Tarique unveils 3-R strategy at UNGA for Bangladesh’s recovery, restoration and reconstruction.
Prime Minister Tarique Rahman delivered his address for the first time as Prime Minister of Bangladesh at the 81st session of the United Nations General Assembly (UNGA) in New York on Thursday.
The backdrop to his speech was a Bangladesh battered and devastated by more than one and a half decades of fascist rule and exploitation. The country’s economy had been left in a deeply weakened state.
Against this backdrop, the prime minister unveiled his 3-R strategy at the world forum for repairing and rebuilding the country after this catastrophe.
The three pillars of the strategy are recovery, restoration and reconstruction. The Planning Commission prepared the strategy under the directives and with the support of the prime minister.
The government adopted the three-step strategy immediately after coming to power with the aim of reviving the country and putting the economy back on track. The prime minister placed this plan before the international community from the dais of the United Nations.
Implementing the strategy, however, will require extensive work. The tax-to-GDP ratio will have to be raised by three percentage points to strengthen the country’s capacity to finance development. At the same time, the impact of inflation will have to be addressed.
The recent surge in global energy prices has made the situation even more difficult.
The war involving Iran, the USA and Israel has further aggravated the energy crisis in Bangladesh. In such circumstances, the government had little alternative but to raise energy prices.
At the same time, the country is struggling under the burden of accumulated domestic and foreign debt. The repayment of interest and loan instalments could become a major impediment to development in the years ahead.
Yet borrowing itself need not become a problem if the borrowed funds are utilised productively and generate returns for the economy.
Revitalising the national economy will also require major reforms in the banking sector. It is encouraging that Prime Minister Tarique Rahman did not seek foreign assistance from wealthy countries to overcome Bangladesh’s economic crisis.
His speech, reflecting a policy of Bangladesh First, placed emphasis on Bangladesh’s own commitment and responsibility to overcome the crisis.
The Rohingya issue has now emerged as a ‘big burden’ for the country. Bangladesh’s security has also become increasingly vulnerable as the Rohingya people have yet to return to their own country.
“If the international quarters fail to resolve the problem, then a severe humanitarian crisis is likely to arise,” Tarique Rahman said in his address.
The prime minister, in his address, upheld his position in favour of nuclear disarmament. He also reiterated Bangladesh’s support for an independent Palestinian state and called for a solution to the longstanding issue.
Peace will not come to the Middle East, nor will peace across the world be secure, until the Palestinian issue is resolved.
Bangladesh has consistently voiced its position against colonialism and occupation. The sympathy of the Bangladeshi people for the suffering of the people of Gaza and Palestine was also reflected in Prime Minister Tarique Rahman’s speech.
He also drew the attention of UN member states to some of the most pressing challenges facing the contemporary world.
Among these are combating climate change, promoting women’s education, ensuring child health and safety, and ensuring the rational use of artificial intelligence. If the international community does not come forward to address these challenges, human civilisation could face serious threats, the prime minister said.
In particular, the impact of climate change has now created a serious danger for Bangladesh.
For building a prosperous Bangladesh, Prime Minister Tarique Rahman expressed his commitment to creating an investment-friendly Bangladesh. The remnants of the devastation caused by fascist rule will have to be eliminated to mobilise both domestic and foreign investment in Bangladesh, and this remains a major challenge at the present moment.
The prime minister has also kept the door open for dialogue with neighbouring countries on issues concerning Bangladesh’s national interests.
In his remarks, he said, “We believe that any problem should be resolved through dialogue, diplomatic processes, and mutual cooperation.”
Tarique Rahman said Bangladesh is waiting to graduate from the status of a least developed country. “Assured financing, greater market access, technology transfer and capacity building are essential to make the graduation sustainable,” he added.
(The writer is a National Professor, renowned economist, academic, and political analyst)
