Dhaka, Mar 24 (UNB)- Planning Adviser Dr Wahiduddin Mahmud on Monday said the interim government is making strides through key reforms and enhanced regulatory measures, fostering optimism for economic stability and recovery.
He also underscored the urgent need for structural reforms for quick recovery of the economic stability in the country.
The Adviser warned that persistent governance failures, particularly in the banking sector, remain a major concern that must be urgently addressed.
He said that the government has introduced measures to enhance transparency, including publishing project details online to foster greater accountability.
He was Speaking at an Iftar event hosted by the Development Journalist Forum of Bangladesh (DJFB) at the NEC conference room.
The Adviser warned that persistent governance failures, particularly in the banking sector, remain a major concern that must be urgently addressed.
He said that the government has introduced measures to enhance transparency, including publishing project details online to foster greater accountability.
He mentioned that foreign investment, which is crucial for economic growth, has yet to reach expected levels while the export sector has seen some positive growth.
Mahmud emphasised that restoring investor confidence depends on ensuring greater transparency in project management.
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He also stressed the importance of sustainable foreign debt management to avoid future economic crises. âDebt repayment is increasing rapidly, and it will continue to rise in the coming years,â he cautioned.
The Planning Adviser highlighted the urgency of reforms in the banking sector. He called for stronger oversight and swift action to curb the growing culture of loan defaults among institutions and entrepreneurs.
Acknowledging a slight increase in remittance inflows, he noted that a significant portion of expatriate earnings continues to flow through informal channels, further straining foreign currency reserves.
He put emphasis on stronger measures to channel remittance flows through formal banking avenues.
To strengthen economic resilience, Wahiduddin Mahmud advocated for diversifying the export sector, reducing dependence on a narrow range of industries.
Addressing inflation, he pointed out that rising prices of essential commodities have significantly impacted lower and middle-income groups.
Despite ongoing economic and governance challenges, Mahmud expressed hope that continued reforms and a commitment to transparency would help stabilise the economy and restore public confidence.
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