Employment generation key to reviving economy

Says BHBFC Chief Prof Salim

Staff Correspondent

15 July, 2020 12:00 AM printer

Employment generation key to reviving economy

Country’s economy will revive through rehabilitation of unemployed people and  widening of social safety net ahead of ‘new normal’ situation, said renowned economist Prof Salim Uddin.

Addressing a virtual webinar recently, Salim Uddin who is also Chairman of Bangladesh House Building Finance Corporation (BHBFC) laid emphasise on the reformation of affected sectors during pandemic to lead positive trend in all indicators of economy.

Professor Salim Uddin came up with the view while speaking at a webinar titled “National Budget: 2020-21”organized by Finance Department of Chittagong University, said a BHBFC press release on Tuesday.

Parliament has approved the Finance Bill for fiscal year 2020-21 without making any major change on June 29 after Finance Minister AHM Mustafa Kamal tabled a Tk 5.68 trillion fiscal budget with ‘an ambitious’ growth target.

Prof Salim, a faculty of accounting department at Chittagong University, is leading the Islami Bank Bangladesh as chairman of executive committee.

In his speech, Dr Salim mentioned that Bangladesh has formulated a courageous fiscal plan in the pandemic situation when the global economy is moving towards an uncertainty.

“There are two factors in the national budget including mid-term strategy and recovering damage in different aspects of economy amid pandemic,”

Analysing the budget, Prof Salim pointed out six fundamentals of the policy including stimulus packages of Prime Minister, improving quality in government procurement, discouraging luxury expenditure, low-interest credit for inspiring entrepreneurship, widening social safety net and keeping sustainable liquidity by fueling money into market.

During the lecture, Prof Salim mentioned a point ‘PEST’ which means properly, efficiency, sincerely and timely execution of budget for keeping positive trend in economy.

He also recommended for keeping the challenges of deficit management of the budget as public expenditure is predicted to rise in the current fiscal.