Interim govt failed to tackle law and order situation, say business leaders

The interim government has failed to tackle the country's law and order situation, business leaders said today (30 November).

It will be difficult to maintain the economy if the situation does not improve soon, they also said at a business conference organised by the Dhaka Chamber of Commerce and Industry (DCCI) in the Pan Pacific Sonargaon hotel in the capital.

The government is trying to rebuild the institutions which were destroyed over the years, Selim RF Hossain, managing director of Brac Bank, said on the occasion.

However, he stated that the government has failed to handle the law and order situation. "I am sorry to say that the interim government has been a total failure."

He called on the government to fix the situation promptly. "Otherwise, it would be very, very difficult to pick up the economy."

The banker also said the banking landscape would change significantly in the coming days.

He emphasised focusing on the exchange rate, lowering the inflation rate, and maintaining a conservative monetary policy.

Hossain noted that the banking sector alone cannot support the financial needs of any country. "Rampant looting and irregularities were seen in the banking, insurance, and capital market sectors… We will have to be transparent…we will have to strengthen the capital market.

Also speaking at the programme, Incepta Pharmaceuticals Chairman Abdul Muktadir Rahman said, "The law and order situation has declined sharply. Nothing can be more important than this now."

He called on the government to fix a timeline to fix the situation. "Let us not close our eyes. We have to keep our eyes open and face the reality."

Stating that energy supply to industries is facing a shortage, he said, "We are looking to find out the new sources of gas to supply those in the industrial belt. There are controversies and different opinions, but this is the reality. We have to look for new sources."

He recommended tapping into the potential of solar energy by installing solar panels on rooftops to generate sufficient power for maintaining industrial production.

He called on the government to provide businessmen with a date, by which "there would be sufficient energy, there would be no problem to function the factories without any interruption."

The businessman also called on the government to expedite the election of the trade bodies so that the elected leaders can support the government.

Also speaking on the occasion, BKMEA President Mohammad Hatem alleged that Mahmud Jeans's Deputy Managing Director Rafee Mahmud, who is also the son of the owner, was yesterday attacked while he went to talk to protesting workers in the presence of the army.

"Such incidents will send a negative message to the buyers. The entrepreneur [Mahmud Denim MD] had to close down two of his factories due to gas shortage. The workers' salaries have been paid. Talks are ongoing with banks to clear their service allowance. The attack took place at such a time," he said.

In support of Mahmud Jeans, he said, "If the owner did not want to pay the workers, he would have fled."

Also condemning the attack on Rafeee, Bangladesh Association of Banks (BAB) President Abdul Hai Sarker said if the situation does not improve, investments would not come.

However, noting that many changes have taken place after the ouster of the Awami League regime on 5 August, he said, "It is not the time for placing our demands, but rather to take the country forward. We are being impatient. We need collective efforts on how to bring the country into the real development trajectory."

To that end, he called on the government to address the energy supply shortage and fix the law and order situation.

In response to the concerns of the business leaders, Commerce Adviser Sheikh Bashir Uddin said, "The law and order situation is improving but anarchy is being created deliberately."

Also speaking at the event, Finance Adviser Salehuddin Ahmed called on the businessmen to not feel hopeless. "The government is doing its best. It would not be right to think that 15 years of mess can be fixed in three months."

He said corruption during the Awami League government has damaged the economy to the point that it would be impossible to fix it within two to four months. "But the damaged economy has started to stabilise. Reserves have increased slightly."

Speaking about the reforms in the finance sector, the adviser said, "Policy rate would not be increased for now. The government is also focusing on maintaining the loan inflow in the private sector."

Speaking about reforms in the National Board of Revenue, he said revenue collectors and lawmakers will be separated.