Institute of Chartered Secretaries of Bangladesh

A Statutory Body under an Act of Parliament

Administrative Ministry: Ministry of Commerce, Government of the People's Republic of Bangladesh

ICSB Organized Seminar on “Pre-Budget Discussion: Addressing Economic Challenges”

ICSB Organized Seminar on “Pre-Budget Discussion: Addressing Economic Challenges”

Institute of Chartered Secretaries of Bangladesh (ICSB) has organized a seminar titled “Pre-Budget Discussion: Addressing Economic Challenges” on Saturday, 18 May 2024 at 3.30 PM at the Auditorium of BIDA, E-6/B Agargaon, Sher-e-Bangla Nagar, Dhaka-1207. 

Renowned Economists & Former Governor of Bangladesh Bank and Chairperson of Unnayan Shamannay Dr. Atiur Rahman graced the occasion as the Chief Guest. Professor Dr. Muhammad Shahadat Hossain Siddiquee, Department of Economics, University of Dhaka graced the occasion as the Special Guest.

Mr. Sabbir Ahmed FCA, Managing Partner, Ahmed Sheikh Roy & Co., Chartered Accountants presented a keynote paper on "Pre-Budget Discussion: Addressing Economic Challenges". Mr. Mohammad Asad Ullah FCS, President of ICSB delivered the welcome speech, while Mr. M Nurul Alam, Senior Vice President and Chairman of the Seminar and Conference Sub-Committee of ICSB chaired the session. Mr. Md Zakir Hossain, Secretary & CEO of ICSB invited and introduced guests on the stage and welcomed all the participants.

In his welcome speech, Mr. Mohammad Asad Ullah FCS, President of ICSB, delivered the welcome speech and thanked everyone for joining the Seminar of ICSB. He especially thanked Dr. Atiur Rahman and Professor Dr. Muhammad Shahadat Hossain Siddiquee for being present to share their special insights. He also thanked the Keynote Speaker Mr. Sabbir Ahmed FCA for his informative Keynote Paper presentation. 

He also mentioned tightening the control of inflation and undertaking strong measures to reduce the rising cost of essentials, fiscal and financial measures for clean energy, protecting public health, incentivizing education and environment. He also focused on, Government should raise revenue collection by expanding the tax net to create more fiscal space and to have special attention to food production, social protection, subsidies for agriculture and health. He also mentioned for taking strict measures to ensure good governance and restore discipline in the financial sector of the country.

During the discussion, Mr. M Nurul Alam FCS, Senior Vice President of ICSB stated that the world economy is unstable and in crisis following the COVID-19 pandemic, Russia-Ukraine war and Israel-Palestine war. Bangladesh’s economy is in crisis for upward trend of prices of commodities, inflation and unstable Dollar exchange rate. He hoped that the upcoming budget will address the challenges to managing the commodities prices may get stable in the market, capital market gets stable, inflation may under control and Dollar exchange rate goes down as the way forward to reduce suffering of mass people. 

Mr. Sabbir Ahmed FCA, Managing Partner of Ahmed Sheikh Roy & Co., Chartered Accountants presented a Keynote Paper on "Pre-Budget Discussion: Addressing Economic Challenges". In his presentation he comparatively analyzed the last five years budget. He also discussed about current social, economic and global contexts. He also mentioned that budget cannot solve monetary issues like Doller crisis, default loans, banking sector reforms, etc. 

Special Guest Professor Dr. Muhammad Shahadat Hossain Siddiquee thanked ICSB for arranging such an important Seminar. He mentioned that government should ensure the rationality of source of income. He suggested to reduce at least 20% of informal foreign transaction. Government should take corrective measures to stabilize our fiscal policy. Pointing on the poor allocation of education and health sector budget which needs to be significantly enhanced for the sustainable development of our country. He further mentioned – Bangladesh is a developing country with many challenges, but successfully managed to overcome all shocks confidently. While discussing the way forward, he suggested to take effective strategies to handle difficult situations with an aim to achieve a double digit GDP growth. 

The Chief Guest Dr. Atiur Rahman elaborately discussed on the existing and looming economic challenges and way forward for Bangladesh. He said that for this year Government may be going for a conservative budget. We need to focus on stability of macro economics and need to increase the spread of revenue collection and it should be digitized. He also mentioned to specially consider the education, health sector. He said to increase the special incentive for agriculture and mentioned that our Prime Minister always says that we do not give subsidy to agriculture but it is an investment. 

Finally, he mentioned to careful thus the tax of middle income people do not increase and allocate Special budget for environmental management. 

The programme was attended by a decent number of Members of ICSB, Government Officials and Professionals from different fields. The discussion session was followed by an interactive floor discussion session, where the Keynote Speaker answered various questions of the participants. 

At the end Mr. Abul Fazal Mohammed Rubayat FCS, Council Member and Chairman of the Education Committee of ICSB concluded the session with a Vote of Thanks to the Chief Guest, Special Guest, Keynote Speaker, Members of ICSB and all participants of the Seminar.