It’s not that we’ve done everything bad: Salehuddin Ahmed on interim govt’s tenure

Salehuddin Ahmed, who served as the Finance Adviser to the immediate past interim government, has remarked that many crucial tasks could not be accomplished due to the government’s ‘limited powers’ and a lack of a ‘political mandate’.

Speaking on their tenure, he noted that they assumed responsibility at a time when the country’s economy was in a deep crisis; consequently, their focus had to remain on managing a collapsed system rather than initiating new reforms.

Addressing those who question what the government achieved over the past 18 months, Salehuddin Ahmed stated, “Everything does not change in a day.” He added, “It’s not that we’ve done everything bad.”

Former interim government Finance Adviser Salehuddin Ahmed addresses the 58th convocation of the Institute of Business Administration, Dhaka University at the Bangladesh-China Friendship Conference Centre on Thursday. A total of 365 graduates from the BBA, MBA, EMBA and DBA programmes took part in the ceremony.

Speaking at the event, he identified the lack of a political mandate as the interim government’s primary constraint. “We lacked the strength, and we lacked the mandate,” he said, noting that this often hindered the implementation of decisions at the desired pace.

The former adviser highlighted that upon taking office, they were met with volatility in almost every economic sector, including banking, capital markets, and revenue administration. Foreign exchange reserves were dwindling, and the current account and overall balance of payments were in the red.

He claimed that a degree of stability has now returned to these indicators.

Salehuddin Ahmed said that although visible changes were not achieved in every area during the tenure of the previous interim government, foundational reforms were carried out in various sectors of the economy and administration. “I use two words — repair and reform,” he said. “First, we had to repair things, and then we moved towards reform.”

“Many wish to see immediate transformation, but a deep-seated economic crisis cannot be resolved overnight,” he said, adding that the situation was such that the economy first had to be “pulled back from the brink of the precipice.”

Regarding the banking sector, the former Finance Adviser pointed out that years of irregularities, political interference, and weak legislation had complicated the situation.

He stressed that administrative orders alone cannot bring change without legal reform. “One cannot expect good results while retaining bad laws,” he remarked.

He acknowledged that significant challenges remain within the banking sector, with some banks requiring massive financial injections. Furthermore, recovering laundered money from abroad is no easy feat. However, he noted that modern technology and international cooperation now provide better opportunities for asset recovery than in the past.

Salehuddin Ahmed also pointed to a lack of good governance in both the public and private sectors. He argued that a weak culture of accountability has led to waste and inefficiency, citing examples of two-year projects dragging on for over a decade.

He expressed concern over the energy sector, noting that Bangladesh had long neglected new gas exploration while neighbouring countries surged ahead. He also touched upon the decline in productivity within the industrial sector.

Speaking on exports, the former adviser observed that despite long-term incentives, many industries have failed to become competitive. He remarked that sectors protected as “infant industries” have yet to reach full maturity.

Looking ahead, Salehuddin Ahmed believes the new realities of the global economy—particularly US trade policy, competition with China, and global tariff shifts—will pose further challenges for Bangladesh.

Nonetheless, he maintained that the country possesses immense potential, provided it ensures good governance, efficiency, and accountability.

Citing the examples of South Korea and Vietnam, he noted that those nations progressed significantly from similar starting points, and Bangladesh could do the same.

Addressing the graduates, he warned that the world is changing rapidly and opportunities are becoming more competitive. He emphasised that there is no substitute for skill, knowledge, and sheer hard work.

The chief guest, Vice-Chancellor of Dhaka University Professor ABM Obaidul Islam, stated that in a fast-changing world, the new generation must provide moral leadership alongside professional expertise.

He remarked that the recent student-led movements demonstrated that “change is inevitable when there is clear vision and honest intent.”

He urged IBA students to lead the “New Bangladesh” with integrity, humanity, and professional excellence, cautioning them against taking “shortcuts” in their careers.

He also stressed the importance of lifelong learning in the age of Artificial Intelligence and rapid technological shifts. “The world does not lack good managers; it lacks humane leadership,” the VC added.

The ceremony was presided over by IBA Director Professor Abu Yousuf Md. Abdullah, with a welcome address by Professor Iftekharul Amin.

During the convocation, degrees were conferred upon 116 BBA students, 126 MBA students, 122 EMBA students, and one DBA student.

This year, 26 students were named on the ‘Director’s Honour List’ for outstanding academic achievement, while two students were awarded gold medals.