Public institutions must perform better
Continued poor governance in various sectors has long been a thorn in the side of Bangladesh, and this is where critical focus must be given as we begin a new journey after the recent mass uprising. Experts and business community leaders have also called on the interim government to take comprehensive measures to address the underlying issues in these sectors.
Top among them is the banking sector which has long been plagued by various regulatory and policy failures. Nepotism and political interests weakened the central bank to such an extent that it failed to perform its monitoring role and take actions against the banks ignoring rules and norms to cater to the needs of a select few, often politically connected influentials. Bangladesh Bank also sometimes resorted to whitewashing malpractices by adopting incorrect accounting practices. We witnessed similar shenanigans in the capital market, and hardly anyone was held accountable for committing financial crimes. While default loans and money laundering kept on rising, revenue collection by the National Board of Revenue (NBR) came nowhere near expected levels. Rather, NBR repeatedly came to the limelight for the corruption of its officials.
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Apart from the financial sector, there have been damning reports of corruption in various other state institutions including Petrobangla and Bangladesh Telecommunications Company Limited. The power and energy sector is another industry bedevilled by corruption, irregularities, and mismanagement. While many state-owned power plants lay idle or inoperative, consumers kept paying exorbitantly for power from private rental units. Another sector straining our wallets and pushing many below the poverty line is healthcare. A total disregard for policy and accountability has turned basic healthcare into a luxury for many citizens. Unfortunately, while all this was happening, the oversight bodies responsible for checking corruption and irregularities did little to prevent them. Even institutions in charge of investigation, such as the Anti-Corruption Commission, were themselves bogged down by irregularities.
Under these circumstances, we urge the interim government to take immediate steps to investigate and publish white papers on the actual conditions of all key sectors. The government, with the help of experts, should also try to revive the ailing sectors, particularly banking, ensure transparency and accountability in NBR, build a more business-friendly environment, create a commission to look into the issues of the health sector, and empower oversight bodies so that they can enforce rules and regulations strictly. The government should also take measures to prevent any politicisation of law enforcement agencies and all other public institutions.
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