Bangladesh experts advocate economic reforms

Hosted by the Research and Policy Integration for Development, the pre-budget consultation emphasised the necessity of overcoming policy inertia to implement reforms effectively.

Amidst soaring inflation and dwindling foreign exchange reserves, economists stressed the urgency of prioritising inflation control in the upcoming budget.

RAPID chairman MA Razzaque presided over the event, with state minister for planning Md Shahisuzzaman Sarker and parliament member Md Nasser Sharear Zahedee attending as chief and special guests respectively.

RAPID executive director M Abu Yusuf underscored sluggish global growth, inflation, low tax-GDP ratio, foreign exchange crisis, high non-performing loans, increasing external debts, and slow employment growth as key challenges even as to combat these issues, he recommended strategies for sustainable transition from LDC status, tariff rationalisation, domestic resource mobilisation, and stricter loan default measures.

Razzaque emphasised policy reform as imperative, particularly amidst current political stability, suggesting enhancements in domestic resource mobilisation, tariff rationalisation, exchange rate management, and public expenditure optimisation.

State minister for planning Md Shahisuzzaman Sarker on his part highlighted the significance of the national budget as a reflection of governmental commitment and responsibility towards citizens, acknowledging the need for continued economic improvement.

Meanwhile, NBR’s inefficiency in expanding the tax net to rural areas was criticised by Zahedee, who stressed the importance of transparency and taxpayer assurance in revenue collection while former NBR chairman Mazid advocated for parliamentary involvement in the budget-making process and transparent tax policies to deter tax evasion and capital flight.

ALCHEMPro News Desk (DR)