Dhaka, Bangladesh (BBN) - Dr Salehuddin Ahmed assured today that discrepancies in export data will be addressed promptly.
Mr Ahmed who is overseeing the Ministries of Finance, Commerce, and Science and Technology to the interim government, also mentioned plans to finalize export targets and review the national budget, emphasizing the interim government's commitment to transparency and effective governance.
Mr Ahmed made the important announcements today while addressing reporters at his ministry.
He also discussed a range of pressing issues, particularly the need to reconcile discrepancies in export data reported by different government agencies.
During the discussion, Mr Ahmed pointed out that there have been inconsistencies between the export data from the Export Promotion Bureau (EPB) and the ASYCUDA system, which is managed by the National Board of Revenue (NBR).
These discrepancies have created confusion and require immediate attention.
He also revealed that he has already instructed the EPB to reconcile these figures as soon as possible to ensure accurate reporting.
Additionally, he mentioned that the EPB is working on making projections for future export earnings.
This projection will be established after setting a clear and achievable target for export growth.
During the briefing, the adviser highlighted that these steps are crucial for maintaining the integrity of the country's economic data and for making informed policy decisions.
A board meeting of the EPB is expected to be held soon, where all outstanding issues related to export data will be finalized.
Me Ahmed emphasized that the officials at the EPB are actively working on these matters, and he expects the discrepancies to be resolved in the near future.
The accurate reconciliation of export data is also important because there has been a noticeable gap between the figures reported by the Bangladesh Bank and those recorded by the ASYCUDA system of the NBR.
On July 3, the Bangladesh Bank released data on the Balance of Payments (BoP) for the July-April period of the 2023-24 fiscal year.
This data showed that the country's exports were nearly $14 billion less than what the EPB had initially reported.
While the EPB had earlier indicated a 3.93% growth in exports during this period, the reconciled data from the Bangladesh Bank revealed a 6.8% decline.
These significant differences underscore the need for accurate and consistent reporting.
When asked whether the reconciled export data would impact the calculation of the Gross Domestic Product (GDP), he clarified that GDP is usually calculated based on the production method, which involves around 19 different sectors.
Therefore, he believes that the reconciliation of export data will not significantly impact GDP calculations. However, he noted that more detailed information would be available later.
In addition to discussing export data, he addressed the issue of torn and dilapidated currency notes, particularly those of smaller denominations like Tk10, Tk5, and Tk20.
He acknowledged that such issues are common due to the mishandling of notes by the public.
He compared this situation to the handling of US Dollars, where such mishandling is rarely seen.
Salehuddin mentioned that he plans to discuss this matter with the current central bank governor, as the replacement of old currency notes cannot be proceed until new notes are printed.
Furthermore, the adviser touched on the interim government's efforts to inject dynamism into the financial sector.
He noted that the Council of Advisers has recently repealed the provision for whitening black money, and the central bank governor is actively reconstituting various bank boards to enhance their effectiveness.
Regarding the revision of the national budget, Mr Ahmed indicated that the planning adviser would take all necessary steps to revise the Annual Development Programme (ADP), with support from the Economic Relations Division (ERD).
He also mentioned that the national budget would undergo rationalization to eliminate unnecessary expenditures.
However, when asked if these revisions would be completed before the annual meetings of the World Bank and IMF, he declined to provide further details.
Commerce Secretary Md Selim Uddin, EPB Vice Chairman Md Anwar Hossain, and other senior officials attended the meeting where these discussions took place.
BBN/SSR/AD