Commerce Minister Khandakar Abdul Muktadir on Sunday underscored the urgency of strengthening debt management and expanding the tax net describing them as the top priorities in the country's current economic landscape.

“The government is committed to meeting public expectations and is taking effective measures to steer the country out of the ongoing challenges,” the minister said while addressing the closing session of a seminar titled ‘National Multistakeholder Consultation on Bangladesh Graduation Readiness Assessment’ held at the NEC Conference Room of the Planning Commission.

Acknowledging the difficult economic situation Bangladesh is navigating, Muktadir stressed that well-planned initiatives are indispensable to restoring discipline and stability to the economy.

He said several large projects undertaken in the past without adequate planning had added significantly to the country's debt burden. “Questions surrounding project costs and implementation processes in a number of cases have further compounded economic pressure.”

“Proper management of existing loans and greater caution in undertaking new projects are essential,” he said adding that realistic and productive project selection is key to sustaining development momentum.

On taxation, the minister said Bangladesh's tax-to-GDP ratio remains unsatisfactory and must be improved but through base expansion rather than rate hikes. “A significant portion of the economy still remains outside the tax net. Instead of raising tax rates, we must broaden the tax base to enhance revenue collection.”

Muktadir also stressed the importance of mobilising greater domestic resources to bolster debt repayment capacity while ensuring sustainable development progress.