Biggest challenge is implementing budget: Dr Saleh Uddin Ahmed

Implementing the budget is the biggest challenge, said Dr Saleh Uddin Ahmed, former governor of Bangladesh Bank. 

There are still limitations in financial management activities, said the former BB governor while adding that proper use of government funds needs to be ensured. 

"We have to ensure efficiency, competence and accountability of government officials. Besides, implementation [of the budget] will be difficult if there is no good governance in bank management", said Dr Saleh.

Referring to progress of projects he said, 5-year projects require 10 years to be completed, 10-year projects take 15 years, which increases the cost of the project and causes waste of money. These have to be fixed, says Dr Saleh.

However, it is not possible to implement everything in the budget of one year. So, plans must be undertaken on the basis of importance and implemented accordingly, he added.

Finance Minister AHM Mustafa Kamal while placing the budget at the parliament on Thursday said the Bangladesh Bank will carry out a feasibility study on the possibility of introducing digital currency as an alternative to Crypto Currency in Bangladesh.

Criticising the finance minister's remarks on cryptocurrency, he said it was not a matter of budget discussion. 

"Here he could have said that he would integrate the monetary policy of Bangladesh Bank with the revenue policy. That was important", said the former central bank governor.