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“There are many challenges that must be addressed. Not all crises can be resolved overnight,” AH Mahmood Ali said
Published : 14 Jan 2024, 02:10 PM
Finance Minister Abul Hassan Mahmood Ali says many challenges are standing in the way of the development of Bangladesh and its economy and requested ‘a little time’ to figure out the situation.
On Sunday, his first working day at the Secretariat since his appointment, Ali met with four secretaries from the Ministry of Foreign Affairs and representatives from related offices and agencies for a discussion. He gave a nearly 25-minute speech after hearing the opinions of several officials.
Describing his long career as a diplomat and the context of Bangladesh’s development, he said, “There were challenges then, there are challenges now. We must face these challenges to move forward. Many challenges must be addressed. Not all crises can be resolved overnight. Give us some time to understand the situation.”
Before entering politics, Ali studied economics and became a diplomat by profession. Before joining the diplomatic corps, he taught economics at Dhaka University for a time.
He takes the reins of the finance ministry as record inflation is making life harder for the public, and the price of the dollar and dwindling reserves have become headaches for the government. Calls for reforms and good governance in the finance and banking sector have grown louder.
“We need time to bring the price of essentials under control for Ramadan. The finance ministry cannot control the price of goods alone. We will work in coordination with the Ministry of Commerce. Not everything can be fixed overnight.”
“Work will be done to prevent money laundering. The price of the taka has fallen. We have to work on that too. Let us see what we can do.”
In the aftermath of the coronavirus pandemic, the Ukraine war shocked the world economy. Bangladesh also felt the impact of global headwinds.
During this critical period, AHM Mustafa Kamal's role as finance minister was questioned time and again.
Kamal struggled to stay fluent during the budget announcement in the last few years due to complications from old age. At that time, MA Mannan, who was the planning minister in the previous government, extended him a helping hand.
Many assumed Mannan could succeed Kamal as the finance minister. However, both of them were eventually dropped from the cabinet.
Mahmood Ali’s name came as a bit of a surprise after Hasina unveiled the line-up of her new cabinet with a flurry of announcements on Wednesday.
Mahmood Ali was elected to parliament for the fourth straight term from the Dinajpur-4 constituency in the Jan 7 balloting.
Despite not being a part of Hasina's previous cabinet, he has served as a minister twice before.
In 2012, Mahmood Ali was given the responsibility of helming the Ministry of Disaster Management and Relief.
After serving that ministry for a year, he was made the foreign minister. He played a crucial role in developing Bangladesh's relations with several countries for five years.
In 2014, Ali helped stave off the brewing maritime boundary dispute between Bangladesh and India. The exchange of enclaves also took place between the neighbours on his watch.
Later, in 2018, he chaired the parliamentary watchdog on the finance ministry, holding officials to account.
The 81-year-old politician returned to work on Sunday after being appointed to lead the Ministry of Finance.
