White Paper and Thereafter: Economic Management, Reforms and National Budget

About the Symposium

The current Interim Government of Bangladesh took the responsibility of running the country at a time when the economy was faced with significant structural challenges and experienced formidable macroeconomic strains. Recognising the gravity of the situation, the Government issued a gazette notification on 29 August 2024 establishing a committee to be headed by Dr Debapriya Bhattacharya, Distinguished Fellow, Centre for Policy Dialogue (CPD), with the responsibility to prepare a White Paper on the state of the Bangladesh economy. The twelve member White Paper Committee prepared its report within the stipulated three-month period and submitted the report to the Chief Advisor on 1 December 2024. The report presented an objective assessment of the state of the Bangladesh economy in key areas, articulating the challenges that were inherited by the Interim Government and offered a number of policy recommendations.

The publication of the “White Paper on State of the Bangladesh Economy: Dissection of a Development Narrative” has sparked a lively discussion about the challenges highlighted in the document and the recommendations it has come up with. Indeed, the leading global media outlets also covered the White Paper initiative and the report’s contents. However, the authors of the White Paper are often confronted with questions regarding how the findings and recommendations will be acted upon. The questions are pertinent given that the current economic situation remains afflicted with a number of challenges, the promised reform agenda is quite unsettled, and the projected medium-term outlook seems pretty hazy.

In this backdrop, the White Paper Committee, in collaboration with Citizen’s Platform for SDGs, Bangladesh organised a day-long symposium to engage in a dialogue involving key stakeholders and policymakers in the context of the approaching national budget for 2025-26 and to generate shared perspectives and, if possible, an action agenda/plan in this regard.

Concept Note Download White Paper on the State of Bangladesh Economy (Draft)

Session 1: Issues Concerning Economic Management

The Symposium on White Paper and Thereafter- Economic Management, Reforms and National Budget held on January 18, 2025, opened with its first session, ‘ Issues Concerning Economic Management’. The session addressed macroeconomic challenges, laid the groundwork for formulating the national budget for FY 2025-26 and medium-term public finance management reforms.

The session was chaired by Dr Debapriya Bhattacharya, Distinguished Fellow, Centre for Policy Dialogue (CPD) and Convener, Citizen’s Platform. The objective of the session, as outlined by the session chair, was to analyse the country’s slowing economic growth and identify key challenges and policy gaps leading to declining revenue collection, high inflation, and governance issues.

Dr Zahid Hussain, a White Paper Committee member and former Lead Economist at the World Bank Bangladesh, highlighted key macroeconomic challenges in his presentation, “State of the Economy”. He pointed out that the GDP slowdown due to insufficient investment, lack of export diversification, stagnation in human resource development, and resource misallocation was worsened by the reversal of economic reforms post-2014. He also criticised the poor exchange rate management and regulatory failures in banking oversight, leading to persistent inflation and banking sector crises. Dr Hussain concluded his speech by noting that the path forward will depend on policies, politics and nature.

Dr Kazi Iqbal, a White Paper Committee member and Research Director at Bangladesh Institute of Development Studies (BIDS), delivered his presentation on “Employability and Labour Market Dynamics- The Ticking Time Bomb.” He pointed out three major challenges- the lack of decent jobs, particularly for graduates; low employability due to insufficient marketable skills; and a skill mismatch between education and industry demands. Dr Iqbal emphasised the critical gaps in technical and vocational education (TVET), citing limited institutions, ineffective skill development programmes, and policy failures as key issues. He called for urgent reforms, including aligning education with market needs, expanding TVET programmes, reducing duplication in training initiatives, and incentivising STEM education. Additionally, he proposed budgetary measures to boost skill development, promote women’s employment, and create a youth employment database to guide career planning and workforce integration.

