Current state of economy is good: Kamal

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DHAKA, Aug 14, 2019 (BSS) – Finance Minister AHM Mustafa Kamal today said the current state of the country’s economy is good and there is a need to give concerted efforts from all concerned to make it sustainable.

“We’ll have to do much better with our economy so that everyone can lead a better and peaceful life,” he said.

The Finance Minister was briefing reporters after chairing a meeting with the high ups of the non-bank financial institutions and leasing companies held at the NEC Conference Room in the city’s Sher-e-Bangla Nagar area this afternoon.

Bangladesh Bank Governor Fazle Kabir, Finance Secretary Abdur Rauf Talukdar and Financial Institution Division Secretary Md Asadul Islam were present at the briefing.

Mentioning that the private sector accounts for around 82 percent of the country’s economy, Kamal said the economy of Bangladesh cannot progress further without the private sector.

“We want that the trade and commerce is further deepened so that the economy is further strengthened,” he said.

Asked whether the government would go forward with the decision to form banking commission, Kamal said he would stick to his budget speech in this regard.

The government, he said, cannot move forward with the exit clause for the loan defaulters due to a writ petition filed with the higher court challenging the government circular in this regard.

Kamal said until the matter is settled in the court, he cannot comment further on the issue.

He, however, informed that the Banking Commission would be formed within a reasonable timeframe.

About the state of the leasing companies, he said the leasing companies are playing an important role in the country’s economy over the years investing over $8 billion in the market and thus playing a pivotal role in the economy.

Referring to the operations of three to four leasing companies, Kamal said it is their suspicion that their funds have been spent on other purposes, but not in business purposes.

“Though it’s a suspicion, but we’ll conduct special audits in those companies and if found irregularities, we’ll take necessary actions,” he added.

Answering to a question, he said that the government would name those leasing companies, which spend their funds in other purposes.

Kamal said he had assured the high ups of the non-bank financial institutions and leasing companies of amending the clauses and deviations of the concerned laws to expand their operations.

Referring to a media report, the Finance Minister said the total size of the cattle market in monetary terms was estimated about Taka 40,000 crore in this Eid-ul-Azha which was 29 percent higher than the previous year. “It proves the enhanced capacity of our people.”

Replying to another question over the low price of raw hides of sacrificial animals this year, he said the commerce minister would take necessary action in this regard if any syndicate was found active and involved.