Energy Sector Key to Economic Efficiency, Says CA’s Press Secretary

CA’s Press Secretary Shafiqul Alam stated on Wednesday that energy is a vital factor for economic efficiency, and no economy can function at its full potential without resolving issues within the energy sector.

Speaking at the ‘Development Journalist Forum of Bangladesh (DJFB) Talk’ held at the NEC Conference Room in Sher-e-Bangla Nagar, Alam criticized the previous Awami League government for its poor handling of the energy sector, which, according to him, led to widespread corruption and mismanagement. He further claimed, “The whole system, including the capacity charge, was an arrangement for organized looting.”

Quoting findings from the White Paper, the Press Secretary revealed that about $234 billion was laundered abroad during the tenure of the previous government. “If this money had stayed within the country, it could have been reinvested, creating jobs and boosting economic growth,” he remarked.

Alam highlighted the current government’s commitment to restoring macroeconomic stability, pointing out the positive trend of declining inflation for the past two months. “We expect inflation to decrease to around 7 percent by June, providing much-needed relief to the people,” he said.

The Press Secretary also mentioned that commodity prices are coming down, and a stable inflation rate is helping maintain a steady exchange rate, benefiting the development budget.

Blaming the previous government for undermining economic stability, he criticized the 9 percent cap on both deposit and lending rates and called the banking sector’s condition under the former regime “daylight robbery while everyone was asleep.”

Despite these challenges, Alam expressed confidence in the interim government’s reforms, including improvements in the labor sector, better efficiency at Chattogram Port, and efforts to attract foreign investment.

“We are focusing on restoring discipline in the energy sector by implementing policies such as ‘no electricity, no payment’ and placing more emphasis on solar power and regional energy cooperation through the Bangladesh-India-Bhutan-Nepal (BIBN) SA Electricity Grid,” he explained.

The government is also prioritizing faster gas exploration, digitalizing administrative processes to reduce corruption, and drawing more foreign direct investment (FDI).

Alam stressed the significance of FDI in tackling unemployment and stated that the current administration had resolved issues that previously hindered foreign companies from repatriating profits. “These initiatives send a strong message to foreign investors that Bangladesh is committed to improving efficiency and tackling corruption,” he said.

He expressed optimism that Bangladesh, through ongoing labor sector reforms, enhanced port efficiency, and better energy management, will emerge as a top performer in the global economy.

On the law and order front, Alam stated that the government had already implemented nine measures to improve the situation and expected substantial progress soon.

He also assured that the central bank is working to restore discipline in the banking sector and protect depositors in troubled banks.

Regarding agriculture, Alam mentioned that the interim government is taking farmer-friendly measures to ensure food self-sufficiency.