Dr Mohammed Abu Eusuf, a White Paper Committee member; Professor of the Department of Development Studies; Director of the Centre on Budget and Policy, University of Dhaka and Executive Director of the Research and Policy Integration for Development (RAPID), in his presentation titled “The Illusive Goal of Domestic Revenue Mobilisation,” highlighted the critical challenges in Bangladesh’s tax system, emphasising its low tax-to-GDP ratio and the impact of excessive tax exemptions. He pointed out that overreliance on indirect taxes, lack of evidence-based tax policies, and a limited functional taxpayer base are key obstacles to revenue generation. He stressed the need for broadening the direct tax base, enhancing tax compliance through automation, eliminating discretionary tax exemptions and implementing data-driven tax policies. Dr Eusuf also underscored a few White paper findings and recommendations that are being considered by the NBR Reform Advisory Committee, including the formation of a Tax Reform Advisory Committee and the development of a Medium to Long-Term Revenue Strategy (2025-2034).

Ms Ferdaus Ara Begum, a White Paper Paper Committee member and CEO of Business Initiative Leading Development (BUILD) delivered her presentation on “Private Investment-Budget Issues”. It was highlighted that the growth in investment and FDI had remained stagnant despite the ambitious target. She pointed out regulatory unpredictability, failure of the Chambers of Commerce to intervene properly, unfair tax policies, and the reluctance of investors to invest in local SMEs as major barriers to investment. Logistic inefficiency, lack of commercial courts to resolve FDI-related disputes, lagging in complying with labour standards, safety-related issues, and lack of digitalisation deter foreign investors in the country. Ms Ferdaus emphasised the need for policy reforms to address sectoral concerns by exploring various incentives beyond RMG.

Mr Md Farid Uddin , Member, National Board of Revenue (NBR) Reform Advisory Committee  and Former Member (Customs), NBR, stated that while Bangladesh has the potential to achieve a tax-to-GDP ratio of 15-16% as outlined in the Eighth Five-Year Plan, the lack of necessary reforms has prevented the National Board of Revenue (NBR) from reaching this target. He emphasised the need for a well-structured tax policy, digital integration of financial institutions, and strong political commitment, along with substantial investment and support from civil society and businesses, to successfully implement tax reforms.

Dr M Masrur Reaz, Chairman and CEO of Policy Exchange Bangladesh, emphasised the need to set clear priorities in the upcoming budget, focusing on macroeconomic challenges like inflation, balance of payments, and foreign exchange stability, which are crucial for boosting investor confidence. He also highlighted the importance of strengthening market intelligence, ensuring energy security, and adopting a systemic approach to attract Foreign Direct Investment (FDI) and sustain private sector growth.

Mr Zaved Akhtar, President of the Foreign Investors Chamber of Commerce and Industry (FICCI), highlighted that persistent inflation is severely impacting consumers, while investor confidence remains extremely low due to policy uncertainty under the interim government. He emphasised the need for credible economic reforms, including expanding the tax net, reducing government overhead costs, and tackling corruption to create a more stable and investor-friendly environment.

Mr Owais Parray, Senior Economic Advisor, UNDP Bangladesh, pointed out that Bangladesh needs a new structural transformation strategy to ensure economic diversification, greater equity, and broader participation in growth, particularly for young workers. He stressed the importance of leveraging public policy and the budget to address immediate governance challenges while also focusing on long-term economic resilience amid global uncertainties.

Dr Sayema Haque Bidisha, Professor and Pro-Vice Chancellor (Administration), Department of Economics, University of Dhaka, underscored the need to prioritise youth employment, female employment, and labour migration in the upcoming budget, along with targeted policies and resource allocation to address skill mismatches and promote innovative job opportunities. Additionally, she highlighted the importance of agro-based industrialisation, SME support, and gender-inclusive employment strategies to ensure sustainable labour market development.

Mr Syed Nasim Manzoor, Core Group Member, Citizen’s Platform for SDGs, Bangladesh and Managing Director, Apex Footwear Limited, expressed deep concern over the country’s economic uncertainty, highlighting low investor confidence, rising business costs, and an uncoordinated reform strategy. He stressed the urgent need for policy shifts, including affordable finance, productivity-linked wages, tax reforms, and strategic incentives to sustain private sector growth and global competitiveness.

