The New Nation - Internet Edition

Staff Reporter

Chairman of the Regulatory Reforms Commission (RRC) Dr Akbar Ali Khan yesterday observed that two types of emergency situation-economic and political-is prevailing in the country simultaneously creating social unrest.

"We cannot allow political emergency and economic emergency to go together… it can lead us to a dangerous consequence of social instability," he told a consultation titled 'State of the Economy and the Way Forward' at a city hotel.

Eminent jurist Dr Kamal Hossain chaired the consultation under the banner of 'Bangladesh First- Bangladesh 2025' where economists, academics, lawyers, businessmen and former bureaucrats were present.

Former Adviser Sultana Kamal addressed the meeting as special guest while president of Bangladesh Economic Association Qazi Kholiquzzaman Ahmed, former FBCCI president Yussuf Abdullah Harun and BGMEA president Anwar-ul Alam Chowdhury made keynote presentations.

Urging for holding election as soon as possible Akbar Ali Khan said an elected government should take over office before the next budget, as taking of complicated decisions for unelected government is very difficult. It will be not wise to announce another budget under an unelected government, he said. He urged the caretaker government to engage in intense consultations with the civil society and stakeholders to run the country through concerted efforts.

The former Finance Adviser emphasised on reaching consensus on different issues warning that failure to do so will result in paying a heavy price for the nation.

Akbar Ali Khan said prices of essentials did not reach as high as now during the three democratic governments despite their inefficiencies and corruption.

Speakers termed the country's economic situation as critical and listed causes, including severe recurring floods followed by Cyclone Sidr, reform initiatives by the caretaker government that shattered business and investment confidence, and not solving the small problems immediately which have now gone out of control.

They also observed the external problems, including high oil and food prices on the international market with a forecast that chances are bleak that the prices would decline any time soon.

Against this backdrop, they suggested taking concerted efforts in the home front to identify specific problems and their possible solutions through consultations.

"There is no question that we want democracy… We'll have to face the two emergencies through our concerted efforts," Dr Kamal said, summarising the speakers' comments.

He called for recognising the problems the country was now facing and put all the heads together to overcome the situation.

Dr Akbar said Bangladesh witnessed dramatic developments in 2007 as the country went through political state of emergency followed by legal and constitutional emergency while it was driven by devastation amid political confrontation.

"The situation has arisen from a confluence of problems over some of which we've control while over others we have not," he said, terming the situation a "really alarming" one.

He rang the alarm bell mainly on the bleak prospect of reducing prices of food and oil in the international market in the near future and said the inflation, now over 11 per cent, is unlikely to come down soon.

Instead, he added, it would deepen further, posing a serious threat to the marginal people.

The former adviser does not also see "much relief" out of the next boro season as he observed the dearth of agriculture inputs coupled with looming threat of power crisis ahead.

"All these things have created the economic emergency, which if remained unaddressed, will create a social instability," he said, urging the government to start talking with the civil society, business community and other sections of the society to get over the problem.