Bangkok:Prime Minister's Adviser on Finance and Planning, Prof Dr. Rashed Al Mahmud Titumir, announced that Bangladesh will present its locally driven economic reform agenda at the World Bank-IMF Annual Meetings in Bangkok, Thailand, from October 12 to October 18. These reforms are based on domestic policy commitments rather than external pressures.
According to Bangladesh Sangbad Sangstha, the adviser emphasized that multilateral development partners are increasingly confident in Bangladesh's economy. The government has independently identified structural weaknesses and initiated reforms, differentiating this approach from previous IMF programs which were undertaken under pressure. The current strategy includes strong political commitment, domestic identification of issues, and collaboration with international institutions.
The adviser noted that Bangladesh's government aims to restore discipline in the banking sector by reducing political influence on bank boards and enhancing depositor protection. Recently, depositors at five troubled banks and the Combined Islamic Bank have been allowed fund withdrawals. Additionally, a refinancing initiative is underway to support businesses, particularly in northern Bangladesh and among women entrepreneurs.
The government has improved revenue collection by introducing task forces for domestic resource mobilization, raising revenue growth to 10 percent. Efforts are ongoing to shift towards a growth model focused on production and investment. There is renewed foreign investment interest, with progress at the Chinese Economic and Industrial Zone and engagement from technology firms.
Multilateral support for Bangladesh has increased, with commitments from the ADB, IsDB, and World Bank. On social protection, the new Family Card initiative aims to reduce poverty, targeting a decrease in the poverty rate by about five percentage points. Inflationary pressures are attributed to external shocks, contrasting past issues linked to domestic factors.
Bangladesh's diversified development-financing strategy combines various loan types with domestic bonds to maintain flexibility and sustainability, fostering a partnership-based relationship with multilateral institutions.