Patronage economy will not continue, Finance Minister announces to build ‘economy for all’

New Finance Minister Amir Khasru Mahmud Chowdhury has said that the patronage-based economy must be stopped and equal opportunities must be ensured for all. He stressed that Bangladesh’s economy must be such that every citizen gets the opportunity to participate and the benefits of development reach everyone.

He said this while talking to reporters on his first working day at the Finance Ministry at the Secretariat on Wednesday.

The Finance Minister said that the current condition of the country’s state institutions is very fragile and restoring them is the government’s first priority. He said that professionalism, transparency and efficiency must be increased in the institutions. In the absence of these, even if big programs are taken, they will not be effective.

He also said that the economy must be democratized and the culture of patronage must be broken. For this, it is important to create an environment of equal competition or a level playing field so that people of all classes can participate in economic activities.

Emphasizing deregulation, the Finance Minister said that Bangladesh has become a country of excessive regulation, which is a result of patronage politics. To come out of this situation, we need to reduce regulation, increase liberalization, and ensure equal rights for all.