Mr Chowdhury Ashik Mahmud Bin Harun, Executive Chairman (Senior Secretary) of Bangladesh Investment Development Authority (BIDA),  observed that while Bangladesh has no shortage of understanding, there is a critical gap in execution, particularly in industry consultation, policy continuity, and bureaucratic efficiency. He underscored the need for a multi-sectoral approach in economic planning, streamlined investment processes, and better execution of government policies to support sustainable private sector growth.

Mr Sk. Bashir Uddin, Hon’ble Adviser, Ministry of Commerce, Government of Bangladesh, emphasised the need to translate policy understanding into effective fiscal and structural reforms while addressing institutional inefficiencies and governance accountability. He also highlighted concerns over taxation imbalances, financial mismanagement, and data discrepancies, urging a reassessment of national economic policies to ensure inclusive growth and economic stability.

At the end of the session, Dr Debapriya asserted the need to pay attention to the demand side of the issues and thanked all the participants for their gracious presence.

Session 2: Economic Reforms and Institutions

The second session of the symposium on White Paper and Thereafter- Economic Management, Reforms and National Budget was held on January 18, 2025, and focused on ‘Economic Reforms and Institutions’. The session focused on key domains needing economic and institutional reform,  also aligning with the Interim Government’s ongoing reform initiatives.

The session chair, Dr Debapriya Bhattacharya, Distinguished Fellow at the Centre for Policy Dialogue (CPD) and Convener, Citizen’s Platform, set the tone of the session by highlighting key priority areas for economic and institutional reforms. This was followed by four keynote presentations from selected White Paper authors, who delved deeply into these critical issues.

Dr M. Tamim, a White Paper Committee member, Vice Chancellor, Independent University Bangladesh (IUB) and Professor, Bangladesh University of Engineering and Technology (BUET), in his presentation titled “Energy and Power Sector Challenges”  pointed out that the existing institutional arrangement in the energy sector fosters an environment conducive to corruption. He stated that the Power Development Board holds excessive authority and implements policies dictated by the Ministry and the PMO, often against national interests. Overstated demand forecasts create avenues for further exploitation. He recommended restructuring the sector, moving beyond a BAPEX-only policy, decentralising control and prioritising renewable energy. Enhancing operational efficiency is also critical.

Dr Tasneem Arefa Siddiqui, a White Paper Committee member, Professor, Department of Political Science, University of Dhaka and  Founding Chair, Refugee and Migratory Movements Research Unit (RMMRU), delivered a presentation titled “The Unloved Remittance Warriors”. She highlighted the lack of initiatives benefiting the country’s remittance earners, who significantly bolster the economy. The migration costs in Bangladesh are disproportionately high compared to neighbouring countries. It takes an average of 17 months’ wages to recover these expenses. Lack of transparency in the operation of recruitment agencies exacerbates costs. The shrinking labour market and limited success of TTC-trained workers in securing overseas employment add to the challenges. Transparency in the Wage Earner Fund is questionable. Even the budget allocations for migrant workers remain inadequate. Dr Siddiqui urged the government to hold a clear stance against visa trading and advocated for reintegration programmes for returning migrants.

Professor Mustafizur Rahman, a White Paper Committee member and Distinguished Fellow, Centre for Policy Dialogue (CPD), made a presentation on “Mega Concerns of Megaprojects & Illicit Financial Outflows”. He attributed the misappropriation of money in megaprojects to the lack of feasibility studies and restricted access to project documents. The money siphoned off from these megaprojects has been transferred and concealed in multilayered forms, making it difficult to trace its origin. Professor Rahman outlined strategies for recovering stolen assets, including tracing illicit funds, filing charges through the Anti-Corruption Commission and submitting Mutual Legal Assistance Requests (MLAR) to relevant countries. He also recommended signing bilateral agreements with countries where a significant part of the stolen money has been laundered. He called for a dedicated budget allocation for this purpose and emphasised the need for operational independence of the Implementation Monitoring and Evaluation Division (IMED).

