In the wake of the student movement aimed at reforming the quota system, Prime Minister Sheikh Hasina has resigned and left the country. This event marks a significant moment in Bangladesh's political history. The students began their peaceful and non-violent movement on July 1, seeking quota reforms. However, the movement later turned violent. By mid-July, the protests had escalated to violent attacks on key state establishments, including the Bangladesh Television Building, the metro rail, and the Roads and Highways Department. There is debate over who exactly carried out these attacks, as the students claim they were not involved in any attacks on state property. Hence, it is difficult to determine the exact culprits.

The World Bank has published a list considering food inflation in various countries, taking into special consideration the food inflation situation of the last 10 to 12 months in the countries ranked last. This reveals the direct impact of the COVID-19 situation and the post-Ukraine war on global high inflation. There was not a single country in the world that did not face high inflation during this period. Overall, every country dealt with high inflation. Even the world's number one economic power, the United States, struggled with high inflation. At one point, the US inflation rate reached 9.1%, the highest in 40 years. The global supply chain disruption caused by the Ukraine war primarily led to such a surge in inflation. During this time, the Federal Reserve Bank of America (Fed) was forced to make the risky decision of increasing policy rates. Over the past two years, the Fed has raised the policy rate at least 13 times. Although there were concerns that increasing the policy rate would slow down investment activities, the Fed took this step to control inflation and reduce public suffering.

At the current stage of our country's economy, achieving revenue targets necessitates the introduction of a "push factor." No matter the cost, there must be a strong effort to elevate revenue collection to the desired level. A significant number of people who are eligible to pay taxes have yet to be included in the tax network. On the other hand, efforts are being made to bring into the tax and customs framework sectors that should be taxed but currently aren't. In both cases, there is a need to move forward with a refined and reformed plan to create or implement a taxpayer-friendly and automated incentive-based system. In other words, for those who are capable of paying taxes but aren't, we must encourage them while simultaneously closing all loopholes that allow tax evasion. Effective measures must be taken to remove any obstacles or complexities that exist in the tax payment and collection processes.

Several days have passed since the interim government was established under the leadership of Dr Muhammad Yunus. The Interim Government faces an ongoing challenge: to create a stable environment for import and export activities, increase foreign exchange reserves and revenue collection, ensure a steady supply of daily necessities, control commodity prices, combat inflation, and tackle widespread bribery and corruption. Additionally, it must address the issue of defaulted loans and restore order in the banking sector. Among the significant concerns during the Awami League government's tenure were corruption and money laundering. This discussion will focus specifically on money laundering and the repatriation of illicit funds. The current financial adviser, Saleh Uddin Ahmed, who previously served as the Governor of Bangladesh Bank, and Governor Ahsan H. Mansoor, a renowned economist, have both contributed regularly to various newspapers on banking sector issues and macroeconomic policies. Their expertise is expected to play a crucial role in restoring economic order.

Dr. M M Akash, an esteemed economist and retired professor from the Economics Department at Dhaka University, has recently emphasized the need for confiscating the assets of large defaulters. He points out that many banks in the country are currently experiencing a liquidity crisis. For those banks that are likely to recover, refinancing could be a viable option, while alternative measures should be considered for those that are unlikely to survive. Dr. Akash shared these insights The white paper drafting committee is likely to assess the accuracy and realism of GDP growth indicators and other economic metrics published in recent years. The committee will review the sustainability of the development achieved and propose ways to ensure sustainable growth in the future. While the primary focus will be on macroeconomic issues, it remains uncertain whether the white paper will delve deeply into uncovering past irregularities and corruption. Key areas of concern include the reasons behind low growth rates, insufficient local and foreign investment, and the persistent issue of defaulted loans. However, it is unclear if the white paper will address these specific issues in detail. The concept of the white paper is to identify those responsible for past economic missteps and irregularities, but its exact scope will only become clear as the drafting progresses.

When students unite, they can accomplish the impossible, and the student community of the country has once again proven this. The student movement demanding quota reform in government jobs ultimately led to the resignation and departure of Bangladesh’s most powerful leader after 16 years in power – something unthinkable just a short while ago. This movement was initially dismissed with negative comments and ridicule from the highest levels of government. Yet, students have demonstrated that when united and unwavering in their goals, they can overcome any challenge.

The banking sector in Bangladesh is in trouble. Renowned economist Dr. Ahsan H. Mansur recently spoke at a seminar organized by the Economic Reporters Forum (ERF) on the topic "Problems in the Banking Sector and Solutions to Overcome Them." He pointed out that the figures for non-performing loans (NPLs) reported by the Bangladesh Bank do not reflect the true picture. According to Bangladesh Bank's statistics, as of June, the amount of NPLs in the banking sector stands at approximately 1.83 trillion BDT. However, this figure does not include written-off loans, restructured loans, or loans involved in legal disputes.

The weak and troubled banks will no longer be supported by printing money. Shutting down banks suddenly or printing money to solve the problem is not the way forward. There are no plans to cancel the 1,000-taka note, so there should be no rumors about it. However, the dissolution of the boards of directors of weak banks is under consideration

In the context of a political shift, the country has entered a new era. Under the leadership of Nobel Peace Prize laureate and internationally renowned economist Dr. Muhammad Yunus, a 17-member interim government has assumed the responsibility of governing the state. The primary duty of this interim government is to hand over power to a newly formed government based on the people's mandate through a fair and acceptable national election.

After Prime Minister Sheikh Hasina’s resignation, the country was effectively without a government for four days. During this period, a group of miscreants caused widespread destruction in various locations, resulting in significant loss of life and property. In his speech, the Army Chief stated that every killing will be brought to justice. As citizens, we also demand that those responsible for each murder and the destruction of state infrastructure be identified and brought to justice. It must be ensured that no wrongdoer escapes punishment, while also ensuring that innocent individuals are not wrongfully punished or harassed.

In the wake of the student movement aimed at reforming the quota system, Prime Minister Sheikh Hasina has resigned and left the country. This event marks a significant moment in Bangladesh's political history. The students began their peaceful and non-violent movement on July 1, seeking quota reforms. However, the movement later turned violent. By mid-July, the protests had escalated to violent attacks on key state establishments, including the Bangladesh Television Building, the metro rail, and the Roads and Highways Department. There is debate over who exactly carried out these attacks, as the students claim they were not involved in any attacks on state property. Hence, it is difficult to determine the exact culprits.

The World Bank has published a list considering food inflation in various countries, taking into special consideration the food inflation situation of the last 10 to 12 months in the countries ranked last. This reveals the direct impact of the COVID-19 situation and the post-Ukraine war on global high inflation. There was not a single country in the world that did not face high inflation during this period. Overall, every country dealt with high inflation. Even the world's number one economic power, the United States, struggled with high inflation. At one point, the US inflation rate reached 9.1%, the highest in 40 years. The global supply chain disruption caused by the Ukraine war primarily led to such a surge in inflation. During this time, the Federal Reserve Bank of America (Fed) was forced to make the risky decision of increasing policy rates. Over the past two years, the Fed has raised the policy rate at least 13 times. Although there were concerns that increasing the policy rate would slow down investment activities, the Fed took this step to control inflation and reduce public suffering.