Patronage-based economy can't be allowed to continue: Khasru

New Finance Minister Amir Khasru Mahmud Chowdhury has said that a patronage-based economy cannot be allowed to continue, stressing that Bangladesh’s economy must work for all people. He said a level playing field must be ensured so that every citizen has the opportunity to participate in economic activities and benefit from economic growth.

The finance minister made the remarks to journalists on Wednesday (February 18) while attending his first day at the Ministry of Finance at the Secretariat.

Amir Khasru said the primary problem lies in the weak condition of state institutions. “First, we need to address this issue by reforming and strengthening institutions. Professionalism, transparency and efficiency must be ensured within these institutions. This is crucial because, in the absence of these elements, even the biggest programmes will not work,” he said.

He added that the second priority is to democratise the economy. “We cannot allow a patronage-based economy to continue,” he said.

As a third priority, he said serious deregulation is necessary to achieve success. “Bangladesh has become an over-regulated country due to years of patronage politics. We need serious deregulation and liberalisation. A level playing field must be ensured so that everyone enjoys equal rights to participate in the economy and benefit from its outcomes,” the finance minister added.