Decline in New Jobs Causing Some Hardship, But Economy Stable: Finance Adviser

Despite disruptions in business and a decline in trade, Bangladesh’s economy remains stable and is not on the brink of disaster, Finance Adviser Salehuddin Ahmed said today (March 5).

Speaking to the media after two advisory council committee meetings at the Secretariat, Salehuddin said that while people’s earnings have been affected, the interim government has helped prevent a severe economic downturn.

He acknowledged that new job creation has slowed, primarily due to a decline in infrastructure projects and overall business activity. This issue was discussed in the Executive Committee of the National Economic Council (ECNEC) meeting, and the government is working to stimulate business growth, he said.

To counter the slowdown, Salehuddin said the government has directed Bangladesh Bank to increase credit flow to small and medium enterprises (SMEs). “The government is making efforts to accelerate trade and business. People are facing difficulties, and new employment opportunities must be created,” he added.

When asked about employment initiatives, he said the Annual Development Programme (ADP) has been revised to address the challenges.

On the closure of some ready-made garment (RMG) factories, the finance adviser said the government is providing cash incentives in some cases and offering various forms of support to sustain the industry.

Regarding the recent shutdown of 14 factories under Beximco, he described it as an isolated case. The government has intervened to ensure workers receive their dues. Discussions are underway with the Bangladesh Investment Development Authority (BIDA) to find alternative employment opportunities for affected workers, he noted.

Salehuddin also addressed concerns about projects under India’s line of credit (LOC), dismissing speculation about cancellations. “When such agreements are made with a country, decisions must be taken with national economic interests in mind. Projects cannot be scrapped hastily,” he explained.

The finance adviser also assured that Bangladesh will not face power shortages in the coming months. “Industries and households will not experience an electricity crisis this summer,” he claimed.