Manage debt, expand tax net, secure growth.
Commerce Minister Khandaker Abdul Muktadir today emphasized the urgent need to strengthen debt management and expand the tax net to navigate the country’s current economic challenges.
“These measures are the most significant demands of the current economic reality,” he said while speaking as a special guest at the closing ceremony of a seminar titled "National multi-stakeholder consultation on Bangladesh graduation readiness assessment" held at the NEC Conference Room of the Planning Commission in the city, said a press release.
The minister acknowledged that Bangladesh is passing through a challenging economic period that requires well-planned initiatives to ensure stability.
He pointed out that the national debt burden increased due to the implementation of some previous large-scale projects that lacked proper planning and preparation.
"We must properly manage the debt already incurred and exercise greater caution in adopting new projects in the future," Muktadir said, adding that realistic and fruitful project selection is vital for maintaining the momentum of development.
Regarding the national revenue system, the Commerce Minister described the current tax-to-
GDP ratio as unsatisfactory.
However, he advocated for expanding the tax net rather than increasing existing tax rates.
"A large portion of our economy remains outside the tax net. Therefore, revenue collection must be increased by broadening the tax base instead of raising rates," he explained.
He further noted that increasing internal resource mobilization is essential to enhance debt repayment capacity and ensure sustainable development.
Presided over by Economic Relations Division (ERD) Secretary Md Shahriar Kader Siddiky, the
event was attended by State Minister for Planning Zonayed Abdur Rahim Saki, UN Under-Secretary-General and High Representative for UN-OHRLL Sabab Fatima and other representatives from various sectors .
