The government is working to move away from a patronage-based economic system and ensure equal opportunities for all, Finance Minister Amir Khosru Mahmud Chowdhury said.
Such a system had concentrated wealth in the hands of a few through political patronage, he said at a pre-budget discussion with Economic Reporters Forum (ERF) leaders at the Secretariat.
“It is not easy to come out of that situation. The government inherited a fragile economy, and revitalising it is a challenge,” he said.
The government has introduced initiatives such as family cards and farmer cards to widen access and support citizens, he said. Poverty is declining, but many businesses are still struggling to pay wages and repay loans, he said, adding that reducing inequality remains a key priority.
Allocations for education and health will be increased in the upcoming budget with a focus on building a skilled workforce, he said.
“It is not enough to obtain degrees. Practical skills must be strengthened,” he said, noting that vocational education will receive emphasis.
Rejecting claims that the government is printing money to borrow from banks, he said such misinformation could harm the country’s credit rating.
“Borrowing from the banking system is routine,” he said.
Government bank borrowing stood at Tk 17,592 crore on February 17, falling to Tk 11,722 crore on April 22, he said.
Finance Secretary Md Khairuzzaman Mozumder, Financial Institutions Division Secretary Nazma Mobarek, Bangladesh Bank Governor Md Mostaqur Rahman, National Board of Revenue Chairman Md Abdur Rahman Khan, and Deputy Governor Habibur Rahman were present.
ERF President Doulot Akter Mala presented a 21-point budget proposal, while General Secretary Abul Kashem moderated the discussion.
Finance Secretary Md Khairuzzaman Mozumder said incentives will no longer be available without exports and work has begun on an accrual-based budget.
He said efforts are underway to raise the tax-to-GDP ratio.
The Bangladesh Bank Governor said emphasis has been placed on repatriating laundered money. The government is also working to reopen closed industrial units and strengthen the foundations of five Islamic banks, with necessary documentation being updated, he added.
