Prime Minister’s Adviser on Finance and Planning Dr Rashed Al Mahmud Titumir yesterday said that the government inherited a fragile economy, and Bangladesh is currently going through a critical period of economic transition.
“As a result, low- and middle-income people are facing considerable pressure,” he said at an exchange of views with journalists at the Rajbari Poura Milonayatan on Wednesday afternoon.
He said economic weakness had also affected investment and increased unemployment.
The government had outlined its reform plans in its election manifesto, with restoring discipline in the banking sector among its key priorities.
On revenue collection, Titumir said revenue had fallen to a very low level under the previous government. The current government aims to increase revenue without raising tax rates, he said.
The crisis in the Middle East and rising energy prices had also created fresh pressure on the country’s economy.
Against this backdrop, various organisations have presented different projections regarding Bangladesh’s gross domestic product (GDP) growth, he said.
Referring to the International Monetary Fund’s (IMF) GDP growth projections, Titumir said a fundamental issue had been overlooked in some discussions circulating on social media.
Without the necessary reforms, economic growth would decline further, he added.
Highlighting the government’s reform initiatives, the adviser said restoring discipline in the banking sector and increasing revenue collection were urgent priorities.
The government had undertaken several social protection programmes to prevent people from falling below the poverty line amid mounting inflationary pressure, he added.
The government is also seeking to ease pressure on households through Family Cards and Farmer Cards, he said, adding that it was important to prevent people from falling below the poverty line because of rising prices.
Rajbari Deputy Commissioner Abdus Salam, District Information Officer Rekha Islam and journalists from print and electronic media outlets in the district attended the meeting.