Reform data first before making policy, analysts

The interim government must first reform data as the previous government not only mismanaged but also manipulated various types of data, making it difficult to formulate effective policies based on existing information, economists and entrepreneurs said today।

They made the announcement at an event titled “Dialogue for Democratic Reconstruction” organized by the Center for Governance Studies (CGS) in the capital.

Almost all data in Bangladesh is inaccurate due to malpractice, said Mr. Saboor Khan, Chairman of Narcissus International University.

“You base your policy on bad data, then how will that policy give you a good result?”

For example, the country’s population is assumed to be 18 million, but the actual population is likely much higher, he said.

If population numbers are inaccurate, data on food demand and per capita income do not reflect the actual numbers, he added.

So the first priority should be fixing the data and finding a way to create a stable and correct data set, he added.

M. Abu Eusuf, former head of the Department of Development Studies at the University of Dhaka, also emphasized the availability of reliable data.

Debapriya Bhattacharya, distinguished fellow at the Center for Policy Dialogue, said correcting the data has already been set as the first priority in a white paper that will be prepared to assess the extent of corruption in the country and identify the reasons for it.

People saw how the previous government just played with data on per capita income, inflation and export earnings and how these data affected the economy, he said.

People will have to realize that the interim government was formed just three months ago and it turned out to be practically a cripple of the previous government, he said at the event as the guest of honor.

However, he said the country’s bureaucracy is not functioning properly and law enforcement agencies are not functioning properly.

Therefore, it is difficult to realize the dreams of all people overnight, he said, adding that people must understand the situation correctly.

Bhattacharya said he understands how difficult the situation is for the caretaker government and that is why he will speak in favor of the government even though he is not part of it.

The government will have to reform what has accumulated and should have been done by the previous government, he said.

The country also needs to reform policies so that the country can prepare for the next level of development, he said.

To achieve this, the government is carrying out institutional reforms along with reforming the electoral system, he said.

Abdul Awal Mintu, a seasoned businessman and vice-chairman of the Bangladesh Nationalist Party (BNP), also stressed the need to correct all types of data, saying, “Now all the data is wrong and full of lies.”

Regarding the business environment, Mintoo said favorable social capital and savings are needed to increase investment.

However, this type of social capital, along with law and order and good relationships between people, is currently missing and savings are also declining, he said.

Some infrastructure has been built, but the health and education systems are not suitable for the population, he said.

“I believe that a law should be passed to prohibit members of parliament, ministers, the president, bureaucrats and their family members from traveling abroad for medical services,” said Mintu, also a former president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

He noted that the interim government may not be able to implement all the reforms, so it should focus on those that are achievable in the short term.

In addition, it could engage in discussions with political parties so that they can implement the remaining reforms within the government, allowing the next elected government to carry out all reform objectives.

Professor Rashed Al Mahmood Titumir, Director of Bangladesh Bank, noted that simply meeting with government officials and directing the activities of the Trading Corporation of Bangladesh (TCB) will not be able to control persistent inflation; Planned action by the Department of Commerce is also needed.

He recommended consultation with food importers who import essential commodities such as wheat and onions from abroad.

Mir Nasir Hossain, also former president of FBCCI, argued that simply reducing the money supply will not curb high inflation unless market management and supply chain are improved.

Rent-seeking in the supply chain drives up the cost of goods, he said.

With the money supply shrinking, interest rates in the banking sector have risen and loan classification standards have tightened, creating significant challenges for industries.

“If this continues, how will new private sector jobs be created?” he asked.

Hossain stressed the need to make the education system more demand-oriented and create a conducive environment in the stock market so that entrepreneurs can also raise funds from the stock market.

Prof. Sayema ​​Haque Bidisha, Vice-Chancellor, University of Dhaka; Muhammad Abdul Mazid, former Chairman of the National Board of Revenue (NBR); Mr. Jashim Uddin, Former President, FBCCI; Also speaking at the event were Asif Ibrahim, former president of the Dhaka Chamber of Commerce and Industry, and M.S. Shekil Chowdhury, Chairman, NRB Centre.