Dr Salehuddin Ahmed, finance adviser to the interim government, said yesterday that Bangladesh’s economy has stabilized and shown improvement over the past year after being on the brink of crisis.
Speaking at a press conference at the Finance Division of the Bangladesh Secretariat, he described the economy’s performance as “more or less satisfactory,” despite differing opinions.
Ahmed highlighted that when the interim administration took office in August last year, the economy was precariously close to a downturn but had since turned around rather than collapsed.
He pointed to positive trends in the balance of payments, current and financial accounts, foreign currency reserves, and exchange rates. Inflation had also eased to below 9 percent, down from a peak of 14 percent during the previous government’s tenure.
Acknowledging that the government could not solve every economic challenge immediately, Ahmed, a former central bank governor, noted the historic scale of banking sector irregularities uncovered from past regimes.
He assured depositors that no money would be lost in any bank due to ongoing reforms aimed at restoring confidence.
Revenue generation remains a key challenge, he said, but the government is intensifying efforts to boost collection through the National Board of Revenue.
Ahmed also pointed to progress across sectors including banking, capital markets, non-bank financial institutions, tax and non-tax revenues, and insurance.
The external sector performed well over the year, with steady export earnings and remittance inflows, while the government has prepared a realistic Annual Development Programme for the current fiscal year.
Ahmed emphasized that short-term reforms are being prioritized during the interim government’s tenure, with mid- and long-term reforms to be continued by the next elected government.
He expressed hope that successive administrations would build on the current government’s work rather than abandon it.
Addressing concerns about economic growth, he noted Bangladesh avoided the negative GDP growth seen in countries like Indonesia and Sri Lanka, and expects growth to exceed 5 percent this year.
Looking ahead, Ahmed said, “light is visible at the end of the tunnel,” and predicted a significantly improved economy by February next year. He also mentioned ongoing efforts to retrieve laundered money from abroad and pledged support for bank restructuring to protect depositors.
Other officials echoed the positive outlook, with emphasis on currency strength, inflation control, and raising taxpayer awareness to curb false reporting.