Taskforce on economy to focus on reforms, restore discipline in project implementation

The 12-member taskforce formed recently to reform the development strategies, would focus on a good number of areas, especially bringing reforms in some sectors, finding out leakages in financial system and also restoring discipline in project implementation.

"We'll propose to bring reforms in some sectors like urban transport and digital governance. We'll intervene on those areas where it seems necessary to make interventions," said renowned economist KAS Murshid, head of the taskforce.

He was talking to reporters at the Nazia-Salma Conference Room at the Planning Commission in the capital this afternoon after Planning and Education Adviser Dr Wahiduddin Mahmud chaired the first meeting of the taskforce, reports BSS.

Earlier in this month, the taskforce titled "Re-strategising the economy and mobilising resources for equitable and sustainable development" was formed with former director general of Bangladesh Institute of Development Studies (BIDS) Dr KAS Murshid as its chair.

Dr Murshid said as a whole, the taskforce would be able to devise a kind of strategy and plan to move forward the economy further.

"There are many pipelined and ongoing projects and we'll try to restore discipline in the implementation of those projects," he added.

The noted economist said their work would be much more pragmatic, practical, and actionable so that its effectiveness becomes more visible as well as its implementation takes place in the right path. "Our focus will remain on these areas," he added.

The eminent economist said they would actually focus on concrete implementable actions and programmes and interventions as well to identify the existing gaps in different areas.

He said it would not be possible to address all gaps and loopholes at a time, but they would work on how to move forward strategically in those areas.

"Surely, we'll work on how to move forward the economy and thus to bring it on track if there has been any deviation...we'll also move forward considering growth, productivity and equity through addressing the existing challenges," he said.

As a whole, the chief of the taskforce said, the taskforce would submit its strategic report within the next three months while it would put emphasis on those interventions which would yield better outcomes within the next one or two years.

Answering to a question on the possible strategy since the five-year plan is not in place, Dr Murshid said that the guideline of the taskforce is not so elaborate and it would try to provide specific guidelines in all major areas.

"It's true that the five-year plan is not in place now, but we're not replacing the five-year plan. We're right now focusing our work on short-term point of view," he noted.

For financing the strategy, Dr Murshid said they are expecting to mobilize resources both from the local and foreign sources in the forms of bilateral and multilateral funding to accomplish the tasks. "So, we're not at all worried over the funding," he added.

He went on saying, "But, we're definitely worried over the existing problems like the problems in governance and would look into the leakages in the financial system." A good set of initiatives have already been taken by the Bangladesh Bank in this regard, he said.

Responding to a question, the head of the taskforce said that the possible strategy would be in line with the priorities of the SDGs while there would be no such conflicts with the priorities.

"What we mean by restrategizing the economy is that we'll have to set the priorities like short-term and mid-term plans as a result of the strategic thinking," he added.

When asked about the differences between the Committee on White Paper and the Taskforce for restrategizing the economy, the former Director General of BIDS said although the topics are almost similar to macro economy, agriculture, governance, trade, the approach would be different.

The main focus of the White Paper committee would be to prepare a baseline on the current state of the economy and the recent trends with a narrative analysis.

"But our work will be to determine in which way we'll move forward and prioritize in which areas, how to do it and how it will be implemented," he said.

The taskforce will sit again in the next week to talk in detail about their work plan.

Other members of the taskforce attended the meeting physically and virtually.