people a successful culmination,” he said while addressing the nation at 7.30 pm.
Prof Yunus said the main aim of the election is to introduce an accountable political system against corruption, looting and mass killing.
Local government institutions, he said, must be strengthened and decentralisation of power should be ensured to consolidate democracy.
Claiming that the government has taken a strong stance against corruption, the Chief Adviser said all the advisers to the interim government will disclose their wealth statements within the quickest possible time.
Prof Yunus said submitting wealth statements will be made mandatory for all government officials at phases.
To take steps against corruption at the state level, an ordinance will be proclaimed to appoint an Ombudsman in line with the Article 77 of the Constitution.
Prof Yunus said different countries and the United Nations have already extended their full support for the present interim government.
“We will maintain friendly relations with all countries. Mutual trust, believes and cooperation will be the base of our foreign policy. We are respectful to all international laws, including human rights one. We have taken steps to become signatory to the international convention on enforced disappearances,” he said.
About reforms to different sectors, the chief adviser said health sector is one of the most corrupt sectors in Bangladesh and necessary reform will be brought to this sector to ensure enough healthcare for the country’s people.
The Chief Adviser said all involved in the health sector to be made accountable while initiatives will be taken to modernise hospitals and presence of doctors and experts will be ensured at the hospitals.
The 2006 Nobel Laureate said the present generation dreamt of sustainable and environment-friendly development.
“There is no alternative to bringing carbon emission to zero level to address climate change impacts and ensure a healthy world for the future generation. Our government will provide maximum importance to protection of environment and climate. Young generation will be involved in this programme,” he said.
About national solidarity, the chief adviser said the interim government believes in national unity aimed at bringing reforms. It will be ensured through political unity that women, children, disabled and religious minorities and indigenous people all are the citizens of the country and entitled to get equal protection as per the law.
He said initiatives will be taken to ensure the rights to all, while a special assistant with the status of an adviser will be appointed to develop national solidarity.
Prof Yunus said the government has activated all programmes to minimise sufferings of the flood-hit people.
Meanwhile, he said, advisers have visited different flood-affected areas and a control room was set up at his office. Initiatives are being taken to minimise flood consequences and find ways to control floods in the future, he added.
The chief adviser said he directed the armed forces, police and other law enforcing agencies to identify their members who were directly involved in killing, disappearances and physical and mental tortures, and bring to them to justice.
Mentioning that he has directed to the authorities concerned to prepare a list of the victims of killing and disappearances, he said: “I have no word to express my sympathy to their families. We will continue our efforts to bring peace in their lives”.
Prof Yunus mentioned that he directed the armed forces, police and other law enforcers to take all possible measures to regain peoples’ confidence.
A committee, he said, has already been formed to prepare a white paper on corruption, money laundering, anti-people agreements and looting in the name of taking protects that took place in the last 15 years.
The Chief Adviser said he held meetings with envoys and representatives of donor agencies, calling upon them to provide all-out support to rebuild the country after the student-people revolution.
He urged all the Bangladeshi expatriates to send money to the country using official channels, noting that an initiative will be taken soon so that oversee workers can go and return home with honor and dignity.
Prof Yunus said the interim government had to deal with an unstable law and order situation just after assuming office.
With people’s support and cooperation, all patriotic law enforcement agencies joined the work, he said.
A huge number of officers and employees became victims of discrimination as the fascist government made massive partisan in administration, he added.
“We have already started taking measures of correction. But time is needed to expedite the administration as well as to take appropriate decision through adopting specific method. For this reason, I am requesting all to keep patience,” he said.
The chief adviser said: “One of our targets is to bring back people’s confidence in institutions at every sector in the administration.”
The government, he said, has taken initiative to ensure good governance in the banking sector which was turned into a place of looting and corruption.
Skilled manpower is being recruited in this sector, he said, adding the government has activated the initiative to create congenial atmosphere for trade and commerce, establish discipline in banking sector and bring the inflation and price of essential commodities under control to ease the people’s lifestyle.
Prof Yunus said Bank Commission will be formed for making long-term reform in banking sector.
