English

Chief Adviser Dr. Muhammad Yunus addressed the nation yesterday (Wednesday, September 11), where he disclosed that an additional $5 billion has been requested from the country’s development partners as budgetary support. This announcement came during his speech to the nation marking one month since the formation of the interim government. 

In his address, Dr. Muhammad Yunus stated, “The foreign exchange rate has been made market-based to stabilize the exchange rate of the Bangladeshi taka against the dollar. The unethical provision to legalize black money has been revoked. We have requested budget support from various development partners to boost foreign exchange reserves. An additional $3 billion has been requested from the International Monetary Fund (IMF), $1 billion from the World Bank, and another $1 billion from JICA. Discussions with the Russian Federation regarding the advance payment and outstanding dues for the Rooppur Nuclear Power Plant are also ongoing with the Ministry of Finance.” 

This was Dr. Muhammad Yunus’ second speech to the nation since assuming office as the chief adviser. He had previously addressed the nation for the first time on August 25. 

The chief adviser mentioned that the interim government has taken the initiative to utilize $48 billion in foreign assistance in the pipeline. During yesterday’s (Wednesday, September 11) speech, he said, “Along with stopping looting in the name of mega projects, we have adopted plans to increase allocations for the health and education sectors. To ease the pressure on foreign reserves, we have requested the reduction of interest rates and extension of repayment periods on loans from Russia and China. We are working to strengthen ties with all development partners. Clear instructions have been given to publish accurate figures and values for all economic indicators and statistics. Directives have been issued to collect, forecast, and publish accurate data on GDP, inflation, and other critical metrics.” 

Regarding inflation control, Dr. Yunus added, “The people of the country have suffered from inflation after the fascist government flooded the market by printing an additional BDT 600 billion for looting purposes. Controlling this unprecedented inflation is one of the interim government’s key objectives. 

“To combat inflation, we have raised the policy interest rate to 9 percent. To protect ordinary people, we have ensured the continued supply of essential goods to marginalized communities at affordable prices through programs like OMS and the food-friendly program. For this fiscal year, we have allocated BDT 58 billion for rice and wheat imports, BDT 89 billion for domestic procurement, and BDT 73.6 billion for three food subsidy programs. Meetings with various stakeholders are being held to identify measures to control inflation.” 

He further elaborated, “Meetings have been conducted with traders, industrialists, and trade organizations to keep the supply chain for essential goods stable, and various measures are being implemented based on their feedback. After assessing current stocks and shortages and reviewing future demands, relevant ministries, departments, and offices have been instructed to resolve issues related to imports, ports, major markets, and transportation systems. Meetings have also been held with large producers of oil, sugar, eggs, and meat to ensure uninterrupted supply.” 

Dr. Yunus also mentioned, “The National Board of Revenue (NBR) has been instructed to reduce existing tariffs to lower prices of essential goods like onions and potatoes. NBR has already issued SROs reducing or, in some cases, eliminating regulatory duties on the import of onions, potatoes, and certain pesticides. Through the Trading Corporation of Bangladesh (TCB), around 100 million low-income families are receiving commodities such as five kilograms of rice, two kilograms of soybean oil, and two kilograms of lentils at reduced prices every month. This initiative will continue in the coming days.” 

During his speech, Dr. Yunus noted that repressive laws enacted under the previous government are being revoked or amended. He stated, “False and harassing cases filed under the Anti-Terrorism Act and Digital/Cyber Security Act are being withdrawn. A list of all draconian laws currently in place in Bangladesh, including the Cyber Security Act, has been prepared. These laws will be repealed or amended as necessary soon.” 

Dr. Yunus also highlighted that assistance is being provided to expedite investigations and trials of five high-profile murder cases, including the killing of journalist couple Sagar-Runi.

Dr. Muhammad Yunus stated, “Full freedom of the press and expression has already been ensured. We’ve told everyone, feel free to criticize us openly. We respect everyone’s opinions. To ensure the media can operate without any obstacles, the government is actively considering forming a media commission. We’ve also initiated reforms to reconstitute commissions that can hold the government and others accountable, making them stronger and more effective in working for the public good.”

The Chief Adviser also mentioned that steps have been taken to ensure transparency in government statistics, alongside efforts to stabilize the stock market. He said, “Measures have been taken to reconcile the differences between the revenue data from the National Board of Revenue (NBR) and the Finance Division. Instructions have been issued to calculate and disclose accurate export earnings. Plans are being developed to automate the NBR. The Securities and Exchange Commission has been restructured to return the stock market to normalcy.”

Regarding electoral reforms, Dr. Yunus stated, “We are considering reforms for the Election Commission and other relevant institutions. Police administration, public administration, judiciary, and the Anti-Corruption Commission must all undergo reforms to ensure free and fair elections. Reforming these institutions will contribute not only to a transparent electoral process but also to building a responsible and welfare-oriented state. Additionally, we recognize the need for constitutional reforms to ensure the representation and interests of all segments of society, reflecting the message of the July uprising.”

As a first step toward these reforms, Dr. Yunus announced that the government has decided to form six initial commissions. “We have appointed six distinguished citizens, selected for their expertise, to lead these commissions. The formation of additional commissions on other topics will continue,” he said.

Dr. Yunus revealed that Dr. Badiul Alam Majumdar will head the Election System Reform Commission. Safar Raz Hossain will lead the Police Administration Reform Commission. Justice Shah Abu Nayeem Mominur Rahman will oversee the Judiciary Reform Commission. Dr. Iftekharuzzaman will chair the Anti-Corruption Reform Commission. Abdul Muyeed Chowdhury will lead the Public Administration Reform Commission, while Dr. Shahdeen Malik will head the Constitution Reform Commission. The other members of these commissions will be determined in consultation with the heads of the respective commissions. Representatives from the advisory council, student, and labor movements, civil society, and political parties will participate in commission discussions and consultations.

He added, “We hope that once fully formed, these commissions will officially begin their work on October 1 and complete it within the next three months. Based on the commissions’ reports, the government will organize consultation meetings with major political parties in the following stage.”

Addressing the public, Dr. Yunus urged citizens to refrain from taking the law into their own hands. He said, “Do not take the law into your own hands. If anyone creates disorder in society by doing so, we will hold them accountable and ensure they face punishment.”

In conclusion, the Chief Adviser reaffirmed his commitment to building a democratic Bangladesh for future generations. “We are determined to lay out a blueprint for a democratic Bangladesh, so that we can proudly say we live in a democratic country. We are working toward ensuring that everyone can claim this country as their own,” he said.