Salehuddin Ahmed, former finance advisor to the interim government, stated that the country’s economy was in deep crisis when they took office. Consequently, the primary challenge for the government was to stabilize the collapsing economic system before initiating any major new reform activities. He remarked, “It’s not that we’ve ruined everything.” Furthermore, many crucial tasks could not be accomplished due to the interim government’s “limited powers” and lack of “political mandate.”
He made these remarks on Friday at the 58th convocation ceremony of the Institute of Business Administration (IBA) of Dhaka University, held at the Bangladesh-China Friendship Conference Centre in the capital. A total of 365 students from BBA, MBA, EMBA, and DBA programs participated in the event.
Salehuddin Ahmed said, “Many ask what the government has done in a year and a half. But the reality is that not everything can be changed in a single day. First, we had to repair, then reform.”
He stated that the interim government’s biggest limitation was the lack of a political mandate. “We had neither strength nor a mandate,” he noted, adding that this prevented the swift implementation of many critical decisions.
He mentioned that upon taking charge, almost all economic sectors, including the banking sector, capital market, and revenue administration, were experiencing instability. Foreign exchange reserves had dwindled, and both the current account and overall balance of payments were in a negative state. However, he claimed that some stability has now been achieved in these indicators.
Highlighting the situation in the banking sector, the former advisor stated that long-standing irregularities, political influence, and weak laws have created complexities in this sector. He commented that improving the situation is not possible through administrative directives alone; legal reforms are necessary.
He further added that significant financial assistance had to be provided to some banks. Moreover, repatriating money laundered abroad is not an easy task. However, he noted that technology and international cooperation have created opportunities to recover funds more quickly than before.
Pointing out the deficit in good governance in both public and private sectors, Salehuddin Ahmed said that a lack of accountability has led to wastage and inefficiency in various areas. As an example, he cited projects originally slated for two years taking 10-12 years to complete, while five-year projects sometimes extend to 20 years.
He also expressed concern over the energy sector, stating that Bangladesh has not given sufficient importance to new gas exploration for a long time, while neighboring countries have made significant progress in this regard. Simultaneously, he highlighted the issue of declining productivity in the industrial sector.
Regarding the export sector, he mentioned that despite various incentives provided for a long time, many industries have still not become competitive in the international market. He also commented that many sectors protected as ‘infant industries’ have not yet fully matured.
Noting that new challenges are emerging for Bangladesh in the new realities of the global economy, Salehuddin Ahmed said the country must contend with the impact of US trade policies, competition with China, and the global tariff situation.
However, he commented that Bangladesh still holds immense potential. The former finance advisor expressed hope that if good governance, efficiency, and accountability are ensured, Bangladesh too can progress like South Korea and Vietnam.
In his speech as the chief guest at the convocation, Dhaka University Vice-Chancellor Professor ABM Obaidul Islam stated that in a rapidly changing world, the new generation must not only be skilled but also provide ethical leadership. He urged students to lead the nation by upholding integrity, humanity, and professional excellence.
At the ceremony, 116 students were awarded BBA, 126 MBA, 122 EMBA, and one student a DBA degree. Additionally, 26 students made it to the ‘Director’s Honor List’ for outstanding results, and two students received gold medals.
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