Govt to publish 'white paper on the state of the economy' led by Debapriya

The interim government has taken an initiative to publish a white paper on the state of the economy and has preliminarily decided to form a committee headed by prominent economist Debapriya Bhattacharya.

According to the office of the chief adviser, the committee will publish the white paper within 90 days after taking charge.

A document from the office states that the proposed white paper will reflect the overall picture of the current economy, including the government's strategic actions on economic matters, the implementation of sustainable development goals, and the transition from Least Developed Country status.

The committee will consult and exchange opinions with various stakeholders during the preparation of the white paper.

The document further notes that Bangladesh's economy has faced multi-dimensional challenges over the past decade and a half. 

The economic situation has become very fragile due to the previous government's extreme economic mismanagement, corruption, money laundering, and the acquisition of domestic and foreign loans for ineffective projects.

Debapriya calls for immediate formation of interim government to address 'political vacuum'

Media reports indicate that when the Hasina government collapsed, it left behind a debt of Tk18 lakh crore, reflecting the massive debt burden incurred by the government, it added.

As a result of widespread corruption, unchecked money laundering, market syndicates, and other issues, the daily lives of the common people have become unbearable, the document added.

Debapriya Bhattacharya told The Business Standard, "The publication of the economic white paper is now very important. To carry out meaningful reforms, we need to understand the true state of the economy."

The economist thanked the chief adviser for recognising the importance of publishing the white paper and for nominating him as the head of the committee responsible for its preparation.

Key points to be covered in white paper 

Public Finance Management, including domestic resources, public expenditure, and financing of budget deficits; and Inflation and Food Management, covering production, public procurement, and public food distribution.

External Balance, including exports, imports, remittances, foreign direct investment, foreign exchange reserves, foreign finance flow, and debt; and Energy and Power, encompassing demand, supply, pricing, costs, and purchase agreements.

Private investment, including access to credit, electricity, connectivity, and logistics; and employment, covering domestic and overseas, formal and informal wages, and youth employment.

The head of the committee preparing the proposed white paper will nominate the requisite number of committee members in consultation with the chief adviser. Committee members will serve on an unpaid basis.

Any suitable building within the Planning Commission complex may be considered the committee's office. The General Economic Division of the Planning Commission will provide secretarial support to the committee.

All ministries, departments, offices, and government organisations will fully cooperate with the committee, including providing necessary information as required.