Dhaka: Former caretaker government adviser, BRAC chairman and PPRC executive chairman Dr. Hossain Zillur Rahman has said that the government's major weakness is its inability to engage with businessmen. Urging those who will turn the wheels of the economy to sit in discussions, this eminent economist said that Sri Lanka has turned around despite being in an economic situation like ours. They have brought inflation under control strongly, it is not that it is impossible to control it.
Dr. Hossain Zillur said these things in an exclusive interview given to Ajker Patrika. The excerpts of the interview have been published for the readers of Barta24.com:
High inflation is still ongoing in the economy. Will it be possible to control inflation only with foreign loans?
Hossain Zillur: High inflation is not only due to the corruption of the previous government. This is due to the weakness in managing the economy and giving some kind of oligarchs the opportunity to control the entire market. Apart from this, there are some other issues. Why is the issue of high inflation still going on? To solve the issue of high inflation, the current government is also only thinking about how to fix some macro indicators of the economy. There are two aspects of inflation - one. Reducing inflation; two. Making arrangements for people's income. Along with that, the wheels of the economy must also turn. In this case, the weakness of the current government is that their connection with the business class is low. In many cases, it can be said to be absent. This is the big weakness of this government. The government is trying to control inflation by taking some steps. But along with reducing inflation, the wheels of the economy must be accelerated; but both in parallel. There is no attention to the second. And I can also see a lack of capacity.
Commodity prices cannot be reined in. In this regard, the Finance Adviser recently spoke about the power of the syndicate. Is the syndicate bigger than the state? What is the way to deal with the syndicate?
Hossain Zillur: Of course, there is a problem here. The syndicates or oligarchs—whoever we talk about, their influence is still very strong in the market. We have seen how the price of edible oil has increased recently. From there, we can say that the syndicates or oligarchs still have control.
The major weakness of the interim government is that they are not able to engage with the businessmen. Because, to control them, it is not enough for the central bank governor, finance or trade advisers to control the interest rate; the syndicates or oligarchs are few in number. Apart from that, there are many other groups. They have been turning the wheels of the economy for 15 and half years. In a word, we will put the entire private sector on a pedestal—that would be a foolish act. Of course, the oligarchs must be separated from their unreasonable influence. We have to sit in discussions with those who will turn the wheels of the economy. Sri Lanka can be a big example for us. They have turned around even in the same economic situation as us. They have brought inflation under control strongly. It is not that it is impossible to control it. The channels of dialogue with the private sector are weak here. That is a visible failure of this government. The government needs to be more proactive. The oligarchs have an influence in the import of food grains. Now, by excluding them, other small players can be included here. We need to work on how to make a strong place for them in the field. To get a solution, we have to engage with the people in that sector. There is no point in just blaming. In the end, people want a solution.
A general consensus was created in the movement to overthrow Sheikh Hasina. After the coup, there are divisions. Can we expect a national consensus on basic issues at all?
Hossain Zillur: During the previous government, a political culture was created with dictatorship; a general state of humiliation was created for the people; justice, skills, and talent were sent into exile. Then the consensus that that regime was ousted and that it should not return is still there. That means there is a consensus on what should not happen again. The consensus that you call division, I want to call it different opinions. I want to say, we need to have a consensus on what should happen.
The big challenge of 2025 is, which way should we move forward? How should we move forward? Now, one of the responsibilities of the interim government is to bring the differences into a tone of unity. At the same time, to strengthen the areas of trust that we want to do this. There are deficiencies in these areas. Now there are three circles; namely, the interim government, the political circles and the civil society, which must be active. The responsibility of ensuring how to move forward in the place of consensus and whether it will move forward correctly or not falls on the three circles.
15 reform commissions have been formed in the country. Will it be possible to clean up the political mess of 53 years by presenting reform proposals alone, or is it necessary to change the political culture of each party?
Hossain Zillur: Initiatives to change political culture must come from different quarters. My observation is that the reform commissions have been conducted in a bookish manner. Discussions with various stakeholders were very important. It would have been better if it had been done openly, not bureaucratically because it is necessary to create a credible consensus. The major responsibility of the interim government is that they will facilitate the places where political culture changes through their activities. When we talk about changing political culture, it is thought of in three ways. We have to do it. When we talk about changing the political culture, the responsibility for this falls on the activities of the interim government, and then the responsibility falls on the political parties. To what extent are they respectful of this desire that has been created in the public mind? To what extent are they able to bring their organizations under discipline regarding the occupation and litigation that they have to harass people. Then there is a kind of great responsibility of civil society because the places of accountability will not be only institutional. The voice of an alert, active civil society needs to be strengthened.
