Dhaka: The government has introduced a series of strategic measures aimed at strengthening the country’s fragile economy in response to global recessionary pressures and ongoing instability. Finance Minister Amir Khasru Mahmud Chowdhury highlighted these efforts in Parliament while responding to a query from BNP lawmaker Joynal Abedin (Feni-2) about the steps being taken to fortify the economy against these challenges.
According to Bangladesh Sangbad Sangstha, the Finance Minister addressed Parliament with Deputy Speaker Barrister Kayser Kamal presiding. He emphasized that upon assuming office, the current government faced numerous economic challenges, including global instability, rising commodity prices, pressures on foreign transactions, and banking sector weaknesses, along with various economic irregularities left by the previous administration.
Despite these challenges, Minister Khasru outlined that the government has implemented a comprehensive set of measures designed to create a more robust, stable, and dynamic economy. In light of Middle East tensions, initiatives have been launched to ensure energy security by importing fuel oil and LNG from alternative sources. The government also aims to secure budget support from development partners to manage escalating global energy prices and promote energy-saving measures.
Efforts are focused on strengthening the economic foundation, reducing public suffering, enhancing investment and employment opportunities, restoring banking sector discipline, and ensuring transparency and accountability in public financial management.
Key actions being taken include controlling inflation and maintaining macroeconomic stability by ensuring the supply of essential commodities, managing food imports and stocks, and adopting supportive fiscal and monetary measures. The government is also working on strengthening the external sector by increasing remittances and export earnings, reducing unnecessary imports, and stabilizing the exchange rate.
In the banking and financial sector, reforms are underway to reduce irregularities, protect depositors, strengthen loan recovery, and restore confidence in the system. Revenue growth and tax reforms are being pursued by simplifying the tax system, expanding the tax net, and utilizing technology to reduce tax evasion.
Social protection programs have been bolstered to shield low-income groups from inflation, with a pilot program providing Tk 2,500 per month to 37,814 women in 14 areas through the G2P method, with plans to extend the program to 5 million poor families in phases.
The government is also focused on creating an investment-friendly environment, encouraging private sector growth, expanding industry and service sectors, and involving youth in economic activities. Transparency in public financial management is being enhanced through technology-based monitoring of government expenditure.
Additional efforts include ensuring food, agriculture, and energy security by maintaining food supply, agricultural production, and fuel availability, alongside developing domestic energy sources and introducing agricultural cards. Long-term structural reforms are targeting governance, institutional capacity building, export diversification, foreign investment attraction, sustainable development, and climate-resilient financing.
Khasru concluded by affirming the government’s commitment to continued coordinated efforts to navigate global and domestic economic challenges, aiming to build a stable, transparent, and sustainable economic system for the future.