United News of Bangladesh

BNP Standing Committee Member Amir Khosru Mahmud Chowdhury on Sunday said the interim government should have presented an interim budget of its own nature without following the budget of the deposed Awami League regime. “The budget of fascism nature did not need to be carried forward; the interim government should have given an interim budget,” said the BNP leader while speaking at a dialogue organised by the Centre for Policy Dialogue (CPD) at a hotel in the capital, marking the first anniversary of the interim government. There has been a major shift in the mindset of the people of Bangladesh following the fall of the fascist regime, he said, adding that no political party or individual will survive if they fail to understand this change. The BNP leader said many problems would be resolved naturally if the opportunity for open discussion continued. He advised all to move away from confrontational political culture. “The practice of hurling insults in speeches must stop. Democracy means listening to and tolerating others’ opinions and respecting their views.” Those afraid of elections should join NGOs, not politics: Amir Khosru Khosru went on to say, “Without a change in political culture, reforms are impossible. Countries that held elections quickly after a revolution did well; those that delayed faced increased internal conflicts.” According to him, Bangladesh is moving towards a democratic process. “This is an interim government. Its primary responsibility is to restore democracy from the point where it was destroyed and to return ownership of the country to the people,” he said. Khosru described efforts to reach a consensus as a positive step. “There will be different ideology, but everyone must come together. Any imposed change will not be sustainable,” he said, adding that economic improvement was a major challenge for the government. Khosru noted that no investment came during the tenure of the interim government but added that it was not their fault. “Bangladesh ranks very low in investment. Without serious deregulation and serial liberalism, the economy will not progress,” he said. “The government must leave many responsibilities to the private sector. It should hand over many activities to trade bodies to reduce its burden. Without reducing physical contracts, corruption cannot be curbed. The more regulations there are in the country, the more corruption will increase. The economy must be democratised with the participation of all,” Khosru added.

BNP leader and former Commerce Minister Amir Khosru Mahmud Chowdhury said on Monday that the share market has long been trapped in a vicious cycle, and sought government action to break this and restore investor confidence. Addressing a capital market workshop, Khosru suggested that raising funds through government companies and project implementations, coupled with strong supervision, would build trust. Economic Reporters Forum (ERF), DSE Brokerage Association (DBA), Dhaka Stock Exchange (DSE) jointly organised the workshop at the ERF office. Khosru warned that excessive regulation can deter investment, emphasising that institutions should be allowed to operate independently with self-responsibility. The BNP leader pointed out a lack of capacity in regulatory bodies, a problem he believes extends beyond the share market to the entire financial sector. Khosru stressed the need for economic democratisation, asserting that economic liberation is impossible without it, and that the BNP is moving in that direction. He claimed that no scam occurred in the share market or financial sector during BNP rule, while the previous government brought the country's financial sector to the brink of destruction. Mominul Islam, Chairman of DSE; AKM Habibullah Rahman, Chairman of Chittagong Stock Exchange (CSE); Saiful Islam, President of DBA; Minhaj Mannan, Director of DSE; and Golam Samdani Bhuiyan, President of Capital Market Journalist Forum (CMJF) attended the event, held with  ERF President Dolat Akter Mala presiding. Fakhrul alleges conspiracy to eliminate Tarique from politics Amir Khosru also said if BNP comes to power, regulatory bodies like Bangladesh Bank and the Bangladesh Securities and Exchange Commission (BSEC) will not have political appointments, a practice he claims was maintained during previous BNP governments, preventing bank collapses and stock market plunder. He said a future BNP government would transfer many government roles related to business and trade to trade organisations. He cited an example from his tenure as Commerce Minister when the approval for importing raw materials for the ready-made garment sector, previously obtained from the Export Promotion Bureau (EPB), was handed over to BGMEA, simplifying the process for importers. Khosru reiterated that to increase public participation in economic activities, the economy must be democratized alongside politics. He stated that it is a key objective of the BNP to democratize Bangladesh's economy. Without economic democratization, public participation and trust will not increase, hindering full public involvement in the economy. When everyone is involved, they can actively contribute from their respective positions. He described the country's share market as having become "very unimportant" and called for a comprehensive initiative to fix it. This would involve coordinated reform efforts among all institutions associated with the share market, including SEC, DSE, and Bangladesh Bank.  Decisions must be made regarding poorly listed companies, and overall, these initiatives are necessary to restore investor confidence. "In the future, if the BNP government comes to power, we will embrace the share market. Because without the embrace of those who run the country, true development of the capital market is not possible," Khosru said. DSE Chairman Mominul Islam emphasised the need for regulations to be more market-oriented ones as the market has never played a relevant role in Bangladesh's economy and is not considered in national economic decisions, a situation that needs to change. CSE Chairman AKM Habibullah Rahman highlighted the lack of new, good shares in the market, with only one company listed in the past nine months. While the previous government saw some market development, it was largely manipulated and subsequently ruined, he added.