Dr Selim Raihan, a White Paper Committee member, Professor, Department of Economics, University of Dhaka and Executive Director, South Asian Network on Economic Modeling (SANEM), in his presentation “Institutional Decline Stalling- National Development”, criticised the entrenched crony capitalism perpetuated by collusion among influential political, military, and business figures. Successive rigged elections have weakened state capacity. He noted that despite the timely submission of the White Paper, there has been little addressing of it at the ministerial level. He advocated for strengthening political institutions, implementing economic reforms, and improving public services. He posited that inclusive industrial policies are necessary.

Professor Rounaq Jahan, Distinguished Fellow, Centre for Policy Dialogue (CPD) commended the White Paper Committee for succinct analysis. She encouraged the authors to highlight one or two recommendations from their respective areas of focus that they believe the Interim Government could implement during its term. Additionally, she called on the government to enact necessary reforms to transform the country’s institutional structures from an ad hoc deal-based to a rule-based system.

Mr Syed Amer Ahmed, Lead Economist and Program Leader, Human Development, The World Bank, Bangladesh, emphasised the importance of widespread and long-term commitment to institutional reforms.

Barrister Shameem Haider Patwary, Presidum Member and Additional Secretary General, Jatiyo Party, asserted that successful reforms require political goodwill. He highlighted MPs’ limited influence on budget formation and called for broader stakeholder engagement in reform processes.

Dr Michal Krejza, Head of Development Cooperation, Delegation of the European Union to  Bangladesh, emphasised the urgent need for key reforms, including strengthening the fight against corruption, enhancing market competitiveness, restructuring the capital market, ensuring the accuracy of data and statistics, and overhauling the taxation system. He also stressed the importance of labour market reforms to safeguard workers’ rights, a crucial step for securing access to European Union export markets following Least Developed Country (LDC) graduation.

Professor Anu Muhammad, Member-Secretary, National Committee to Protect Oil, Gas, Mineral Resources, Power and Ports, noted that the former government had a significant support base, and it is crucial to scrutinise those who widely endorsed the so-called ‘miraculous development’ narrative that facilitated unchecked governance. He asserted that meaningful reform would only be possible through structural change. To achieve this, institutions that have been undermined must be restored. Additionally, he urged greater attention to the contributions of remittance workers, who play a far more substantial role in the economy than development partners.

The moderated floor discussion further enriched the dialogue. Critical concerns were raised concerning excessive government employee compensation, lack of transparency in Social Safety Nets Programmes (SSNP) benefits, and curtailing unnecessary megaprojects. A few of the issues were addressed immediately by the advisers present in the session.

The Guest of Honour, Professor Lutfey Siddiqi, Special Envoy on International Affairs to the Chief Adviser, Government of Bangladesh, marked that institutional inefficiencies stem from flawed system design rather than from macroeconomic issues. A cultural shift is necessary to improve service delivery, accountability, and efficiency.

In his closing remarks, Session Chair Dr Debapriya Bhattacharya acknowledged that even with strong intentions, reforms face significant obstacles. However, prioritising critical issues and fostering a cultural shift is essential. He thanked all discussants for their contribution.

Session 3: Medium-term Outlook and Plan

The third session of the symposium on White Paper and Thereafter was titled Medium-term Outlook and Plan. Moderated by Dr Debapriya Bhattacharya, the session examined the current challenges and opportunities facing the Interim Government, particularly in terms of the country’s economic outlook, governance, and implementation of key reforms.

Mr Towfiqul Islam Khan, Senior Research Fellow, Centre for Policy Dialogue (CPD); Professor Dr A K Enamul Haque, Deputy Vice Chancellor of UCSI University (Bangladesh Branch) and Director, Economic Research Group, Dhaka; Dr Imran Matin, Executive Director, BRAC Institute of Governance and Development (BIGD) and Dr Sharmind Neelormi, Professor, Department of Economics, Jahangirnagar University delivered the keynote presentations.