A framework will be formulated for overall situation and reformation of the financial sector and it will be disclosed before the people soon, he said.
Steps will be taken soon for removing indiscipline from share market, transport and other sectors where indiscipline exists, he said.
The chief adviser said works have begun to free the judiciary from corruption and party influence.
Initiatives have been taken to ensure freedom and accountability of judiciary through a specific process, he said, adding justice will be ensured in all wrongdoings of the fascist government including heinous crimes like extra judicial killing, enforced disappearance, killing, abduction and “Ayna Ghor” and all those who are involved with these offences will be brought to book.
He said all false cases will be withdrawn after making list and trial will be ensured in corruption and laundering of wealth.
The Chief Adviser said Police Commission will be formed to create a pro-people, party-influence free and accountable structure in view of law and order.
Necessary reforms will be made under the leadership of the commission after getting the United Nations investigation report and exchanging views with all responsible agencies and the people, he said.
He said free flow of information and freedom of mass media will be ensured. “We are pledged bound to ensure the people’s right to information. Existing legal and other barriers to flow of information will be removed.
Repressing sections of those acts which hinder freedom of expressed will be amended, he said adding process has already been started after identifying such acts.
“We have already lifted the unwritten ban on foreign journalists on coming to the country. Concerned officers have been given directives to issue visas to foreign journalists quickly. We hope media workers will carry on neutral journalism in the changed situation,” he said.
Prof Yunus said the previous government established massive disorder in the field of education. “We will take initiative for complete reformation of this (disorder). It is one of our priorities,” he said.
He said after assuming office, the interim government has resumed all educational institutions within quickest possible time.
“Our pledge is to ensure creative, safe and intimidation-free atmosphere for the students. At the same time, works for making the curriculum time-befitting will be begun soon,” he said.
Prof. Yunus said, “Our duty is to bring all the people under a family ties. There will be differences in families. There will be disagreement. But, we are bothers-sisters and fathers-mothers. We are not enemies of each other. None will be considered as enemy due to his opinion.”
“None will be judged as enemy due to his religion. None will be treated as enemy for his gender. We all are equal. None is above and under anyone. We want to establish the idea in every sphere of the national life,” he said.
Seeking cooperation of all in a special matter, he said rallies are being held daily at Secretariat, surrounding of his office and different parts of the city since he had taken the charge.
“Many sorrows and pains of yours have been stockpiling for the last 16 years. We realize that. All the doors of removing the pains will be closed if you don’t allow us to work,” he said.
Prof Yunus said: “We request you to allow us to work. Give us your expectations in written. We are not the opposite party of you. We must do whatever we can in accordance with the law. But, don’t put any hindrance to do our works by seizing us in these important days. Make everyone realize in unison that they don’t prevent us from doing important tasks to attract us to their allegations”.
“All are wanted to know one thing that is when our government will say goodbye. You will give the answer when you will say goodbye to us. None of us to rule the country,” said the chief adviser.
He said, “We get joy in our own professions. We have taken the charge in response to the call of the students in the critical time of the country”.
“We will perform our duties with full strength. We, the advisers, being inspired to accomplish the duty, have been working as a team,” he added.
“When the election will be held is completely a political decision, not our decision. The countrymen have to decide when they will relief us from the charge,” he said.
“We are coming at the call of the students and they are our primary recruitment authority. The countrymen have supported the appointment of us. We will constantly make our strides to realize all regarding the matter as the question will not rise when we will go. We will go whenever they want. We will reform the election as part of the reform. We will make the commission prepared to hold an ideal election anytime,” he said.
Prof Yunus said: “We have started the process reform in various aspects. We requested the country to initiate a discussion what works at least we will do and what works to be done before leaving. We can get a roadmap through the discussion. But the final decision is the political decision. The political decision will come from the political discussion”.
“We do not precede the discussions with firmness with the donor governments and international economic organizations without getting the roadmap. We give the guarantee that we will not raise any question to extend the tenure on behalf of us,” he said.
