Economy will collapse if transparency not ensured in financial sector: Debapriya Bhattacharya

Special fellow at the Centre for Policy Dialogue (CPD) Debapriya Bhattacharya said the economy would collapse if competency, efficiency and transparency in the financial sector were not ensured.

He said the next election commission should ensure that loan defaulters, tax defaulters, and corrupt people cannot participate in the next national elections.

He said this while speaking as the chief guest at a debate competition, "Government's goodwill to maintain discipline in financial sector", organised by Debate for Democracy at FDC on Saturday. Chairman of Debate for Democracy Hasan Ahmed Chowdhury presided over the event, says a press release.

Debapriya said it is unethical to provide impunity to loan defaulters through midnight meeting of the banks, so that they can participate in the national elections. Bankers need to be careful that no defaulter becomes a member of the Bangladesh Association of Bank. At the same time, social hatred should be spread against loan defaulters and those who create anarchy in the financial sector.

Observing that Bangladesh Bank lacks the will and competence to ensure good governance in the financial sector, Debapriya said, "Influential people involved in the management of the banks ignore the instructions of Bangladesh Bank. Democracy and good governance as well as maintaining discipline in the financial sector are essential for sustainable development. The LDC graduation will not be sustainable unless transparency and accountability in the financial sector is ensured."

He said despite the implementation of many visible mega projects, countries like Sri Lanka have to borrow from Bangladesh due to lack of good governance in the financial sector.

At the event, Hasan Ahmed Chowdhury said, "Chaos in the financial sector is taking the form of cancer day by day, which is affecting our national economy. Although Bangladesh is developing in the socio-economic sector, the irregularities in the financial sector are a black chapter for us."

The debaters of American International University and Stamford University jointly won the debate competition. At the end of the competition, the participating teams were awarded trophies and certificates.