“Plenary Session” on Innovation in Monetary Policy, Economic Development and Five Year plan on the Celebration of Birth Centenary of the Father of Nation Bangabandhu Sheikh Mujibur Rahman held at BIBM15-11-2021
Dhaka, 15 November, 2021:
“Plenary Session” on Innovation in Monetary Policy, Economic Development and Five Year plan on the Celebration of Birth Centenary of the Father of Nation Bangabandhu Sheikh Mujibur Rahman held on 15 November, 2021 Monday arranged by BIBM. Mr. Hossain Zillur Rahman, Ph.D., Former Advisor, Caretaker Government of the People's Republic of Bangladesh and Chairperson of BRAC was present in the program as the chief guest.
Dr.Atiur Rahman, Former Governor, Bangladesh Bank; Bangabandhu Chair Professor, University of Dhaka and Chairperson, Unnayan Shamannay ; Mustafa K. Mujeri, Ph.D., Executive Director, Institute for Inclusive Finance and Development (InM) and Former Director General, Bangladesh Institute of Development Studies (BIDS); M.A. Sattar Mandal, Ph.D., Former Vice-Chancellor, Bangladesh Agricultural University, Mymensingh spoke as distinguished guests. Professor Barkat-e-Khuda, Ph.D., Dr. Muzaffer Ahmad Chair Professor of BIBM moderated the program. Dr. Md. Akhtaruzzaman, Director General of BIBM chaired the program. Dr. Prashanta Kumar Banerjee, Professor (Selection Grade) gave address of welcome. Ashraf Al Mamun, Ph.D., Associate Professor & Director (Research, Development & Consultancy) of BIBM gave vote of thanks in the program.
BIBM has published a special issue of the quarterly journal 'Bank Parikrama,' falgship publications of BIBM to celebrate the Bangabandhu's birth centenary, Where 10 articles of eminent economists, academics, bankers and researchers of the country have been published. The celebration of the birth centenary of our greatest leader Bangabandhu started on March 17, 2020 and will continue till 16 December 2021. To be part of this magnificent and memorable event, BIBM has published a special issue of its flagship journal, Bank Parikrama.
In the program, Dr. Hossain Zillur Rahman said that garments and remittances are the two sectors leading the country as growth drivers. Agriculture is also playing a key role in the country's growth driver
Many sectors have lagged behind due to covid -19 pandamic he added.
He also said, Uhere have been drastic changes in the rural areas but we have not sufficient information about rural areas. It is important to be aware of our goals to know the rural information to achieve our goals.
Dr.Atiur Rahman said, policy support given by a developmental central bank, most of the borrowers of tiny loans from MFIs have by now transformed into MSMEs for which the growth story of Bangladesh looks so robust and thriving, of course until very recently.
However it is encouraging to note that Bangladesh Government with the refinancing support of the central bank has come out with a number of stimulus packages focusing on agriculture, SMEs and informal unorganized sector to keep these small and medium entrepreneurs on the move. If well implemented these packages can certainly help the economy at the bottom of the pyramid not only afloat but as well as vibrant at the end of the day he added.
Dr. Mustafa K. Mujeri said, Bangladesh has made remarkable progress in raising economic growth and reducing poverty since its independence in 1971. After independence, Bangladesh was one of the poorest countries in the world with a war-ravaged economy. Its economic prospects were regarded so unpromising that it was considered as a ‘test case for development’. It was argued: ‘If development could be made successful in Bangladesh, there can be little doubt that it could be made to succeed anywhere else. It is, in this sense, that Bangladesh is the test case for development’.
Dr. Barkat-e-Khuda said that high growth is being achieved due to the inclusive activities of the banking sector. Bangladesh has shown special success in alleviating poverty,which is now the role model in the world.
Dr. M.A. Sattar Mandal said that formal introduction to planned economy in Bangladesh began with the launching of the First Five Year Plan (FFYP), 1973-78 from July 1973. It was actually a broad road map toward economic development following a socialistic path in line with the fundamental principles laid down in the constitution of the newly independent country.
The need for a planned economy was underscored by the Father of the Nation Bangabandhu Sheikh Mujibur Rahman in his pronouncements for the emancipation of people from poverty, hunger and injustices. He had mobilized a group of dedicated professional economists of high international repute to form the first Planning Commission immediately after he took over as the Prime Minister of the country. It is a historical record that the FFYP was prepared in an unusually short period of one and a half years time, he added.
Dr. Md. Akhtaruzzaman said, Bangabandhu and Bangladesh are essentially the same – one could not have existed without the other. Bangladesh is rapidly progressing towards becoming a middle income country by 2021 and a developed country by 2041. Bangladesh is now considered as an emerging tiger and often mentioned as a role model for development. In contrast to the then despair of ‘bottomless basket’. Bangabandhu considered the financial sector as a catalyst for economic development. As such, BIBM was established in 1974 to cater to the training, education, research, and consultancy needs of the financial sector of the country.
Dr. Prashanta Kumar Banerjee said that immediately after the glorious victory in the Liberation War, Bangabandhu inherited a war-ravaged economy and a shattered banking sector due to exodus of massive bank deposits, capital transfers and outmigration of the then Pakistani bank owners during the War of Liberation. To revive the economy, father of nation declared the then State Bank of Pakistan in the East wing as the Bangladesh Bank with all statutory authority and functions of a traditional central bank.
All private banks, owned by erstwhile Pakistani entrepreneurs except foreign banks at that time, had to be subsequently nationalized by Bangabandhu without any waste of time. These prudent steps were timely and in the right direction to restore economic vitality in the newly independent Bangladesh he also added.
A good number of participants including economists, senior bank executives, academicians, media representatives, faculty members of BIBM took part in the program.