Dhaka, Mar 5 (IANS) Already facing severe political and security challenges, the interim government in Bangladesh led by Muhammad Yunus has come under huge criticism from its own stakeholders for failing to carry out the promised economic reforms in the restive country. After assuming office last year following the fall of the government led by former Prime Minister Sheikh Hasina, the interim government formed various commissions, committees, and task forces aimed at carrying out reforms in different sectors in Bangladesh. Two reform committees also submitted their reports on economic reforms but the Yunus-led government has been sitting on the implementation of suggested recommendations.

Several experts reckon that the Chief Advisor is reluctant to take any initiative on the matter as the reports submitted by the committees gather dust, raising serious doubts over the fulfillment of promises made on structural reforms. While the first report on the white paper was submitted in December, the second on the taskforce was handed over to the authorities in January, this year. "Since then, no significant measures have been adopted by the government to implement the recommendations of the two reports. It has led to frustration among the committee members and many claim that the government is not giving importance to economic reforms," Bangladesh's leading Bengali daily, Prothom Alo reported on Wednesday.

Recently, the Centre for Policy Dialogue (CPD), a think tank in Dhaka, highlighted the bleak economic outlook for Bangladesh in a paper titled 'Navigating Expectations in Turbulent Times', revealing that the interim government's economic measures have yet to bring substantive improvements in people's lives and support businesses. In January, Bangladeshi Finance Advisor Salehuddin Ahmed stated that Bangladesh requires urgent economic reforms to address pressing challenges. Speaking at an event marking International Customs Day at the National Board of Revenue (NBR) headquarters in Dhaka, he emphasised the need for changes. 

"We often talk about political, economic, and electoral reforms. All are essential, but economic reforms are most urgent at this moment," Ahmed was quoted as saying by Dhaka Tribune. Bangladesh's economy continues to face severe challenges amidst the huge unrest in the country since August 2024. The business sector in the country is facing a huge liquidity crunch with numerous commercial and industrial establishments shutting down. Last week, South Korean Ambassador to Bangladesh, Park Young-sik admitted that political instability and uncertainty in Bangladesh is creating challenges for investment and economic growth. 

"Bangladesh is currently under an interim government, and whenever I speak with businessmen, they tell me they are holding back on investment. They are waiting and observing to see how the situation unfolds," the diplomat said during an event organised by the Overseas Correspondents Association Bangladesh (OCAB) in Dhaka on Friday. "Anyway, political instability and uncertainty are causing problems for the host country (Bangladesh). It is necessary to clear the political issues," he stated. The entrepreneurs in Bangladesh are not only facing difficulties in importing raw materials to sustain their businesses but also facing major threats since the fall of the Awami League government led by Hasina. They have repeatedly urged the interim government to provide a safe and secure environment to all businessmen and industries, including the readymade garments sector, the mainstay of Bangladesh export sector.

/IANS