TIB calls for an independent committee to deal with the economic crisis

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Transparency International Bangladesh has called on the government to form an independent economic strategy advisory committee to address the potential fallout from the global economic crisis and sustain the economic performance achieved so far.

The TIB made the call at a time when the global economy is being hit by the coronavirus pandemic and Russia’s invasion of Ukraine, according to a press release issued Friday.

TIB Executive Director Iftekharuzzaman said the country is unlikely to remain immune to looming global economic challenges and uncertainties, as evidenced by the prime minister’s thoughtful call for austerity and to explore other means of averting the impending crisis.

“We have no doubt that the government will do all it can to not only successfully weather the crisis, should it arise, but also to sustain growth,” he said.

“Therefore, we call on the government to form an independent committee to complement and strengthen efforts to accomplish this task.”

Pointing to the ever-growing socio-economic fallout that has been exacerbated by the twin plagues of Covid and Russia’s aggression of Ukraine, Iftekharuzzaman said international experience has shown that amid a such a crisis, economic and financial management in almost all countries was exacerbated by a deeper and wider governance deficit, corruption and illicit financial transfers, including money laundering, which could contribute to increasing poverty, marginalization and deprivation of fundamental rights of citizens.

The statement said the main task of the committee should be to formulate strategic directions on how Bangladesh can evade and minimize the adverse effects of the global crisis in the short to medium term, and at the same time ensure that the lofty goals of the 2021 -2041 Perspective Plan remain on track, such as upper-middle income status by 2031 and high income status by 2041, alongside specific targets for eliminating extreme poverty by 2031 and of achieving zero poverty by 2041.

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