United News of Bangladesh

Finance Minister Amir Khosru Mahmud Chowdhury on his first day in office on Wednesday laid out an ambitious reform agenda centred on institutional recovery, deregulation and broad-based economic participation. “Government’s ability to deliver depends fundamentally on the strength and efficiency of its institutions,” he said while speaking to reporters after assuming charge at the ministry. He said that state institutions are currently in a poor condition and require urgent attention. “Our primary problem (right now) is that the state institutions are in a very bad shape. We have to address this first. The institutions must be improved.” Amir Khosru stressed that restoring professionalism, transparency and efficiency within public institutions would be the first priority. According to him, without these core elements, even the most ambitious economic programmes would fail to produce meaningful results. “We have to bring professionalism into the institutions. We have to ensure transparency. We have to ensure efficiency. This is the most important issue,” he said, adding that in the absence of these qualities, no major initiative would work effectively. The finance minister described institutional reform as the ‘number one’ task before the ministry, underscoring that rebuilding governance structures is a prerequisite for sustainable economic management. Turning to broader economic policy, he said the country must move away from what he described as a patronage-driven economic model and instead democratise the economy. “The economy of Bangladesh must be for all people,” Amir Khosru said, emphasising the need for ensuring a level-playing field. Amir Khosru said every citizen should have an opportunity to participate in economic activity and to benefit from its outcomes, reiterating that wider participation in the economy is essential for inclusive growth. Ensuring that the benefits of economic growth reach every segment of society would be a key benchmark of success under his leadership. On regulatory reforms, the finance minister renewed his call for serious deregulation and liberalisation, arguing that Bangladesh has become an over-regulated country over time. Amir Khosru attributed this trend to years of patronage-based politics, which, in his view, resulted in layers of regulations that have increased the cost of doing business and limited fair competition. “Bangladesh has become over-regulated,” he said. “To make this successful, we must undertake serious deregulation. We have to liberalise and create a level playing field so that everyone has equal rights to participate in the economy and its benefits reach all.” Economy suffering from ‘overregulation’, says Amir Khosru The minister argued that excessive regulation often creates opportunities for corruption and rent-seeking, adding that rationalising the regulatory framework would reduce barriers, improve competitiveness and enhance investor confidence. When asked to summarise his priorities, he responded succinctly that the economy would remain his central focus, with institutional reform, deregulation and inclusive participation forming the core pillars of his agenda.