Ms Riti Ibrahim, Former Secretary of the Statistics Division, Government of Bangladesh; Ms Sonali Dayaratne, Deputy Resident Representative of UNDP Bangladesh; Mr Ruhin Hossain Prince, General Secretary, Communist Party of Bangladesh (CPB) and Dr K A S Murshid, Chair, Taskforce On “Re-strategising the Economy and Mobilising Resources for Equitable and Sustainable Development” and Former Director General, Bangladesh Institute of Development Studies (BIDS) attended as Distinguished Commentators.

Ms Lamiya Morshed, Principal Coordinator for SDG Affairs (Senior Secretary), Chief Adviser’s Office, Government of Bangladesh and Ms Sharmeen S Murshid, Hon’ble Adviser, Ministry of Social Welfare, Government of Bangladesh delivered remarks as Guests of Honour.

In his opening remarks, Dr Debapriya Bhattacharya emphasised that the Interim Government is operating with a budget that was prepared by the previous government. He noted that while the eighth five-year plan has been abolished, the budget remains in place despite concerns regarding the reliability of its data sources. The government currently lacks a mid-term plan, resulting in a gap in investment strategy. Emphasising citizen’s aspirations, he added that people are keen to understand the government’s plans and its outlook for the future.

Mr Towfiqul Islam Khan, in his presentation, highlighted the issues related to the previous governments’ data integrity. He pointed out that manipulated data, such as inflation figures, had created confusion among citizens, as the official statistics did not align with their lived experiences and hardships. He added that as per the findings of the White Paper, there is a clear deficit in capacity, coordination, and a concerning prevalence of collusive behaviour within government institutions. He proposed three key reforms. recommendations. He called for an independent reassessment of the data provided by the previous government and the establishment of a technical committee to oversee data vetting and verification, rather than relying on bureaucrats. He also advocated for a long-term reform in which the Bangladesh Bureau of Statistics (BBS) would be restructured into an independent statistical commission, reporting directly to the president.

In his presentation, Professor Dr A K Enamul Haque addressed the critical issue of public investment in Bangladesh. He emphasised that public investment is often driven by electoral cycles, with increased spending during election years. He further highlighted the involvement of multiple ministries and commissions in project planning, implementation, and monitoring, yet corruption remains pervasive, with funds being embezzled by government officials, politicians, and business figures at both local and national levels. He added that donor agencies were aware of the corruption. He also criticised the quality of feasibility study reports, many of which were inaccurate, and pointed out that no institutions took responsibility for these failings. He concluded by calling for the reform of institutions responsible for public accounts and investments to address these systemic problems.

Dr Imran Matin, in his presentation, addressed the poverty scenario. He criticised the previous government’s neglect and denial of the increasing poverty rates. He added that the twenty million people currently categorised as non-poor could fall back into poverty if they were unable to work for just two days. He pointed out that the social safety net is ineffective, with 40 per cent of the support reaching the wrong beneficiaries. Furthermore, he highlighted the significant learning inequality, which is contributing to inter-generational poverty. He noted that there is a lack of concrete action from the Interim Government and people are in deep uncertainty, particularly in rural areas. He recommended the implementation of inflation-adjusted, productive safety net programs and stressed the importance of initiatives to measure and monitor vulnerability in order to better address these challenges.

In her presentation, Dr Sharmind Neelormi highlighted the critical challenges facing the health and education sectors in Bangladesh. She pointed out significant governance deficiencies within the health sector, noting that out-of-pocket expenditure accounts for 73 per cent of health spending, and private healthcare facilities are often unaffordable even for the middle class. She also emphasised the absence of universal old-age care in the country. She raised concerns about the lack of oversight by the Bangladesh Bank regarding the number of students studying abroad, which has led to an inability to properly tax these transactions and has contributed to illicit capital outflows. Furthermore, she addressed the instability of the National Curriculum and Textbook Board (NCTB) and the lack of regulation over the Kowmi madrasa curriculum, which continues to follow outdated educational models, particularly for female students. She also spoke regarding the extremely low salaries for primary school teachers, the absence of investment in university research funds, and the lack of a comprehensive life cycle, rehabilitation, and medical access for individuals with disabilities. She stressed the need for urgent reforms to address these systemic issues.

