BM Desk: The BNP plans to abolish the Financial Institutions Division under the Ministry of Finance if it returns to power. The division, according to the party, was created to control state-owned banks mainly to appoint preferred managing directors and board members to facilitate corruption and looting. The BNP had abolished this division during its previous term in office, but Sheikh Hasina’s government later reinstated it. If BNP comes to power again, it will be abolished once more.

To bring reform and discipline to the financial sector, Bangladesh Bank must be given full independence, not just limited autonomy, said BNP Standing Committee Member Amir Khasru Mahmud Chowdhury. Necessary reforms will also be introduced to increase investment, he added.

He made these remarks on Monday (October 27) while speaking as the chief guest at the Economic Reform Summit, held at a hotel in Gulshan, Dhaka. The event was jointly organized by Voice for Reform, Brain, Innovision Consulting, Fintech Society, and Citizen Coalition.

Amir Khasru questioned the benefit of dividing the National Board of Revenue (NBR) into two entities, saying he saw no advantage in the move, as both divisions remain bureaucrat-dominated. He mentioned that the BNP has a different plan for NBR.

On bureaucracy, he said the BNP will not confront or challenge civil servants, but rather reduce their responsibilities and promote decentralization of power across all areas of governance. Policy-making, he emphasized, should rest with elected policymakers, not bureaucrats.

During a panel discussion, energy expert M. Tamim said, “We are currently facing a severe energy crisis. In the past 15 years, there has been no investment in exploring domestic energy sources; instead, investment has gone into building power plants—around $30 billion has been spent in this sector, as it offered the greatest opportunities for corruption.”

Dhaka University Development Studies Professor Rashed Al Mahmud Titumir commented that the previous government’s growth model actually produced poverty and unemployment. “Behind the so-called story of economic miracles lay harsh realities, which are now coming to light,” he said. Rising inflation has eroded purchasing power and increased poverty, with an estimated three million people likely to fall below the extreme poverty line. Around 1.3 million young people are unemployed—one in three graduates is jobless.

“Bangladesh is now at a historic crossroads,” Titumir added. “Either we accept stagnation, or we embark on a path of unprecedented prosperity. For that, we need a new economic model.”

Policy Exchange Bangladesh Chairman Masrur Riaz said that the country’s investment climate is lagging due to the absence of long-term planning and a national investment policy. As a result, there is no proper balance or coordination between foreign and domestic investment. Bangladesh needs a systematic investment development strategy—integrated with its national trade, export, and import policies, he suggested.

Speaking to journalists after the event, Amir Khasru said that demands and reforms should be taken to the people, not the streets. “We must go to the people with our demands and seek their mandate to pass them in Parliament,” he said.

He also emphasized the need for a change in political culture, saying, “No matter how many reforms we make, they will be futile without political reform. We must cultivate tolerance and respect differing opinions, even when we disagree.”

Other speakers at the event included Monzur Hossain, member of the General Economics Division of the Planning Commission; Nakibur Rahman, Jamaat-e-Islami’s spokesperson in the U.S.; Mohammad Hasan Arif, Vice Chairman of the Export Promotion Bureau (EPB); accountant Snehashish Barua; Counterpart Executive Editor Jyoti Rahman; and Chaldal CEO Waseem Alim, among others.