Economy
Interim Gov’t to Reignite Economy Amid Financial Woes: Saleh Uddin
Saleh Uddin Ahmed, Adviser for the Ministries of Finance and Planning in the newly-formed interim government, emphasized today (August 9) that the nation’s economy must be revitalized, despite facing significant challenges, particularly within the financial and banking sectors.
“Our business activities have decelerated, and various economic hurdles, notably in the banking and financial arenas, persist. We must revive our economy,” stated Saleh Uddin, who also served as a former central bank governor, during an interaction with reporters following the allocation of portfolios to the chief adviser and other members of the interim government.
Highlighting the interim government’s primary focus on restoring law and order nationwide, Saleh Uddin mentioned that robust measures would be undertaken to mitigate the impact on citizens’ lives and livelihoods, which have been disrupted by the recent student-led unrest.
The adviser also pledged to restore order within the banking and financial sectors, as well as the capital markets. “Insha’Allah, we will endeavor to resolve issues across these sectors,” he assured.
Earlier today, Chief Adviser of the interim government, Dr. Muhammad Yunus, along with 13 other advisers, paid tribute to the martyrs of the language movement by laying wreaths at the Central Shaheed Minar in Dhaka.
This comes a day after Nobel laureate and globally renowned economist Dr. Muhammad Yunus was sworn in as the chief adviser of the interim government, assuming the role three days after the fall of the Awami League government, following a student-led mass movement.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
