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Getting the fundamentals right

Mamun Rashid
AS a nation, we are yet to learn how to make constructive criticism. I have always noticed the unnecessary exaggeration whenever we make remarks on something or aBout someone, be it positive or negative. Moreover, in most cases, we do not recognise the good deeds of a person during his life and fail to show respect. We either see exaggerated admiration or ruthless disparagement. We pay tribute only after someone's death.
I wrote a small piece, "M. Saifur Rahman," in 2006 on our former finance minister, who died recently in a tragic road accident I wrote about him not because he was the longest serving finance minister in our country; but because I wanted to portray how a finance minister of a developing nation encounters multidimensional challenges and how it is possible to work relentlessly for the betterment of the nation against all odds.
M. Saifur Rahman is possibly the only one in Bangladesh who has left his footprints in each economic policy of this
country, which are not only visionary but also provide us direction for development. He was acclaimed for his inventiveness in policy making; nevertheless, he was also criticised. In my childhood, one of my teachers taught me that "the man who does not make any mistake in life has actually not tried to do anything meaningful." With this reminiscence, I just want to state that M. Saifur Rahman never retreated from his objectives for fear of making mistakes.
As a finance minister, M. Saifur Rahman had one specialty - he had always been an advocate of market driven economic management - and formulated policies accordingly. Hence, we see that many economic reforms were undertaken during his era. Convertibility of Bangladeshi taka, floating exchange rate regime, food for education program and privatisation of the SoEs are the exemplary reforms in the financial sector.
All these reforms not only uphold his long-term vision and courage as a policy maker, but also establish him as a successful political leader who could bargain and negotiate with various stakeholders and self-interest groups and make them
understand the long-term benefits of such policy measures. He also successfully implemented "Value Added Taxes" (VAT) and thus broadened and increased the country's revenue base. Not all of the initiatives were gladly accepted, however, but he executed whatever he believed in.
Saifur Rahman could face the crises and challenges in formulating long-term economic policy for a developing nation arid all the stakeholders, ihtTiicffng the political parties, key economists of the country, civil society and most importantly the common people. Prior to announcement of the budget, the finance minister receives requests from various business segments to lessen taxes/levies. In response to that, M. Saifur Rahman asked how government revenue receipts would increase if tax rates were reduced in every industrial segment and how the shortfall in annual development programs (ADP) would be covered. He emphasised the need for domestic resource mobilisation and reduction of the dependency on foreign grants and aids, and for privatisation.
Every year, state owned enterprises incur huge losses, which the government has to make up with significant amount of subsidies. These subsidies are entirely funded by the revenue receipts, whereas the revenue receipts are meant to finance the development budget. The prime challenge of a finance minister is to ensure proper allocation of resources, which is scarce in a developing nation like ours. Saifur Rahman could reach all the stakeholders and was able to build a
broad consensus around economic priorities. As a result, the closure of Adamjee jute mills was possible without
any major debacle. AU these achievements had increased Saifur Rahman's credibility to the development partners
and increased our bargaining power as a nation.
As a finance minister, M. Saifur Rahman never hesitated to raise unwelcome issues, rather he always spoke his mind. He was vocal about the ground realities of executing reforms as well as concerned about lack of corporate governance, skiUs and transparency in the private sector. His words against such issues created a lot of debate and many quarters, including the media, criticised him. However, people who were in disagreement with his views had to support him in the end, because all of them knew that such discussions were necessary for long-term development. To find solutions for every critical issue is difficult, but he pursued a way out relentlessly. Many a time, such efforts could not materialise because of political realities, but he kept on looking beyond the box.
The success and failure of M. Saifur Rahman as a finance minister, therefore, represents our collective efforts as a nation. We should appreciate his role as finance minister on the basis of his firm determination to work for the betterment of this nation and continuously push for solutions. We can learn about our flaws from his failures, we can shine in glory from his achievements. The very name, M. Saifur Rahman, signifies persistence and prosperity - an adamant endeavour to place Bangladesh on the global map. We will remember him, for getting the fundamentals right for Bangladesh.
Mamun Rashid is a banker and economic analyst