Dhaka, Nov 26 (Represesntative) The interim government’s Planning Advisor Dr. Wahiduddin Mahmud has warned of a potential economic recession in Bangladesh due to the lack of investment by private sector parties. “On one side the private investors are not injecting new investment and the public development expenditure is not increased on the other. So, it will create an economic recession,” he said in a press briefing following a ECNEC (Executive Committee of the National Economic Council) meeting at NEC Auditorium, according to UNB. Mahmud went on to add that the private sector has been stagnant ever since the new administration came to power, with little interest in any investment and rising rate of interest. “As a result the entrepreneurs are not showing any interest regarding new investment,” he said. Chief Adviser Prof Muhammad Yunus chaired the meeting held at the NEC conference room. The Adviser said that the private sector is not showing any interest in investment and the interest rate has been increased a lot. The Planning Advisor said that the interim government has taken a decision in principle that by the end of this fiscal year it will try the projects that have received government clearance and will be implemented as quickly as possible. “If the projects are good and the new project directors have been appointed, we are now at the stage of taking coordination of the principle,” he added.
“By this, we will be able to speed up our project implementation rate. This is urgently needed as currently there is a stagnant situation prevailing in the country in terms of investment from the private sector due to the instability, insecurity and political uncertainty and indiscipline.” He also admitted that to stop wastage, corruption and cut short the unnecessary projects, the annual development programme implementation rate has been slowed down to 8 percent in the first four months of the current fiscal. “This is true that the implementation of the development projects is going on very slowly,” he said.Adding that that the interim government will scrutinise the projects before giving them the green light, he said it is the good scope for the political government to formulate any new project at any time for any constituency. He also said that several projects were abandoned following the resignation or disappearance of project directors after the Sheikh Hasina government was overthrown on August 5. “They left after the change in government. Surely, they were involved in massive corruption, and for that reason, they fled,” the advisor remarked, adding urgency to the interim administration’s efforts to regain control of ongoing projects.