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The government should take no electricity no pay policy now, said Khondaker Golam Moazzem, research director of the Centre for Policy Dialogue (CPD).
He spoke in a media briefing on slowdown in global economy and challenges for Bangladesh, organised by the CPD at its office in Dhaka today.
The measures the government have taken are right but not adequate, he added.
“Most of the measures are short-term although we are in a mid- and long-term crisis.”
Countries are banning exports to ensure their domestic availability and contain prices, he said.
So, ensuring adequate foreign currencies will not be enough as the country may be hit by a shortage of food, Moazzem said.
The current crisis such as high food prices may exacerbate poverty and may increase employment crisis in the country, he said.
The government should now go for cost saving and production that creates employment, said Fahmida Khatun, executive director of the CPD.
At the event, the CPD suggested that the government should form a committee comprising representatives from various ministries, including Prime Minister’s Office, finance ministry, other state agencies and non-state actors, to ease the growing economic crisis.
Such a committee is needed for consistent policy making, said the local think-tank.
The committee should monitor key correlates and trends, make required policy advise and take necessary actions, it said.
It is not the time to be stubborn, the CPD said.
It is also urgent to revisit and revise the minimum wages of workers in all industries immediately, it said.
The civil society body also suggested that Bangladesh Bank should now refrain from selling foreign currency to contain foreign exchange reserves.
It recommended introducing floating exchange rates instead of multiple rates to manage the external account better.
(TDS)