Ms Riti Ibrahim, in her remarks as a distinguished commentator, addressed the issue of data discrepancies. She expressed that change is certainly achievable and proposed structural reforms, including the incorporation of issue experts within relevant institutions. Ms Ibrahim recommended that the government strengthen the Bureau of Statistics by making it an independent entity. She also advocated for the updating of systems and methodologies, specifically calling for the revision of the Household Income and Expenditure Survey (HIES) and the inclusion of new scales to identify capital outflows. Additionally, she stressed the importance of making data publicly accessible to ensure greater transparency and accountability.

Ms Sonali Dayaratne reinstated the critical importance of maintaining the independence and integrity of public service and public administration. She noted that while UNDP supports various policies, strategies, and processes, the translation of these efforts into tangible outcomes for vulnerable groups remains limited. She stressed the crucial role of local government in the implementation process, highlighting its significance for effective governance. She acknowledged that ensuring integrity and independence within public institutions is not only a long-term goal but also an ongoing challenge. She advocated for the depoliticisation of the Public Service Commission and anti-corruption institutions. Ms Dayaratne expressed hope that the recommendations put forth by reform commissions would be acted upon by both the Interim Government and the elected government.

Mr Ruhin Hossain Prince criticised the recent reform efforts, asserting that the Interim Government had failed to effectively control inflation and dismantle syndicates. He emphasised that, before implementing economic reforms, there is a need to reform the country’s development narrative. He called for greater transparency and the adoption of democratic practices within the system. He further stated that the country urgently requires a clear direction to address pressing issues such as poverty, inflation, and corruption.

Dr K A S Murshid stated that many fundamental initiatives, interventions, and reforms often fail to deliver results within the medium term due to resistance from various vested interest groups at the ground level. He emphasised that now is the time to implement specific reforms over the next six months to a year. Dr Murshid proposed that the health sector be opened to foreign direct investment as a potential avenue for improvement. He also recommended the establishment of a Regulatory Reform Council to oversee and streamline economic policies. He also called for the establishment of a national institution dedicated to conducting systematic research and driving impactful social and behavioural changes.

Ms Lamiya Morshed, as the Guest of Honour raised her concern as Bangladesh is currently facing a critical juncture, with the Interim Government navigating a significant structural crisis. She noted that progress towards the Sustainable Development Goals (SDGs) is lagging, both in Bangladesh and globally. However, the reform initiatives undertaken by the Interim Government are aligned with the SDGs and provide a vital opportunity to reorient the country’s national action plans in support of these goals. She highlighted that the formulation of the medium- and long-term plans, as well as the national budget, is being carried out in a participatory manner, ensuring that the voices and needs of marginalised and deprived communities are reflected. In line with the commitment to “leave no one behind,” the SDG Office, in collaboration with relevant ministries, is preparing the Voluntary National Review (VNR). She expressed hope that this report will be the first truly participatory national review, reflecting a comprehensive and inclusive approach. She commended the ongoing discussions focused on assessing current progress, identifying challenges, and determining necessary actions, recognising that such discussions are integral to the broader reform process.

Guest of Honour, Hon’ble Adviser Ms Sharmeen S Murshid shared insights into the challenges arising from the current structural issues and their impact on her work. She emphasised the importance of the committees and commissions established by the Interim Government, noting that their reports are essential for shaping the future plans. She highlighted significant challenges within her ministry, particularly regarding data discrepancies. Many projects lacked foundational documents such as inception reports, feasibility studies, or progress assessments, making it difficult to proceed effectively. Additionally, she pointed out the shortage of human resources, professionals, and experts, as well as a lack of coordination with the Ministry of Public Administration. Ms Murshid also noted the dilapidated state of many institutions involved in these projects. Furthermore, she raised concerns about the absence of budget allocations for human resources and the lack of quality control and monitoring mechanisms in place.

