Economic Crisis Will Not Ease Without Reforms: PM's Economic Adviser

Photo: Collected

News Desk: Dr. Rashed Al Mahmud Titumir, the Prime Minister's Adviser on Finance and Planning, has emphasized the importance of implementing reforms to restore stability to the country's economy by establishing discipline in the banking sector, increasing revenue collection, and strengthening social protection.

He made these remarks on Wednesday (October 21) afternoon during an exchange of views with journalists at the Rajanigandha Auditorium of Rajbari Municipality.

The Finance Adviser said that the government had inherited a fragile economy. In addition, the Middle East crisis has created further pressure on the economy due to rising inflation and fuel prices. As a result, the cost of living for ordinary people has increased. Many people are having to use their savings and take out loans to meet their daily expenses.

He said that the weaknesses of the economy have also affected investment. Unemployment has increased as well. To overcome this situation, the government has outlined its reform plans in its election manifesto. One of the main objectives is to restore discipline in the banking sector.

Outlining plans to increase revenue collection, Dr. Titumir said that revenue collection had reached its lowest level during the tenure of the ousted government. The government aims to increase revenue without raising tax rates. At the same time, social safety net programs have been introduced to protect people struggling with inflation.

He further said that initiatives have been taken to bring relief to people through Family Cards and Farmer Cards. The government is also focusing on ensuring that people do not fall below the poverty line due to inflation.

The Finance Adviser alleged that misinformation and propaganda regarding the International Monetary Fund's (IMF) statements were being spread on social media. He claimed that a fundamental aspect of the IMF's information was being overlooked. It is necessary to consider that economic growth will be lower if reforms are not implemented.

District Council Administrator Abdus Salam Mia and media personnel were present at the meeting.