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Government hopes for 6.5 percent growth, surpassing IMF's conservative forecast

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Government hopes for 6.5 percent growth, surpassing IMF's conservative forecast
Prime Minister's Adviser on Finance and Planning Rashed Al Mahmud Titumir said the government is optimistic about achieving the 6.5 percent growth target set in the budget for the current fiscal year, in contrast to the International Monetary Fund (IMF). He said global development partners such as the IMF, World Bank and ADB are providing assistance for economic reforms based on the country's own priorities. He said this to journalists on the sidelines of the IMF and World Bank Annual Meetings in Bangkok on Thursday (October 15).

Referring to the IMF's forecast as always somewhat conservative, the adviser said the agency published its projection based on the possibility that reforms will not be carried out. However, since the government's election manifesto and the five-year economic strategy contain a clear outline of necessary reforms, achieving the desired growth is possible. On inflation, he said the pressures of the Middle East crisis and prolonged inflation left by the previous government are now being borne. In the past, the number of poor people increased due to the lack of proper distribution of social protection programs. To tackle this situation, scientific and digital protection measures such as Family Card and Farmers Card are being taken, which international organizations have also praised. Moreover, raising the tax-GDP ratio to 10 percent by 2030 is one of the government's goals.

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Regarding restoring discipline in the banking sector, Rashed Al Mahmud Titumir said that during the previous government, financial crimes involving the embezzlement of about 40 billion dollars from the banking sector took place, the burden of which the country's people are having to bear. Work is underway to overcome non-performing loans and restore depositors' confidence through coordinated legal and structural measures. At the same time, he warned that those who embezzled money at home and abroad and their abettors must be brought under accountability.

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