Finance Minister Amir Khosru Mahmud Chowdhury on Friday said the government is focusing on economic democratisation and deregulation to ensure that the benefits of national growth reach every citizen across the country.

He also said that the government is fully equipped with a robust strategy to navigate emerging global and domestic challenges, prioritising a transparent and inclusive economic framework over mere GDP growth.

Delivering a comprehensive statement in Parliament with Speaker Hafiz Uddin Ahmad, Bir Bikram, in the chair, the minister highlighted that the government, backed by a strong public mandate, has initiated sweeping reforms to stabilise the economy and restore institutional strength.

Minister informed the House that the ongoing conflict involving the US, Israel and Iran has triggered fresh global uncertainties, causing fuel oil and LNG prices to more than double in international markets.

Despite the soaring costs, Khosru emphasised that the government has opted to shield citizens by maintaining existing energy prices. This decision, however, will require an additional subsidy of approximately Taka 36,000 crore in the current fiscal year, necessitating nearly USD 3 billion for additional import payments and exerting significant pressure on foreign exchange reserves.

Outlining a bold vision to transform Bangladesh into a trillion-dollar economy by 2034, the finance minister noted that the government is focused on economic democratisation and deregulation to ensure that the benefits of growth reach every citizen.

As part of this roadmap, the government has undertaken a plan to create one crore jobs through ICT expansion, modernising infrastructure, and developing the blue economy.

Additionally, administration has begun distributing 50 lakh family cards and has waived agricultural loans up to Tk 10,000 to support rural producers.

On the fiscal front, Khosru stated that the government is prioritising revenue transparency and automation to raise tax-GDP ratio to 10% in the medium term and 15% by 2034.

He also detailed steps taken to restore discipline in the banking sector, including strengthening the central bank's legal framework and addressing capital shortages.

Highlighting the "Made in Bangladesh" brand initiative, he expressed confidence that the strategic planning led by Prime Minister Tarique Rahman would fulfill public expectations.

Minister concluded by announcing that work has already commenced on the national budget for the 2026-27 fiscal year, with a primary focus on restoring sector-wide discipline.

Sun News/ra