Govt not to allow distortion, mismanagement in economy: Finance Minister

Sun Online Desk

2nd April, 2019 08:51:26 printer

Govt not to allow distortion, mismanagement in economy: Finance Minister

Finance Minister AHM Mustafa Kamal on Tuesday said that the government would never allow any sort of distortion and mismanagement in the economic arena.


“I want to run everything in a proper and rightful way,” he said, addressing the first Annual Business Conference of Padma Bank Limited, a fourth generation bank, at a city hotel in the capital Tuesday.


Reiterating the stance of Prime Minister Sheikh Hasina that all sorts of mismanagement, distortions and erosion of resources here and there have to be contained, Kamal said, “I will follow her ideals. I will never allow any distortion and mismanagement here and there,”


Noting that Bangladesh has notched 42nd slot in the global economy over the last 10 years from the 58th slot, he said the objective is now is to topple one country every year and by 2041, to be included in the list of top 20 countries.


“The year 2041 is a timeline for us to be a rich country,” he added.


Mentioning that everybody is safe in the country economically, Kamal said, “If you trust me, you will not be loser. I am always with the good people, good bankers and good borrowers.”


Wishing utmost success of Padma Bank, the finance minister said that this bank would become victorious in the coming years, adding, “According to belief and findings, every bank and every financial institution in the country would become victorious.”


He said that Padma Bank has got its own destination while the bank would get a longer life in a better way since the bank is young. “I do believe that Padma Bank now has the requisite management.”


The finance minister said it is now the time for Bangladesh to go forward and the next 25-30 years is the time for Bangladesh.


“We’ll definitely build Sonar Bangla as dreamt by our Father of the Nation,” he added.


Bangladesh Bank Governor Fazle Kabir, National Board of Revenue (NBR) Chairman Md Mosharraf Hussain Bhuiyan and Financial Institution Division Secretary Mohammad Asadul Islam were guests of honour in the conference.


Chairman of Insurance Development and Regulatory Authority Mohammad Shafiqur Rahman Patwary and Padma Bank Chairman Chowdhury Nafeez Sarafat also graced the occasion.


Bangladesh Bank Governor Fazle Kabir suggested the Padma Bank high-ups to refrain from aggressive lending side by side giving attention to loan recovery.


He also advised the bank management to ensure credit quality, avoiding excessive expenditure, upholding image of the bank and practicing the culture of corporate governance.


NBR Chairman Md Mosharraf Hussain Bhuiyan said the banks would have to continue their efforts to gain the trust and confidence of its consumers.


Urging all to extend their hands of cooperation to the NBR to boost revenue collection, Mosharraf said those who launder money abroad would be continued to be brought to book.


Chairman of Agrani Bank Dr. Zaid Bakht, Chairman of Investment Corporation of Bangladesh Dr. Mojib Uddin Ahmed and chairmen, managing directors and chief executives of different banks and financial institutions and dignitaries were also present on the occasion.


Padma Bank chairman Chowdhury Nafeez Sarafat said Padma has made a successful turnaround despite all difficulties.


“We have brought down non-performing loan, collected defaulted loans and mobilised new deposit. We are striving hard. There is no lacking in our efforts, efficiency and sincerity,” Sarafat said.


Padma Bank MD Ehsan Khasru paid tribute to the bank’s new owners and management, saying their vision has helped the bank make a successful comeback within a short time.


Padma is a unique bank in Bangladesh’s history wherein four state-owned commercial banks, Sonali, Janata, Agrani and Rupali, and state-run non-banking financial organization, Investment Corporation of Bangladesh (ICB), are in the ownership structure.


The bank has 57 branches, providing most modern banking facilities across the country.