DHAKA, Feb 9, 2023 (BSS) - The Institute of Cost and Management Accountants of Bangladesh (ICMAB) organized a continuing professional development program on "Bangladesh Economy - Recent Challenges and Way Forward" at the ICMAB Ruhul Quddus Auditorium in the capital on Tuesday.

Dr Mohammed Farashuddin, former Governor of Bangladesh Bank, attended the program as the chief guest while Mohammad Mamdudur Rashid, managing director and chief executive officer, NCC Bank Ltd attended as the session chair. 

Md Mazibur Rahman, managing director, Probashi Kalyan Bank, and Dr. Ziaul Abedin, joint secretary, Macro Economic Policy Analysis and Forecasting, Ministry of Finance were present as the commentators.
 
Arif Khan, former president and present council member of ICMAB and vice chairman, Shanta Asset Management Limited, presented the keynote paper.

Mohammed Salim, former president and present council member of ICMAB, gave the address of welcome, said a press release today.
 
Dr Farashuddin appreciated the concerns that popped up and the way out suggested by the resource person.
 
To ensure the readiness for future crises and sustainable growth, Dr. Farashuddin also emphasized the necessity of industry and export diversification, access to finance for micro and small entrepreneurs, investment in education, skill-based training, and human resource development. 

"Despite the existing challenges, I am intensely hopeful about the country's economy as it has successfully tackled the covid-19 effect," he added.

In his speech, Md Abdur Rahman Khan, ICMAB President, highlighted how professional Cost and Management Accountants (CMAs) are contributing to Bangladesh economy. 

"The vision of the ICMAB is to help Bangladesh become an industrialized nation by promoting and regulating cost and management accounting to enhance economic competitiveness and quality of life", added Rahman.

In the technical session, Arif Khan presented the economic scenario of the globe and the South Asian countries during the post-COVID period and the ongoing Russia-Ukraine war.
 
In explaining the effect of the global economic crises on Bangladesh economy, Khan identified possible challenges for the Bangladesh economy are the prevailing current account deficit, depletion of forex, depreciation of the local currency, and high commodity price. 

He also suggested rationalization of interest rates, market-driven exchange rates, and curbing the luxury import as the short-term action plan.

A good number of professional cost and management accountants took part in the question and answer session.

ICMAB secretary Md. Kausar Alam gave the vote of thanks.