Interim govt’s economic initiatives show positive results: ICCB

The country is witnessing the impacts of initiatives taken by the interim government within two months of taking office, including increased flow of remittance, improved foreign exchange reserves, reduced fuel prices and accessible loans for export industry workers, according to the International Chamber of Commerce-Bangladesh (ICCB).

The chamber made the remarks in its editorial of the current News Bulletin (Jul-Sep. 2024) released yesterday.

"Within two months of taking office, our nation is already seeing the positive impacts of initiatives the interim government took. Key achievements include increased remittance flow, improved Bangladesh Bank reserves, reduced fuel prices, and accessible loans for export industry workers."

"Steps taken to stabilise bank operations and foster economic stability, forming a high-level task force to recover laundered money, creating six commissions, and taking the initiative to issue a White Paper on the economic condition are also notable," the ICCB said in its editorial.

"Bangladesh Bank's efforts to boost credit flow to the export sector and ease import restrictions are commendable," ICCB said.

It mentioned that businesses emphasised the urgent need to address various issues, particularly the law and order situation in the country.

Despite government efforts, including deploying armed forces, some miscreants continue to instigate unrest, affecting industries, especially the readymade garment (RMG) sector. Although all demands of RMG workers have recently been accepted, industrial areas still face disruptions due to outsiders causing disorder, said ICCB.

According to the chamber, these offenders have engaged in robbery, vandalism, arson, and looting, resulting in damages exceeding Tk 5,000 crores as estimated by the businesses.

Besides, according to BGMEA, the garment industry has suffered a collective production loss of around US$400 million.

As the RMG sector is crucial to our export earnings, ensuring uninterrupted operations and taking comprehensive measures to stabilise the garment industry is vital, said ICCB.

It said the current law and order issues have led to adverse reactions from international brands and buyers, raising concerns about future orders. It is crucial to devise a strategy to rebuild relationships with key export markets and importers urgently.

The global business entity praised the Anti-discrimination Students' Movement, which ultimately contributed to the end of the 15-year Awami League regime and unfolded a new chapter of democracy and good governance.

This achievement, showcasing the solidarity, strength, and determination to uphold the rights of students and the people, serves as a testament to the enduring spirit of collective action, even in the face of significant challenges, it added.