Closely monitor Iran-Israel situation, prepare to tackle possible negative impacts: PM tells cabinet

Prime Minister Sheikh Hasina has directed the cabinet members to keep a close watch on how the Iran-Israel situation unfolds and prepare to tackle any adverse impacts on Bangladesh.

She gave the directives during an unscheduled Cabinet meeting at the Prime Minister's Office on Wednesday (17 April) morning, Cabinet Secretary Md Mahbub Hossain told reporters in a briefing at the Secretariat in the afternoon.

"The prime minister said the Iran-Israel conflict could have negative effects if it is prolonged. Ministries have been asked to keep an eye on the situation to see how the conflict might impact local sectors," Mahbub said.

"The premier also instructed ministries to prepare plans to deal with the fallouts of a probable war such as fuel price increase or any other issues that may arise, so that necessary initiatives can be taken on time." 

Tensions in the Middle East have peaked as Iran on 14 April launched a massive missile and drone attack, targeting Israel in retaliation for last week's suspected Israeli strike on its consulate in Damascus, Syria that killed 13 people.

Media reports indicate that Israel is contemplating a response to Iran's assault. 

Against the backdrop of the ongoing Israeli strikes on Gaza, analysts warn that this fresh confrontation heightens the possibility of the conflict expanding throughout the region. Fuel oil prices have already begun to escalate.

Other cabinet decisions 

The cabinet has approved in principle the draft of the Maheshkhali Coordinated Development Authority Act 2024, which will establish an authority tasked with attracting investment and aiding investors in the 55,968-acre economic zone being developed in Matarbari.

Mahbub Hossain said, "Efforts are underway to establish an economic zone centred on Matarbari, aside from the construction of a deep-sea port and other works. Currently, these tasks are being carried out independently by various ministries. To streamline these efforts, an authority will be formed, chaired by the prime minister."

"Additionally, a 17-member board led by the finance minister will be appointed to oversee the authority, with a Chief Operating Officer (COO) responsible for day-to-day operations," said the cabinet secretary.

Mahbub Hossain said this authority will be tasked with formulating and executing a comprehensive master plan. Transforming Maheshkhali's Matarbari into a development hub and attracting foreign investment will be among its primary responsibilities. 

In addition, the authority will oversee environmental protection measures and support the cultivation of salt, betel nut, and shrimp farming in the region. Furthermore, it will devise an action plan to aid investors, he said.

Also in the meeting, the cabinet granted final approval to the draft of the Chief Election Commissioner and Other Election Commissioners (Remuneration and Privileges) Act 2024, said the cabinet secretary. 

According to this Act, the privileges of the Chief Election Commissioner will be equivalent to those of judges in the Appellate Division, while the privileges of other Election Commissioners will be on par with judges in the High Court Division