B Mirror Report: Newly appointed Finance Minister Amir Khasru Mahmud Chowdhury has said that a patronage-based economy will not be allowed to continue. He emphasized that democracy must be established in the economy.

Speaking to journalists on Wednesday (February 18) on his first day at the Ministry of Finance at the Secretariat, the minister stated that the country’s institutions are in very poor condition. Therefore, the first priority is to determine how to restore these institutions. Professionalism must be established within them, transparency ensured, and efficiency enhanced. Without these elements, no matter how large the programs undertaken, they will not yield the desired results.

Highlighting the need to end a patronage-driven economy, the new Finance Minister said that Bangladesh’s economy must work for all people. There must be a level playing field so that every citizen has the opportunity to participate in the economy. At the same time, the benefits of economic growth must reach everyone.

He added that to achieve these goals, the economy must be deregulated, meaning government control should be reduced. Bangladesh has already become overregulated, partly due to patronage politics. Serious deregulation is necessary.

Announcing plans to ease economic controls, Amir Khasru Mahmud Chowdhury said liberalization is required. A level playing field must be ensured so that everyone enjoys equal rights to participate in the economy and benefit from it.

Amir Khasru Mahmud Chowdhury was elected as a Member of Parliament from Chattogram-11 in the 13th National Parliamentary Election. A member of the BNP’s Standing Committee, he previously served as Commerce Minister during the BNP-Jamaat coalition government in 2001.