Prof. Nurul Islam given Bangladesh Bank Award

Noted economist Prof Nurul Islam on Wednesday was critical of creating Bank and Financial Institution Division under the Ministry of Finance, saying that it will undermine the supervision by the Central Bank.
“The supervision of Bangladesh Bank has been recently diluted by the emergence of Bank Division of the Ministry of Finance,” he said while addressing the distribution ceremony of Bangladesh Bank Award 2009 at a city hotel in the afternoon.
Prof. Nurul Islam, who led the Planning Commission of new-born Bangladesh, was given the award for his lifelong contribution to theoretical and applied development economics in domestic, regional and global arena.
Finance Minister AMA Muhith, as the chief guest at the function, handed over a gold medal and Tk 200,000 to the renowned economist. Bangladesh Bank Governor Dr. Atiur Rahman, who chaired the function, handed over the Bangladesh Bank crest to Nurul Islam.
Bangladesh Bank Deputy Governor Murshid Kuli Khan gave the welcome address at the function while Bangladesh Economic Association (BEA) president Qazi Kholiquzzaman Ahmad read out a brief life sketch of Prof. Nurul Islam.
Prof. Mosharraf Hossain, a former teacher of Dhaka University, recalled his days with Prof. Islam as a classmate and spoke about his qualities.
Nobel laureate Dr. Muhammad Yunus, eminent jurist Dr Kamal Hossain, formers advisers to the caretaker government Dr. Mirza Azizul Islam, Dr. Akbar Ali Khan and Hossain Zillur Rahman, as well as economists, and high officials of banks and financial institutions were present on the occasion.
After receiving the award, Prof. Nurul Islam said that in order to attract highly skilled people at the central bank, the question of adequate compensation is very important.
“The Bangladesh Bank is rather very mild, it is controlled by the government… this seriously hampers the quality of staffs.”
He added: “Adverse effects of export fall like the garments are not affecting the same groups, its time to draw out how the various groups are affected… design action for them, allow funds for them and these are the challenges before the international agency and the government.”
He observed that in Bangladesh, inequality of income has aggravated over the recent years. There has been an astronomical increase and the land owners’ income has gone up several hundred times.
Prof. Nurul Islam, having a glorious professional career spanning six decades following superlative academic performance in Dhaka and Harvard University, also spoke about the shortcomings of market economy, financial crisis, financial globalization, regulatory reforms, export-led theory and safety measures.
Addressing the function as chief guest, Finance Minister AMA Muhith said that Prof Islam began his career in research with trade and later he worked in the fields of planning, and most importantly on food and food security.
He said that everyone, including the Bangladesh Bank, should feel proud to honour such a distinguished personality.
Recalling his memories, Prof. Mosharraf Hossain highly praised the leadership quality of Nurul Islam. “He (Prof. Nurul Islam) has earned the respect of all for his commitment and efforts.”
Prof Mosharraf said that it was Prof. Nurul Islam who gave the first five-year plan in independent Bangladesh.
Bangladesh Bank Governor Dr. Atiur Rahman said Prof Nurul Islam groomed an entire generation of economists in the subcontinent while teaching at Dhaka University, directing the Pakistan Institute of Development Economics (PIDE) and chairing the Bangladesh Institute of Development Studies (BIDS).
He said that shortly before the liberation war, Prof Islam won the rare success of getting the Karachi-based PIDE transferred to Dhaka in the face of fierce opposition.
Prof Nurul Islam, who had close personal and working relationship with father of the nation Bangabandhu Sheikh Mujibur Rahman, worked subsequently in FAO at Rome and in IFPRI at Washington DC. In FAO, he was instrumental in the selection of Dhaka as the headquarters of CIRDAP, a regional institute for research on rural development.
Prof Islam had authored 25 books and published more than 100 articles in leading international journals. He is now based in Washington DC and is an emeritus research fellow of IFPRI.

Courtesy of UNB via The New Nation