Ms Murshid expressed her commitment to addressing these issues by implementing a robust internal quality control system, along with strengthened monitoring and evaluation processes. She also emphasised her focus on improving social safety nets, particularly by digitising and rectifying the beneficiary lists.

The session highlighted critical challenges of the governance process as well the importance of data integrity, institutional reform, and targeted investments in key sectors such as health, education, and social safety nets.

Session 4: Critical Reflections

The wrap-up session of the symposium on White Paper and Thereafter, titled Critical Reflections, provided an insightful conclusion to the ongoing discussions, with Dr Debapriya Bhattacharya moderating the session. Professor Rehman Sobhan, Chairman, Centre for Policy Dialogue (CPD) and Mr Mirza Fakhrul Islam Alamgir, Secretary General of Bangladesh Nationalist Party (BNP) were the Eminent Speakers of the session. The session highlighted the urgent need for structural changes to address the deeply entrenched issues of inequality, governance, and economic mismanagement. The reflections and recommendations presented by the speakers and participants underlined the importance of collaboration across political, academic, and civil society sectors to bring about lasting change and sustainable development.

Professor Rehman Sobhan commended the White Paper Committee for their timely and comprehensive report. He noted that most of the committee’s recommendations would benefit the prospective elected government. He added that the macroeconomic challenges currently facing the Interim Government have been longstanding, but over the past fifteen years, these issues have been aggravated and obscured by a misleading narrative of development. He noted that the crisis is deeply rooted in the system dating back to the nineteenth century. He further emphasised that effective solutions remain elusive, as the problems have not been properly diagnosed. According to him, the only viable solution lies in comprehensive structural reform. He pointed out that crony capitalists have effectively become the oligarchs of the system. Unless the elected government fully commits to the reform processes initiated by the Interim Government, these issues are unlikely to be resolved. He added that the most productive use of the Interim Government’s time would be to identify potential solutions. The Interim Government should focus on establishing disciplined macroeconomic management and implementing a regulatory framework for the banking sector. At the core of these efforts will be the creation of an environment in Bangladesh, economically, socially, and politically, where people are incentivised to prioritise local investments rather than seeking opportunities abroad for diversification and security. Professor Sobhan recommended that Mr Alamgir consult with the White Paper Committee to address the ongoing socio-economic crisis effectively.

Mr Mirza Fakhrul Islam Alamgir emphasised that the Bangladesh Nationalist Party (BNP) introduced its reform agenda to the public two years ago, proposing 31 agenda aimed at addressing key national issues. He further added that the reform agenda is currently categorised into two main sectors, economic reform and political reform. Drawing from the political experiences of the past fifty years and the recent student-people uprising, he underscored the necessity of changing the political structure to fulfil the aspirations of the people. He stated that the proposed reforms include creating a balance of power between the Chief Minister and the President, establishing a bicameral parliament and incorporating issue experts in the upper house, who need not be career politicians, and imposing term limits on the Chief Minister. He emphasised that their agenda prioritises non-discrimination and aims to strengthen the nation’s institutions. Mr Alamgir called for a free and fair election as a critical step in re-establishing a functional parliament and ensuring that citizens actively participate in the reform process, thereby fostering a true democratic practice. He emphasised that the reform process should be inclusive of the needs and aspirations of the LNOBs.

During the moderated floor discussion, participants engaged in a comprehensive dialogue on various socio-economic challenges facing the nation and the livelihoods of the citizens. Key issues included the need for political will in enacting reforms, ensuring free and fair elections, addressing budgetary concerns, and tackling institutional crises. Additionally, issues such as discrepancies in data, obstacles in the NGO registration process, and the ongoing Rohingya crisis were also discussed.

In his concluding remarks, Dr Debapriya Bhattacharya highlighted that the discussions underscored a common focus on the issues affecting LNOBs and marginalised groups, providing a potential foundation for national solidarity.