“We, each member of the adviser council, will give our best to overcome the crisis in the critical juncture of the country. We want to ensure all that we will leave no stone unturned to go for building “New Bangladesh” which we have got through bloodsheds of the student-people due to our disagreement,” said Prof Yunus.
“We will be looser as a nation if we will lose the chance. We promised to the martyrs, injured people and living student-people we will no way to lose the achievement. We have taken a pledge to make our country a respected one on the global stage,” he said.
The International Monetary Fund (IMF) has urged Bangladesh to maintain a tight monetary policy to contain inflation, while stressing that monetary tightening alone will not be enough to restore economic stability.
Inflation in Bangladesh rose to 8 per cent in September, according to the IMF. The Washington-based lender has called for broader reforms in the financial sector, stronger revenue mobilisation and improvements in overall economic management to address the country’s persistent economic challenges.
Sonali Jain-Chandra, deputy director of the IMF’s Asia and Pacific Department, made the remarks in response to a question at a news conference on the economic outlook for Asia and the Pacific, held on the sidelines of the IMF and World Bank Group annual meetings in Bangkok, Thailand.
Asked whether tight monetary policy alone would be sufficient to tackle inflationary pressures that have persisted for more than three and a half years, Jain-Chandra said maintaining a restrictive monetary stance was important, but needed to be accompanied by other reforms.
Bangladesh is currently facing challenges in three key areas: revenue mobilisation, the financial sector and inflation, she said.
The IMF also expressed concern over the fragile state of Bangladesh’s financial sector, saying a credible reform strategy was needed to strengthen the sector’s capacity and ensure stability.
The fund also highlighted the country’s persistently weak revenue collection. Bangladesh’s tax-to-GDP ratio has declined over time and currently stands at around 7 per cent, placing it among the lowest in the world, according to the IMF.
The IMF stressed the need for a coordinated effort to increase revenue collection, saying higher government revenues were essential to finance development expenditure and strengthen the financial sector.
It called for necessary reforms to the revenue system and effective measures to improve the government’s capacity to generate income.
Talks Under Way on New IMF Programme
Meanwhile, discussions are continuing on a potential new lending programme for Bangladesh.
Jain-Chandra said Bangladeshi authorities approached the IMF in May for support under a new programme after deciding not to draw further instalments under the previous arrangement.
In response to the request, an IMF mission visited Dhaka in July to discuss various aspects of Bangladesh’s economic reform agenda.
According to Jain-Chandra, the reform issues discussed during the visit were closely aligned with the recommendations outlined in the IMF’s Article IV consultation for Bangladesh earlier this year.
The IMF has remained in regular contact with Bangladeshi authorities since the July visit, she said.
Jain-Chandra added that the fund remained closely engaged with the authorities and was ready to support Bangladesh in initiating the reforms needed to address its economic challenges.
The International Monetary Fund (IMF) has projected that Bangladesh’s gross domestic product (GDP) will grow by 3.2 per cent in the 2026-27 fiscal year, while average inflation could rise to 10.9 per cent, signalling mounting pressure on the country’s economy.
The projections were outlined in the IMF’s World Economic Outlook (WEO) report, released on Tuesday.
The latest growth forecast marks a significant downward revision from the 4.3 per cent projected by the IMF in April. The fund had subsequently forecast growth of 3.5 per cent in July before lowering its estimate further to 3.2 per cent.
The IMF has also sharply revised its inflation outlook for Bangladesh. In April, it projected average inflation of 6 per cent for the 2026-27 fiscal year. The latest estimate raises that figure to 10.9 per cent.
The combination of slower economic growth and persistently high inflation points to continued pressure on Bangladesh’s macroeconomic stability.
Bangladesh growth outlook trails other forecasts
The IMF’s latest growth projection for Bangladesh is lower than those of other major international development institutions.
The World Bank has forecast GDP growth of 3.4 per cent for Bangladesh in the 2026-27 fiscal year, while the Asian Development Bank (ADB) has projected growth of 4 per cent.
