Economy under stress, JS watchdog in deep sleep

Highlights

The committee held only 12 meetings during current parliament's term
No specific discussion on the country's economic situation
It focused on discussing various bills sent from the parliament
Only two meetings held in the 10 months of 2023 so far
The committees are mandated to hold at least one meeting per month

The Parliamentary Standing Committee on the Ministry of Finance did not discuss the country's economic situation in its latest meeting held on Wednesday after a four-month interval, despite the country facing challenges such as high inflation, foreign exchange crisis, and negative remittance flow.

The committee held a detailed discussion on the examination and report of the Secured Transactions (Immovable Property) Bill, 2023. After examining the bill and making some additions, corrections, and modifications, the committee recommended tabling the bill in the National Parliament in an amended form.

But it avoided discussing the challenges facing the country's economy as revealed by the public relations department of the parliament secretariat.

The chairman of Wednesday's meeting, Abdus Shahid, who is a member of the committee, told The Business Standard, "We have reviewed the bill and made some amendments. It will now be sent to the parliament for approval."

When asked if there was any discussion on the economy, he said, "No, there was no discussion on the economy or advice given to the finance ministry."

Sources said the committee has held only 12 meetings during the current parliament's term. In most of these meetings, there was no specific discussion on the country's economic situation. Instead, the committee focused on discussing various bills sent from the parliament.

The Parliamentary Standing Committee on the Ministry of Finance held its first meeting in March 2019 after the Eleventh Parliament came into force on January 30 of the same year. The committee held a total of four meetings in 2019, only one meeting in 2020, three meetings in 2021, two meetings in 2022, and two meetings in 2023 so far.

However, the Rules of Procedure of the parliament mandate that the parliamentary committee hold at least one meeting every month.

The outbreak of Covid-19 occurred just one year after the current parliament of Bangladesh was elected. This had a devastating impact on the global economy, including Bangladesh's. The ongoing Russia-Ukraine war has further exacerbated the global economic crisis, and Bangladesh has not been spared.

Even though various discussions were going on about these ongoing problems and potential crises of the economy, there was no discussion in the meetings of the Parliamentary Standing Committee on the Ministry of Finance.

Stakeholders say that the committee's responsibility is not only to examine bills, but also to review the activities of the ministry and investigate irregularities. Additionally, the committee can review and recommend any matter related to the activities of the ministry if it sees fit.

However, despite the various problems that the economy and market system have been facing in recent years, this committee has not recommended any initiatives to the finance ministry, they said.

Iftekharuzzaman, executive director of Transparency International Bangladesh (TIB), told The Business Standard that none of the 50 parliamentary committees in the current parliament have met once a month as required.

"The parliamentary committee related to the finance ministry is a very important committee," he said. "During the term of this parliament, we have had to deal with various events, including the pandemic, global financial crisis, and Russia-Ukraine war. However, the committee has not been able to play the expected role in financial management."

"Meanwhile, commodity prices have increased, the value of money has fallen, and foreign exchange reserves have decreased. But the parliamentary committee has failed to fulfil its basic responsibilities," he added.

"A small class has benefited from the financial crisis, while a large population has suffered," he said. "Discrimination in society is increasing. The question now is which class is represented by the Parliamentary Committee on Finance Ministry."

Finance Minister AHM Mustafa Kamal, the Governor of Bangladesh Bank, the Secretary of the Financial Institutions Department, the Director General of the Bangladesh Investment Development Authority, and related officials from the Ministry of Finance, the Ministry of Law, and the National Parliament Secretariat were also present at Wednesday's meeting.