High-level committee to oversee reforms

The government is planning to form a high-level committee to implement and monitor the action plans it has committed to the United Nations Committee for Development Policy (UN CDP), as part of efforts to ensure a smooth graduation from the least developed country (LDC) group.

Finance Minister Amir Khosru Mahmud Chowdhury is likely to lead the committee.

In this regard, the finance ministry held a consultation meeting at the ministry yesterday. It was attended by the finance minister, commerce minister, economists, representatives from the business community and senior officials from other ministries and agencies.

After the meeting, the finance ministry sent the draft reforms and action plan to different ministries, seeking their swift feedback on various reform areas.

The inputs will be compiled before submission to the UN CDP, as Bangladesh seeks deferment of its LDC graduation for three more years, up to 2029.

In the draft action plan, the government outlines measures aimed at macroeconomic stabilisation, revitalising the financial sector, using fiscal policy tools, strengthening Bangladesh Bank’s enforcement capacity and improving governance.

It also proposes policy measures on deregulation, fiscal and tax reforms, stronger public finance management, streamlining the planning process and expanding digital financial inclusion and cashless transactions.

On the industrial front, the plan includes expanding capacity through the operationalisation of the central effluent treatment plant, launching active pharmaceutical industries and ensuring reliable, clean and green energy supply to industrial units.

It also seeks to prepare the pharmaceuticals sector for post-LDC challenges.

According to the draft, each broad action plan is time-bound. The document has been sent to relevant ministries for their feedback before finalisation.

Bangladesh’s request for a three-year extension of its LDC graduation timeline is expected to be discussed at the United Nations General Assembly.

The UN CDP has signalled its support for Bangladesh’s request for deferment, subject to visible progress on reforms.