The chief adviser of the interim government. Muhammad Yunus while addressing the 79th session of the United Nations said that the goal of the current government is to build a strong economy and a society based on justice.For this, he called for the international community's support and cooperation to be wider and deeper.
He said, Bangladesh wants to maintain friendly relations with all the countries of the world. Peace Nobel laureate Dr. Yunus advised scientists to be cautious about the adverse effects on humans in advancing artificial intelligence technology.
Dr. Yunus said in his speech, in view of the revolutionary changes that took place in Bangladesh in July-August, today I was able to attend this great parliament of the world community.The endless energy of our masses, especially the youth, has opened the door to a new possibility of radical transformation of our existing state structures and institutions.
He also said that the movement of our students and youth society was basically an anti-discrimination movement. Gradually it took shape in mass movement. After that the whole world saw with surprise how the whole people of Bangladesh dictatorship,He stood firm against oppression, discrimination, injustice and corruption on the streets and through social media.
The student masses, through their indomitable determination and conviction, freed us from an autocratic and undemocratic regime. I believe that the future of Bangladesh lies in their collective determination, which will elevate this country to the status of a responsible nation in the world community.
The theme of the 79th session of the United Nations General Assembly is "Leaving no one behind, working together to advance peace, sustainable development and human dignity for present and future generations".
As the head of the interim government of Bangladesh. This was the call of Muhammad Yunus. He also held bilateral meetings with various Heads of State and Government, apart from meetings with US businessmen.
He urged US businessmen to increase investment in Bangladesh. He also urged to take more Bangladeshi products. Note that the United States is one of the export markets of Bangladeshi products.The interim government sought and received political and economic reforms from various international organizations and countries, including the United Nations.
Along with the current political reforms, economic reforms are necessary. It can be said that the country's finances are already turning around. Expatriate remittances are coming. Foreign aid is also being promised.
According to the data of Bangladesh Bank on July 31, the reserves of the country were 20.48 billion dollars or 2 thousand 48 million dollars. Which increased to 2 thousand 49 million dollars in the next month.Currently, the bank is trading at 120 rupees per dollar. As a result, the erosion of reserves has stopped for the time being. Bangladesh Bank is no longer selling dollars from reserves.
In the first three days of August, only 95.6 million dollars of remittances came into the country. However, after August 5, the remittance flow increased at an abnormal rate. Between August 4 and 10, expatriates sent remittances of $38.71 million, from August 11 to 17, $651.4 million and from August 18 to 31, $108.71 million.
It should be noted that Islami Bank Bangladesh Plc is at the top position in collecting remittances The bank brought in remittances of $40.52 million in August. Trust Bank Limited is in second place. Through which came 29 million dollars.
Meanwhile, the Asian Development Bank ADB will give 400 million dollars of budget support by December this year, Finance and Trade Advisor said. Saleh Uddin Ahmed. JICA at the secretariat last Sunday,He said this while talking to reporters after three separate meetings with ADB representative and Australian High Commissioner Nardia Simpson.
On the other hand, the head of the IMF met Dr. Yunus and assured financial support. It is hoped that the fragile economy will turn around soon.There has been a long absence of discipline in the financial sector of Bangladesh. Due to the lack of good governance in the last decade and a half, various vicious cycles have arisen in the overall economy of Bangladesh.
The condition of the banks in Bangladesh is fragile. The central bank as a regulatory institution is not able to take proper care of the banks. Foreign exchange reserves have been steadily declining for a year. Sheikh Hasina's government has refrained from releasing real information about foreign exchange reserves till the last minute.
One of the main causes of Bangladesh's reserve crisis is money laundering and providing false information to cover it up. About 11 lakh 92 thousand crore rupees have been smuggled abroad from the country in the last 16 years.Parliament members or legislators of this country, ministers, policemen, businessmen and government employees have laundered money abroad. After all, a kind of chaos has been born in the country's economy.
In order to overcome it, it is important to identify the affected sectors as well as to find a logical solution through financial sector reforms. The tax collection system in the country's economy is not compatible with the income ratio of the people.The population of the country is about 180 million. But only 1.5 percent people pay direct tax or income tax. About 8.8 million people in the country have Tax Identification Number TIN.
However, according to 2023 data, only 3.2 million people are paying income tax. Low rate of prospective tax collection forces us to depend more on indirect tax collection. Reliance on indirect taxes means forcing the poorer sections of the society to pay a higher proportion of taxes.
Failure to properly collect income tax is one of the main reasons for the disparity in the proportion of tax payments between the poor and the poor in the country. In this situation, reforms in the direct tax collection sector are essential to eliminate income inequality in the society. And the sooner it can be started the better.
After the student revolution, the help of the people of the world in the formation of new Bangladesh, Dr. Yunus. In his speech, he highlighted the various steps taken by the movement of students and youth to build an anti-discrimination society.
He said that this popular uprising of Bangladesh can be an inspiration for the freedom-seeking people of the whole world. He also described how the people of Bangladesh stood firm against dictatorship, oppression, discrimination, injustice and corruption on the streets and through social media.
He also highlighted climate change, inclusive economic development of the government and other global regional issues in his speech.
In his speech, the Chief Adviser presented to the world court the details of the unimaginable popular uprising that happened in Bangladesh in the last two months and the firm hope of building a state system that is people-oriented, welfare-oriented and dedicated to public interest in the coming days.
Author: Former Tax Commissioner & Founder Chairman - National FF Foundation