According to the IMF, Bangladesh’s economy grew by 3.6 per cent in the 2025-26 fiscal year, following growth of 3.5 per cent in the preceding fiscal year.
India, Bhutan expected to grow faster
The IMF has projected stronger economic growth in neighbouring countries, with India’s economy expected to expand by 7 per cent and Bhutan’s by 6.9 per cent in the relevant fiscal year.
The contrasting forecasts highlight the challenges facing Bangladesh as it seeks to restore economic momentum while tackling persistent inflation.
The IMF’s latest projections come as the annual meetings of the IMF and the World Bank Group are underway in Bangkok, Thailand.
Bangladesh’s economic situation, reform programmes and efforts to secure financing from development partners are among the key issues receiving attention during the meetings.
The World Bank supports the Bangladesh government’s policies to address the country’s current economic challenges, restore stability and implement medium- and long-term development plans, Finance Minister Amir Khasru Mahmud Chowdhury said on Tuesday.
He said the global lender was broadly aligned with Bangladesh’s economic programmes and policy priorities and would continue to support the country’s economic recovery and future development.
The finance minister made the remarks while speaking to journalists after a meeting with a World Bank managing director in Bangkok, Thailand, on October 13.
Amir Khasru said Bangladesh’s economy was facing significant challenges when the current government took office. Alongside dealing with the financial and economic burdens inherited from the previous period, the country was also having to navigate global economic disruptions caused by ongoing wars and geopolitical tensions.
He said the World Bank understood the realities facing Bangladesh and supported the government’s policy approach to overcoming the economic difficulties.
“The World Bank is aligned with the programmes and policy direction we have set to restore economic stability and ensure future development,” the minister said, adding that both sides would continue working together.
He said the World Bank was willing and prepared to provide the assistance Bangladesh needed.
No decision yet on proposed $10 billion in additional assistance
Clarifying reports that Bangladesh had sought an additional $10 billion in assistance from the World Bank, the finance minister said no final decision had been made.
He said discussions with the lender were ongoing and that possible proposals would be reviewed in light of those discussions. The process could take several months to complete, he added.
“No decision is being made at this stage. I have seen several inaccurate reports here and there. This is a discussion, and there will be follow-up based on these talks. It is a process that will continue over the next few months,” he said.
The minister stressed that the ongoing discussions should not be interpreted as a final agreement. Rather, they were intended to establish a basis for determining the next steps and considering possible decisions.
Further discussions would also take place in Dhaka, he said.
Expressing satisfaction with the progress of the talks, Amir Khasru said Bangladesh was in a favourable position to establish a framework for future cooperation.
He reiterated that the government’s economic policies, programmes and medium- and long-term development plans were broadly aligned with the World Bank’s position.
Government’s economic agenda aligned with BNP manifesto
The finance minister also said the World Bank’s position was consistent with the government’s economic plans and the Bangladesh Nationalist Party’s (BNP) election manifesto.
He said discussions were underway on how to address the country’s economic challenges and achieve the government’s development objectives.
According to the minister, the government has submitted a written proposal outlining a framework for partnership with the World Bank. Discussions on the proposed framework will continue.
He said the World Bank had provided various recommendations and suggestions, while Bangladesh had also presented its own proposals and recommendations.
Further discussions would be based on these submissions, he added.
Government optimistic about inflation and GDP targets
Asked about forecasts by the World Bank and the Asian Development Bank (ADB) on inflation and gross domestic product (GDP) growth, and how they compared with the government’s targets, the finance minister said the government did not intend to dispute the projections made by other institutions.
He said the institutions had prepared their forecasts based on their own calculations and analyses, adding that the country’s economic performance would become clearer as progress on key indicators was assessed over time.
“We do not want to dispute anyone’s projections. They have made their estimates based on their own calculations. We are carrying out our work, and they are doing theirs. What matters most is that the cooperation we need continues,” he said.
The minister expressed optimism that the government would be able to meet the inflation targets set out in the national budget.
He said the government was working to restore economic stability through continued engagement with the World Bank, implementation of its economic policies and progress on medium- and long-term development plans.
