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Economy

Titumir: Past Government's Flawed Policies and Import Dependence Caused Bangladesh's Energy Crisis

The ongoing electricity and energy crisis in Bangladesh stems from the fallen government's flawed energy policies, excessive import dependence and failure to build national capacity, according to Finance and Planning Adviser Prof Dr Rashed Al Mahmud Titumir.

By Staff Correspondent
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Titumir: Past Government's Flawed Policies and Import Dependence Caused Bangladesh's Energy Crisis

The ongoing electricity and energy crisis in Bangladesh is primarily the result of the fallen government's flawed energy policies, excessive dependence on imports and failure to build national capacity, according to Prof Dr Rashed Al Mahmud Titumir, Adviser to the Prime Minister on Finance and Planning. Speaking as the chief guest at a seminar titled "Economic Context and Emerging Challenges: Priorities for the Future", jointly organised by the Economic Reporters' Forum (ERF) and the Centre for Policy Dialogue (CPD), Titumir stressed that the current crisis has no connection with the present government. He pointed out that past wrong policies and decisions, insufficient gas exploration, lack of development of domestic energy resources and inadequate initiatives to achieve renewable energy targets have contributed to the present situation. Bangladesh's dependence on imported LNG, currently costing around $11 per unit from Qatar, highlights the need for adequate domestic gas supplies and exploration capacity. Titumir called for an assessment of the economic cost of past failures in the energy sector, including the "cost of inaction" and the "cost of wrong doing", as well as the money siphoned out of the country and the debts and liabilities accumulated in the energy sector. He urged relevant organisations to undertake such research, emphasizing the importance of accountability in government spending. The present government, he said, is working to address the inherited problems and ensure future energy security by increasing solar power generation and turning electricity consumers into producers through net metering. Initiatives include purchasing electricity from solar power producers and providing incentives for solar power and related equipment. Titumir also highlighted the government's plans to expand health services at the upazila level and bring down inflation to 6 percent. A package worth around Tk 60,000 crore has been announced to reopen closed factories, with financing set to begin from September. He urged the media to examine the revenue collection figures, particularly those from mid-February to June 30, to assess the actual performance. The government's objective, he said, is to overcome past losses and establish an accountable, effective and sustainable state system. ERF President Daulat Akter Mala chaired the seminar, with National Professor Dr Mahbub Ullah, FBCCI Administrator Fazlul Hoque and CPD Distinguished Fellow Dr Fahmida Khatun attending as special guests.

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Source: BSS

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#energy crisis#Titumir#flawed policies#import dependence#Bangladesh#economy#solar power#health services

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