The government should take no electricity no pay policy now: CPD

Centre for Policy Dialogue (CPD) has urged the government to take no electricity no pay policy now. 

Khondaker Golam Moazzem, research director of the CPD came up with the call while addressing a media briefing on slowdown in global economy and challenges for Bangladesh at its office in Dhaka on Thursday.

Nothing that the measures the government have taken are right but not adequate, he said: "Most of the measures are short-term although we are in a mid-and long-term crisis."

The current crisis such as high food prices may exacerbate poverty and may increase employment crisis in the country, he said.

So, ensuring adequate foreign currencies will not be enough as the country may be hit by a shortage of food, he added.

The CPD also suggested that the government should form a committee comprising representatives from various ministries, including Prime Minister's Office, finance ministry, other state agencies and non-state actors, to ease the growing economic crisis.

The committee should monitor key correlates and trends, make required policy advise and take necessary actions, it added.

The local think-tank also urged the government to revisit and revise the minimum wages of workers in all industries immediately.

The civil society body also suggested that Bangladesh Bank should now refrain from selling foreign currency to contain foreign exchange reserves.

It recommended introducing floating exchange rates instead of multiple rates to manage the external account better.