Distinguished fellow of Centre for Policy Dialogue (CPD) Professor Mustafizur Rahman said Bangladesh’s example of how fast a strong economy can become a weak one will be placed in the textbooks.

He said Bangladesh’s economy was in a good position even 18 months ago, but now the situation is very uncertain.

Prof Mustafiz said this while spraking as the key speaker in a seminar titled ‘Macro Economy Stability and Next Budget’ organised by Economic Reporters’ Forum (ERF) in its auditorium on Sunday.

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Waseqa Ayesha Khan MP, State Minister for Finance was present in the seminar as the chief guest. ERF President Mohammad Refayet Ullah Mirdha in the chair, Former BGMEA President Anwar-Ul-Alam Chowdhury (Parvez), business leader Shams Mahmud also spoke in the event.

The State Minister Waseqa Ayesh said that initiatives have been taken to reduce tax deductions in the next budget.

“The National Board of Revenue (NBR) is scrutinizing sectors in this issue. Now there is no need for tax breaks in so many sectors. Priority projects will be given importance in the next budget as well,” she said.

Apart from this, discussions are going on to increase private sector investment, said Waseqa.

She further said that universal pension system will be taken to all people in the next budget.

CPD’s Fellow Mustafiz also said, “If there is a problem in the economy, it will be the first to suffer. Then it’s bleeding. Later gangrene occurs. In the end, surgery is required. So it is better to solve the problem of the economy in the beginning.”

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He said, “A businessman travels abroad in business class 10 times a year. Drives a Mercedes Benz all year round. But looking at the income on his tax records, it looks like he needs a charity. Sometimes he is a bank loan defaulter.”

The challenges of the 21st century cannot be met with 20th century institutions. So the institutions and regulators should be reformed and allowed to work independently, said prof Mustafiz.