Bangkok:The World Bank and the International Monetary Fund (IMF) have expressed confidence in Bangladesh's social protection initiatives, including the Family Card and Farmers' Card, as effective measures to mitigate economic hardship and reduce poverty amidst ongoing inflation and the Middle East crisis.
According to Bangladesh Sangbad Sangstha, Prime Minister's Adviser on Finance and Planning, Prof Dr Rashed Al Mahmud Titumir, emphasized the government's commitment to these programs during a press briefing at the IMF and World Bank Group annual meetings in Bangkok. These initiatives are designed to assist those who have fallen below the poverty line and prevent vulnerable households from slipping into poverty.
Dr. Titumir highlighted the impact of prolonged inflation and the Middle East crisis on the cost of living, particularly for low-income individuals, citing increased fuel and electricity prices as contributing factors. He noted that the government is actively working to minimize the burden on ordinary citizens and has implemented measures to ensure that social protection benefits reach the intended recipients through digital public infrastructure.
The adviser also mentioned the need for reforms in revenue collection and the financial sector, pointing out recent positive changes in revenue growth. He stressed the importance of restoring confidence in the banking sector, with efforts underway to address past financial irregularities and improve the banking system's credibility.
The ongoing meetings in Bangkok present an opportunity for Bangladesh to engage with international partners on economic reforms and development financing, aligning these discussions with the country's priorities for sustainable development.